Clarendon College Regents last week approved hiring a firm to keep student loan defaults down in order to preserve federal financial aid opportunities.
CC President Robert Riza said colleges whose former students have a default rate at or above 30 percent for three years risk losing federal financial aid; and while Clarendon is not in danger of reaching that threshold, college officials are being proactive to keep it from happening.
Another area college – Frank Phillips College in Borger – recently made the news because its default rate is above 30 percent.
CC currently has an employee working as a default specialist, and the college’s current default rate is 27.2 percent and falling. However, being a college with a small enrollment means only a handful of students can impact the percentage in a big way, Dr. Riza told the board of regents at its May 15 meeting.
Regents approved a contract with WISS Platinum Student Assistance Service, a company that Riza said had dropped Hill College’s default rate from 27 percent down to 20 percent in just nine months.
The contract will cost the college $16,000 per year, but Riza said the college handles more than $2 million in Pell grants and students receive between $2.5 million and $3 million in student loans annually.
In personnel matters, Riza reported he would be naming Johnny Treichel as the CC’s division director for agriculture in September and he re-titled the college’s deans as vice presidents with no change in duties or salaries.
Riza also reported that Annette Ferguson, the Vice President of Administrative Services, is resigning to take a position at UT-Permian Basin.
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