As the average student loan debt for college graduates across the country continues to climb, local online, nonprofit university WGU Missouri is proving that it’s possible to graduate with less debt. In 2018, the average federal student loan debt for graduating students at WGU Missouri and its parent university, Western Governors University, dropped to $15,354, less than half the national average. And according to the U.S. Department of Education, for the third year in a row, WGU’s official three-year student loan default rate is also on the decline, dropping from 4.6 to 4.1 percent. The decrease in student loan debt and default is the result of the university’s model of providing access to affordable, high-quality degree programs, combined with its student financial literacy initiatives.
The default rates released by the U.S. Department of Education were for the FY 2015 cohort and showed that WGU Missouri students default on their loans at a rate of half the national average, which is 10.8 percent. The default rate is decreasing at a faster rate than the national average as well. The total student loan debt among WGU graduates is also decreasing at a fast rate. This year’s average debt of $15,354 is a significant drop from the previous year’s average of $16,132 per student, and a decrease of more than 27 percent over the past five years.
The downward trend is due, in large part, to WGU Missouri’s Responsible Borrowing Initiative, a student education program aimed at ensuring that students borrow only what they need. Since the university implemented the initiative in 2012, the average borrowing per student per year has decreased by 40 percent. The university also offers affordable, flat-rate tuition of about $3,500 per six-month term, which, coupled with a competency-based education model that allows students to move quickly through material they already know so they can focus on what they still need to learn, makes it possible for students to borrow less.
“WGU prides itself on the support that we give our students regarding finances and student loans,” said Dr. Angie Besendorfer, Chancellor of WGU Missouri. “We really encourage our students to borrow responsibly by providing them with the information they need to make smart, informed decisions about their student loans. This is just one of the many ways WGU is helping to combat the national college debt problem.”
WGU Missouri students consist mainly of working adults, many of whom are considered to be underserved. On average, it takes less than three years for WGU Missouri students to complete a bachelor’s degree, often while working fulltime and raising families. In addition, in a 2017 survey of graduates by Harris Poll Online, WGU graduates reported an average increase in salary of $21,200 within 4 years of graduation, compared to an average of $12,000 among other universities in the U.S.
For more information about WGU Missouri and its Responsible Borrowing Initiative, visit Missouri.wgu.edu.
About WGU Missouri
WGU Missouri is a competency-based, online university created to expand access to higher education for Missouri residents. The university offers more than 60 undergraduate and graduate degree programs in the fields of business, K-12 teacher education, information technology, and health professions, including nursing. WGU Missouri faculty members serve as mentors, working one-on-one with students, offering guidance, support, and individualized instruction.
Established in 2013 through a partnership with nationally recognized Western Governors University, WGU Missouri is open to all qualified Missouri residents. The university is nonprofit and self-sustaining on flat-rate tuition of about $7,000 per year for most programs.
Degrees are granted under the accreditation of Western Governors University, which is accredited through the Northwest Commission on Colleges and Universities (NWCCU). Nursing College programs are accredited by the Commission on Collegiate Nursing Education (CCNE*), and the Health Informatics program is accredited by the Commission on Accreditation for Health Informatics and Information Management Education (CAHIIM).
More information is available at missouri.wgu.edu or by calling 855.948.8493.
*Western Governors University offers nursing programs that are accredited by the Commission on Collegiate Nursing Education (One Dupont Circle, NW, Suite 5380, Washington DC 20036, 202-877-6791).
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For more information, contact:
Pamela Powell
(314) 436-9090
pam@hausergrouppr.com