It was announced that Waynesburg University’s loan default rate is 2.8%, lowering .2% from the previous measurement last year and 4.6% from than the national average for private schools, which went up .4% since last being measured.

These numbers are dated back to 2014 and take into account students that graduated, leave school or have loans that need to be paid at least three years after leaving. This is known as the cohort default rate.

“I am going to show something that is going to blow your mind,” said Shari Payne before she began to speak about the affordability of Waynesburg University.”Waynesburg University is a more affordable school than California University of Pennsylvania.”

According to Collegescorecard.ed.gov, the average annual cost for Waynesburg University is $16,851, while California University is $18,735.

The salary of graduates after attending is $39,500 for California University, in comparison to Waynesburg’s $43,600 salary.

Director of Financial Aid Matthew Stokan was faced with a surprise when the cohort default rate went from two years to three.

“They estimated most school’s cohort default rate would double from their previous cohort rate because you are looking at a wider frame to determine their default status,” said Stokan. “Now the good news, ours has gone down.”

For Payne, this is a crowning achievement for the university and the students who come to Waynesburg for educational value and price value.

“The default rate is a measure of the financial health of our students who leave Waynesburg University,” said Payne. “It says they get good paying jobs and that they are able to repay their student loans.”

This year, students will be awarded 37 million in total in financial aid, and will receive approximately 15 million in institution weighed scholarships and grants through Waynesburg University.

“What distinguished private schools from four year public schools like Cal U is that we give out significantly more institution aid dollars than they do,” said Stokan. “That’s why whenever we are recruiting students, we always tell students we want you to compare apples to apples.”

Stokan warns that students should look past the sticker price and focus more on the aid they will get.

Students are also encouraged to ask questions directed to the financial aid offices.

Waynesburg also competes with schools like Carnegie Mellon and Juanita college in default rates.

“For us to be compared against institutions like that when our average family income is way lower than those places,” said Payne, “it’s a testament to our students and how we try to keep our tuition as low as possible.”

The students of Waynesburg are to be held responsible for the success of the default rate and what they do after they graduate.

“There’s a sense on our campus of responsibility the students identify with the mission of the university, and that’s a personal sense of responsibility,” said Payne. “It’s not that you’re just going out and getting good jobs, it’s that you’re good citizens. It means you really believe in this role of engaging
in citizenry.”