August 8, 2013

Jefferson City - The Default Prevention Grant Program of the Missouri Department of Higher Education has awarded $885,724 to 34 institutions of higher education to promote financial literacy among their students.

Now in its 13th year, the Default Prevention Grant Program has enabled colleges and universities to launch default prevention programs on their campuses, with notable results. Vigorous financial literacy programs helped Missouri keep student loan default rates below the national average.

  • U.S. student loan default rate - 9.1 percent*
  • Missouri student loan default rate - 8.6 percent*

The grants are awarded through a competitive application process. The maximum grant amount per year is $25,000. With these funds, the institutions launch financial literacy initiatives to help students live within their means, make smart choices about money management and plan for a secure financial future.

The schools are free to invent their own programs, tailored to the needs of their student body. Webster University, for example, provides financial counseling in the evening, when busy undergraduate students are generally out of class. Eden Theological Seminary, whose enrollment is largely graduate students with families, provides shopping and recipe tips for wholesome, inexpensive meals.

Institutions do not have to participate in the Default Prevention Grant Program to receive MDHE default prevention training. To schedule training, go to the MDHE website to complete a speaking event form, or contact Marilyn Landrum at [email protected] and Sarah Schedler at [email protected] .

2014 Default Prevention Grant recipients are:

 

Aquinas Institute of Theology

Avila University

Bryan University

Cape Girardeau Career & Technology Center

Columbia College

Concordia Seminary

Cox College

East Central College

Eden Theological Seminary

Fontbonne University

Forest Institute of Professional Psychology

Franklin Technology Center

Harris-Stowe State University

Jefferson College

Kirksville Area Technical Center

Lincoln University

Linn State Technical College

Metropolitan Community College

Mineral Area College

Missouri Southern State University

Missouri State University

Missouri State University-West Plains

Missouri University of Science & Technology

Missouri Valley College

Missouri Western State University

Moberly Area Community College

North Central Missouri College

Southeast Missouri State University

St. Charles Community College

State Fair Community College

Stephens College

University of Missouri-Columbia

Webster University

Wentworth Military Academy

*Most recent two-year official rates for loans that went into repayment in 2010

 

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