The Default Rate on Student Loans is Decreasing
Loan default rates can indicate how well School of the Art Institute of Chicago is helping students afford to attend college
without undue reliance on loans, particularly unsubsidized loans. It can also indicate future earnings and career potential. Look at the information below, and discover why this statistic should be a factor in your college decision.
A total of
786 School of the Art Institute of Chicago
students entered loan repayment in 2010.
After three years, 7.2% of these students
(57 out of
786) defaulted on their loans.
The lower the default rate the better! The chart below compares this college to the average 3-year default rate calculated accross all of the 4-year schools we have data for.
Prior to 2012, default rates were calculated at two years.
The historical two-year default rate on student loans
during a three-year period.
When compared to the average three-year default rate of 7.4%,
the default rate at School of the Art Institute of Chicago is
poor. This could indicate that students attending School of the Art Institute of Chicago are relying heavily
on student loans, including unsubsidized student loans.
Review financial aid offers carefully and be honest with yourself about whether you can truly afford this college. If you will need to utilize loans each year, be sure to calculate the total amount borrowed after four to five years, and an estimated monthly payment. If your loan includes an unsubsidized amount, can you afford to make the interest payments while you are attending college? If not, be sure to add that to the total.
Asking the tough questions now can help prevent you from starting your future with a large amount of debt that you cannot reasonably afford.