Obama's College Scorecard Ranks Bloomfield College Low for Graduation, High for Student Loan Defaults
Scoreboard ranking all higher-education institutions in the country released by Obama administration this week.
The rankings are in for Bloomfield College.
On Wednesday, the Obama administration released a new interactive College Scorecard that offers students and parents basic information about colleges, including statistics on schools' graduation rates, tuition costs, average borrowing rates and employment history of former graduates.
So what does the new scorecard say about Bloomfield College? Here’s a quick rundown:
- The median cost to attend Bloomfield College is $16,011 a year for undergraduate students.
- There is a 32.2 graduation rate among full-time students who receive a bachelor’s degree within 6 years
- 16.2 percent of borrowers defaulted on their federal student loans within three years of beginning repayment, compared to 13.4 percent nationally
- Families borrow on average $17,065 in federal loans for a student's undergraduate studies
- Average loan repayment over 10 years is about $196.38 per month.
The new College Scorecard was announced by President Barack Obama during his State of the Union address to the joint session of Congress on Tuesday.
“... Parents and students can use [the new scorecard],” said Obama, “to compare schools based on a simple criteria: Where you can get the most bang for your educational buck.”
Bloomfield College Director of Public Relations Jill Alexander said that the graduation rate had held steady for several years. She attributed the student loan numbers in a large part to a lack of guidance.
"The loan default rate has a lot to do with how many first generation college students we have," Alexander said. "They don't have anyone guiding them through the loan process.
Alexander noted that the school has implemented financial literacy courses designed to help students make informed financial decisions.