For Immediate Release
Ocotber 13, 2014
Contact: Tara Payne
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Concord, NH - The U.S. Department of Education recently released the Fiscal Year 2011 Cohort Default Rate (CDR) for student loan lenders, loan holders and guaranty agencies participating in the Federal Family Education Loan Program. Diligent default aversion activities placed New Hampshire Higher Education Assistance Foundation (NHHEAF) as the lowest 3-year CDR in the nation at 0.9%. This marks the third consecutive year the nonprofit agency has achieved the lowest CDR. The 3-Year National Average CDR is 13.7%.
CDR measures the percentage of borrowers entering repayment on their loans in a given federal fiscal year and defaulting on their loans by the end of the following fiscal year. “Despite sweeping changes in how federal student aid is administered, NHHEAF’s commitment to working one-on-one to assist borrowers when they are experiencing financial difficulty has not changed,” stated René A. Drouin, President & CEO of The NHHEAF Network Organizations.
According to Sara Tremaine, Vice President of Guarantor Services, “NHHEAF’s default prevention team truly cares about making a positive difference in the financial lives of borrowers. The latest default numbers reflect the expertise, care and concern of our whole organization. Our purpose is to help students and parents to borrow responsibly and repay successfully even during difficult financial times.”
In addition to personalized support during repayment, NHHEAF’s Campaign for Financial Education offers speakers and educational material aimed at providing local high school and college students the tools they need to make sound financial decisions and avoid pitfalls of mismanaging money. To inquire about the Campaign for Financial Education or request materials, visit nhheaf.org.