LEWISBURG, WV (WOAY) – The West Virginia School of Osteopathic Medicine (WVSOM) received recognition for its students’ ability to pay off their student loan debt on time. A report lists WVSOM as having one of the lowest student loan default rates in West Virginia and in the nation.
An Oct. 22, 2019, report by the personal finance marketplace website LendEDU lists WVSOM as having the second-lowest student loan default rate among colleges in West Virginia. Nationwide, WVSOM is ranked No. 202 among 4,425 schools on the list.
LendEDU compiled the report using student loan default rate data from the U.S. Department of Education that accounts for borrowers who entered student loan repayment in 2016 and defaulted on their student loans in 2016, 2017 or 2018, according to Mike Brown, a research analyst for LendEDU.
The report listed the default rate at WVSOM as 1.0 percent, placing the osteopathic medical school in the 90th percentile nationwide. The Department of Education lists the national federal student loan cohort default rate as 10.1 percent.
Lisa Spencer, WVSOM’s director of financial aid, said the school makes every effort to ensure its students graduate with the ability to handle the burden of their debt.
“WVSOM’s goal is to help students become informed borrowers by providing a comprehensive system of financial assistance services,” Spencer said. “Educational debt management is essential, and we teach our students to keep their debt as low as possible so that repayment is manageable. This report proves that our students are finding adequate means of income after graduating.”
WVSOM President James W. Nemitz, Ph.D., said he is pleased that the school has been recognized by LendEDU.
“Our school is thankful for its reputation for producing graduates who are highly employable,” Nemitz said. “A medical education is expensive, but it can lead to one of the most personally satisfying careers imaginable. I’m happy to know that our students are fulfilling their obligations to repay the debt that allowed them to make their way through medical school and ultimately to serve the communities in which they practice.”
LendEDU is a company that helps consumers learn about and compare financial products. It is based in Hoboken, N.J.
A link to the findings: https://lendedu.com/blog/student-loan-default-rates-by-school-state/