Ohioan Obstacles: Highest Student Loan Default Rates from Ohio Universities
In 2014, the United States Department of Education released its current findings in regards to student loan defaults and painted a grim statewide picture for students in Ohio. Schools in Ohio were found to have some of the highest three-year default rates throughout the country on student loans. Those schools include Ohio State University, Kent State University, University of Akron, University of Toledo, University of Cincinnati and Bowling Green State University.
The fact that Ohio had six of its public schools make the top twenty list for student loan default rates is alarming and begs the question: what is Ohio doing wrong? According to Ohio’s official Higher Education website, the state’s numerous higher education programs serve nearly 600,000 students. However, each graduating class from Ohio’s fourteen public universities brings more competition to the job market. Too many overly qualified applicants are fighting for the few available positions in the job market.
Ohio’s current unemployment rate sits just above five percent. According to statistics from the United States Department of Labor, Ohio currently ranks in the middle when its unemployment statistics are compared to those of all the other states. The inability for graduates from so many of Ohio’s universities to locate gainful employment is disturbing because those graduates remain on the hook for their private and federal student loans regardless of the universities’ assistance in their career search and job placement.
Ohioans and transplant graduates of Ohio universities who find themselves in default on their student loans face serious consequences ranging from damaged credit to wage and tax garnishment. Those who attended school in Ohio and are seriously struggling to make their monthly student loan payments should contact Student Loan Law Group immediately for assistance. Student Loan Law Group assists borrowers in consolidating their federal student loans and applying for income-driven repayment plans. Additionally, Student Loan Law Group’s attorneys defend borrowers who are in default on their student loans and have been threatened with wage, tax or Social Security garnishment. Distressed borrowers should take action immediately to resolve their student loan problems. Student Loan Law Group warns distressed borrowers that the longer they delay in asking for help, the more their student loan problems grow.
