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Oklahoma College Assistance Program (OCAP)

Oklahoma College Assistance Program (OCAP). Debt Levels Cohort Default Rates Default Management Plans. Rick Edington, Executive Director Mary Heid, Director for Policy, Compliance & Training. Debt Levels- National Vs. OK. Project on Student Debt (4 Year Public and Private Data Only) 2009

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Oklahoma College Assistance Program (OCAP)

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  1. Oklahoma College Assistance Program (OCAP) Debt Levels Cohort Default Rates Default Management Plans Rick Edington, Executive Director Mary Heid, Director for Policy, Compliance & Training

  2. Debt Levels- National Vs. OK • Project on Student Debt (4 Year Public and Private Data Only) • 2009 • National Average - $24, 000 • OK - $20,469 (15% lower) • State Rank 33 • 2010 • National Average $25,250 • OK- $20,708 (18% lower) • State Rank 40

  3. IPEDS- Average Loan Size

  4. IPEDS- Average % Borrowing

  5. Cohort Default Rates • Definition Cohort Default Rate: The percentage of students in the cohort who default that cohort year or: • in the next fiscal year (2-year CDR) . • in the next two fiscal years (3-year CDR). • 2 to 3 year transition FY2009 • borrowers who entered repayment between October 1, 2008 and September 30, 2009

  6. Cohort Default Rates

  7. Benefits • Timeframe: • Beginning October 1, 2011, benefits are available only if the three most recently published 2-year or 3-year CDRs are less than 15% (up from 10%). • Beginning October 1, 2014, benefits are available only if the three most recently published 3-year CDRs are less than 15%. • Benefit #1: You may choose not to delay the first disbursement of a loan for 30 days for first-time, first-year undergraduate borrowers. • Benefit #2: You may deliver or disburse, in a single installment, loans that are made for one semester, one trimester, one quarter, or a four-month period.

  8. Sanctions • Timeframe: • Beginning October 1, 2011, sanctions are applied only if the three most recently published 2-year CDRs are greater than 25% or any CDR is greater than 40%. • Beginning October 1, 2014, sanctions are applied only if the three most recently published 3-year CDRs are greater than 30% or any CDR is greater than 40%. • Schools at or above threshold: • First Year: Create a default prevention task force and submit a plan to DE. • Second Consecutive Year: Task force must strengthen plan and re-submit to DE. • Whenever two of the last three rates are 30% or above, school will be placed on provisional certification (Oct-2014)

  9. Estimated National 2009 3-Year Rates Source: Mark Kantrowitz, (FinAid.org) May 23, 2011

  10. Default Management Plans • Required for schools with CDR sanctions threshold. • Good idea for any school! • OCAP will help!

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