USC Sumter Students Achieve Success Without the Financial Burden

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SUMTER, SC (02/07/2018) Nearly 5 million Americans are in default on their federal student loan payments, the Wall Street Journal reported in December 2017. That is nearly double the number of Americans who were severely behind on payments four years ago. The number of borrowers who have not made a payment in at least a year grew by nearly 274,000 in the third quarter alone. According to the New York Federal Reserve, borrowers that renege on their payments are more likely to have enrolled in for-profit colleges or community colleges. They are also likely to have dropped out before they completed their programs, the WSJ reported.

Executive Vice President at Ameritech Financial, Tom Knickerbocker, said there is no reason for anyone to intentionally default on federal student loans. He pointed out that those who have "are going to have a tougher time passing an employment verification check, saving for retirement or ever buying a home." Matthew Michaels from Business Insider says personal consequences of defaulting on a loan are numerous and cumbersome. Some of the penalties defaulters face include acceleration of interest payments, loss of eligibility for deferments or a repayment plan, lack of access to additional federal student aid, restricted access on academic transcripts, garnished wages and inability to buy or sell assets.

While this negative trend impacts millions of people every year, USC Sumter students default on their loans at a much lower rate compared to others within South Carolina and around the country. USC Sumter's most recent default rate projection is less than 3 percent, while the state and national average rates are currently 13.2 percent and 11.5 percent respectively. This lower rate is largely due to affordable tuition and proactive counseling from staff. USC Sumter financial aid counselors work closely with every student to help them budget wisely and borrow only what is needed each semester as they consider student loans.

In addition to lower default rates, USC Sumter students are achieving success at a high level. Historically, USC Sumter ranks among the top public two-year institutions in the state of South Carolina in terms of student success rates. Success rates, in addition to graduates, includes those students who transfer to another institution or continue enrollment past their third year. USC Sumter also ranks among the top two-year colleges in the state when it comes to four-year degree completion rates.

All this shows that students who choose USC Sumter go on to secure valuable baccalaureate degrees that prepare them for successful academic and professional careers without the heavy financial burden many students face after graduation. Flexible day, night and online course schedules allow students the ability to start and finish their degree through a wide range of subjects. USC Sumter is clearly a great option for students of all backgrounds, offering excellent academic programs at an affordable cost. For more information, call 803-775-8727 or suadmiss@uscsumter.edu.