Three percent: that is the approximate amount of Pacific Lutheran University students that will default on their Federal loan paybacks after graduating from college.
According to College Scorecard, 2.9 percent of PLU student federal loan borrowers will not be able to pay back their loans within three years of graduating from college. The national average is 13.4 percent.
Typically an undergraduate student at PLU will spend $22,249 per year to attend school. Since PLU is a small liberal arts school, the cost to attend is rather high. In comparison, a student attending a state school, such as the University of Washington in Seattle, would spend only $8,379 per year.
Unlike many other PLU students, senior Marin Gaydeski financial aid covered the majority of her four years here so her amount of debt is significantly less than many other graduating seniors.
“I am not worried about having to pay my loans back,” Gaydeski said, “because I have been saving money for this exact reason.”
PLU families tend to borrow around $24,000 in Federal loans for a student’s undergraduate education according to the College Scorecard. Comparatively, students at UW borrow nearly $10,000 less than at PLU.
What does this mean? PLU students who did not start a savings plan like Gaydeski can look forward to being saddled with a much higher loan debt upon graduation and their entrance into the real world.