The White House’s new tool called the College Scorecard provides important and reliable data about U.S. colleges and universities, so that undergraduates can make more informed choices.
The College Scorecard from the U.S. Department of Education’s College Affordability and Transparency Center also provides data regarding enrollment, graduation rates, median borrowing, and loan default rates.
Often underlying the concern about tuition costs, is the ability to pay off student loans. The College Scorecard shows that the national loan default rate is 13.4 percent and compares this rate to U.S. colleges and universities.
In Chicago, for example, the loan default rate data reveal that although many of these share high prices in terms of tuition, they vary significantly in terms of loan default rates.
Eight (8) Chicago-based institutions show a higher than 20 percent loan default rate (ranked according to highest default loan rate; National Average is 13.4%):
- Taylor Business College (33.5%)
- MacCormac College (28.5%)
- International Academy of Design and Technology-Chicago (28.3%)
- Westwood College (24.9%)
- DeVry University-Illinois (24.1%)
- Lexington College (23.0%)
- East-West University (21.8%)
- Northwestern College (20.6%)
The average annual price for these eight Chicago-based institutions is $22,695, which the College Scorecard reflects as ‘High.’