NEW PALTZ — According to the federal government, State University of New York at New Paltz students are paying back their student loans at an above-average rate compared with students of other universities and colleges in the nation and state.
For the past three fiscal years, the number of SUNY New Paltz students in repayment has increased steadily, which has resulted in the continual lowering of the default rate from 5.7 to 3.5. New Paltz’ default rate is lower than both the national and the state averages, which are 5.6 and 5.5, respectively.
“This is testimony to our students taking their loan repayment responsibility seriously and our institution’s collective loan counseling and financial advising efforts,” said Daniel Sistarenik, director of financial aid at SUNY New Paltz. “Our major lenders are also providing excellent repayment incentives along with easy processing and 24-hour customer service,” he said.
Whether or not the current economic downturn in the country will influence the student loan default rate, “Time will tell,” said Sistarenik, but there are plenty of hardship deferment options of which alumni can avail themselves. Sistarenik said the important thing to remember in keeping student loans in good standing is keeping contact with the lender, so that arrangements can be made for dealing with hard times.
