The Ontario Ministry of Training, Colleges and Universities has just released its year 2007 loan default report for the Ontario Student Assistance Program (OSAP). The data show that Conestoga achieved the second-lowest student loan default rate of any Ontario public college or institute - 7.4 per cent. Even so, Conestoga's rate continues to decline. In 2006, it was 8.4 per cent. Conestoga’s rate in 2006 and 2005 was the lowest of any Ontario college.
The average default rate for the Ontario college system was 11.0 per cent, which likewise shows a decline from the previous year's provincial average of 13.6 per cent.
The rates in the 2007 report reflect students who were issued an Ontario Student Loan (OSL) in 2004-05, but who did not receive an OSL in 2005-06, and who defaulted on OSL repayment obligations as of July 2007.
Comparable 2007 data for other post-secondary sectors show universities with an overall default rate of 4.3 per cent, private career colleges with a rate of 17.5 per cent, and other private and public institutions with a rate of 4.8 per cent.
With regard to the Conestoga result, Vice-President of Student Affairs Mike Dinning cites a number of contributing factors: a college-wide commitment to quality, programs of instruction that are closely tied to workplace needs and opportunities, careful assessment of applicant suitability for instructional programs, and attention to the availability of institutionally based financial assistance and bursary programs.
The complete student loan default rate tables for 2007 are at http://osap.gov.on.ca.
CONTACT: Mike Dinning, 519-748-5220, ext. 3505, mdinning@conestogac.on.ca