U.S. Department of Education Announces Additional College Scorecard Updates, Providing Greater Transparency on Borrower Repayment Progress and Postsecondary Costs
Jenny
January 13, 2021
Contact: Press Office, (202) 401-1576, press@ed.gov
WASHINGTON — The U.S. Department of Education announced today a new update to College Scorecard that delivers on the Administration’s promise to make higher education more transparent and accountable. College Scorecard now provides prospective students with information on how well borrowers from individual colleges and universities are progressing in repaying their federal student loans, as well as how overall borrower cohorts are faring at certain intervals in the repayment process.
“Today, we continue to build on the updates we’ve made to College Scorecard over the last several years by delivering even more transparency around student loan repayment,” said Acting Secretary of Education Mitchell Zais. “Prospective students can now see a comprehensive picture of how borrowers from each institution are meeting their federal student loan obligations. This is the kind of real, unfiltered information students need to make informed, personalized decisions about their education.”
College Scorecard now shows the percentages of borrowers who fall into eight loan repayment statuses two years after entering repayment: paid in full, making progress, delinquency, forbearance, default, not making progress, deferment, and loans discharged. This new borrower-based repayment rate provides a more comprehensive picture of repayment and better context than previous versions of College Scorecard repayment rates, which only showed the proportion of borrowers who were and were not making progress.
