EIC’s Low Default Rate and What it Means for You


Eastern International College (EIC), with campuses in Jersey City and Belleville, educate its students in more than just its health care programs: It teaches them about the importance of repaying their student loans.

What is a cohort default rate?
For schools having 30 or more borrowers entering repayment in a fiscal year, the school’s cohort default rate is the percentage of a school’s borrowers who enter repayment on certain loans during that fiscal year and default within the cohort default period.

Eastern International College’s team says that the key to ensuring that students do not default on their loans is to build good rapport with the students so that they want to pay their loans back because they received a good educational experience. A default manager, the Financial Aid department and the Registrar’s offices in both Jersey City and Belleville work to assure that this number is as low as possible. Eastern International College’s current rate is for 2018, the draft default cohort rate is 1.5 percent and the 2017 official default cohort rate is 2.6 percent.  The phrase “cohort default period” refers to the three-year period  that begins on October 1stof the fiscal year when the borrower enters repayment and ends on September 30th of the second fiscal year following the fiscal year in which the borrower entered repayment.  The US Department of education released its latest national cohort default rate, the 2017 national cohort default rate is 9.7 percent.  EIC’s rates fall well under the national average.

EIC and Loan Repayment Education

In addition to providing an education, EIC stresses the importance of student loan repayment from the beginning of school, counseling students starting in orientation. Students receive a comprehensive breakdown of the loan repayment process and address any concerns they may have before they start their program. It is a group effort.

Securing a job after graduation surely helps keep the default rate down, when students have a job, they are more motivated to make their payments and more importantly, to keep their credit high and bills paid because they have long-term financial and life goals they wish to achieve, states EIC’s team.

Eastern International College makes every effort to assist each graduate in searching for employment and provides lifetime search assistance. Students are required to meet with the career services director before graduation and once they meet their graduation requirements, an interview and appointment with Career Services is organized.

The combination of students being continually informed about student loan repayment, the school’s hands-on Career Services department, and the rapidly growing health care field all work to make Eastern International College’s cohort default rate one of the lowest in the region.

For More information on default management visit FSA.gov