Wednesday, February 13, 2013
Screenshot from President Barack Obama's College Scorecard.
Among the initiatives announced in the Feb. 12 State of the Union Address is the College Scorecard, President Barack Obama's tool for helping American families choose a college based on affordability.
Launched Feb. 13, the College Scorecard scores St. Cloud State as a highly affordable university:
Costs are "low" on a low-medium-high scale. The tool says: "The average net price for undergraduate in-state students is $11,344 per year. The average net price has decreased 0.7 percent from 2007 to 2009."
The typical amount borrowed by a St. Cloud State student is "low" on a low-medium-high scale. "Families typically borrow $13,551 in Federal loans for a student’s undergraduate study. The Federal loan payment over 10 years for this amount is approximately $155.95 per month."
LOAN DEFAULT RATE
St. Cloud State's loan default rate is 5.5 percent within three years of entering repayment. That compares to a national loan default average of 13.4 percent.
The tool rates St. Cloud State "medium" on a low-medium-high scale. About 48.5 percent of full-time students received their bachelor’s degree within six years. About 33.3 percent transferred to another institution.
Visitors to the White House website can use the College Scorecard to determine if St. Cloud State has the right enrollment size, campus setting and desired programs.
Here is President Obama's take on the college affordability issue in the State of the Union Address:
"So tonight, I ask Congress to change the Higher Education Act so that affordability and value are included in determining which colleges receive certain types of federal aid. And tomorrow, my administration will release a new “College Scorecard” that parents and students can use to compare schools based on a simple criteria -- where you can get the most bang for your educational buck."
St. Cloud State University