The Ontario Ministry of Training, Colleges and Universities recently released its year 2004 loan default report for the Ontario Student Assistance Program (OSAP). The data show that Conestoga achieved the lowest student loan default rate of any Ontario public college or institute -- 10.4 per cent.
The average default rate for the Ontario college system was 18.0 per cent. And although the system shows an increase in defaults compared to 2003 (up to 18.0 per cent from 16.4 per cent), the Conestoga default rate declined over the same period (down to 10.4 per cent from 10.9 per cent).
The 2004 rate reflects students who were issued an Ontario Student Loan (OSL) in 2001-02, but who did not receive an OSL in 2002-03, and who defaulted on OSL repayment obligations as of July 2004.
Comparable 2004 data for other post-secondary sectors show universities with an overall default rate of 7.6 per cent, private career colleges with a rate of 25.9 per cent, and other private and public institutions with a rate of 11.1 per cent.
In commenting on the Conestoga result, Vice-President of Student Affairs Fred Harris credits an organizational commitment to quality, exemplified by instructional programs that are relevant to workplace needs and opportunities, careful assessment of applicant suitability for instructional programs, and provision of extensive institutional financial assistance and bursary programs.
The complete tables of data regarding 2004 student loan default rates are at http://osap.gov.on.ca.
CONTACT: Fred Harris, 519-748-5220, ext. 3305