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Campus Blog

To Loan, Or Not to Loan

May 23rd, 2014 | Financial Aid Counselors


Debt is not a dirty word. It may have four letters, but we would like to suggest that there is such a thing as “good” debt.

Now, don’t get us wrong. We’re not advocating for any and all types of debt. Making responsible debt decisions is crucial for setting up your life with a financial pathway that has as little strain as possible.

But, your education is an investment in your future. And, we would offer the suggestion that student loans, when borrowed responsibly, can be an example of good debt.

In an ideal world, getting through college debt-free would be a more realistic and attainable option for more people. One of our adjunct business professors even wrote a book on how to do just that. In reality, most people are going to have to make decisions about student loans.

And if you attend Evangel, there are some factors you’ll want to consider when considering your loan options:

  • In comparison to other private colleges, our tuition  ($19,676) is much lower than the national average ($29,056). When paring the list down to only those schools which are in the Council for Christian Colleges and Universities, the difference is still considerable ($23,337).
  • 97% of Evangel students take out loans to be here, which is why we are taking the time to talk about loans. We administer more than $33 million in financial aid annually to those students, helping to make the load of paying for school a mix of scholarships, grants and as a last resort, loans.
  •  You have the oppotunity to decrease your burden by applying for outside scholarships. We’ve compiled a list of options, but you’ll want to do your own research as well. There’s even a good chance your parents’ employers offer some kind of scholarship!

As your financial aid counselors, our job is to present to you all of the financial aid options that you have available. We are also committed to helping you make the most responsible and financially feasible decision you can.

Our cohort default rate proves that we want you to succeed. The cohort default rate is the percentage of students who are defaulting, or failing to pay, on their student loans. Here’s the breakdown:

  • National Average = 14.7%
  • For-profit Institutions = 21.8%
  • Public Institutions = 13%
  • Private non-profit = 8.2%
  • Evangel = 6.9%

These averages tell us a few things:

  • First, we are facing more of a repayment crisis than a debt crisis.
  • Second, Evangel students graduate with an understanding of their obligation to repay their loans.
  • Third, Evangel students graduate with the ability to repay their loans due to incurring smaller amounts of debt and by getting jobs quickly.

We wouldn’t be working in this field of financial aid unless we believed in helping you, the student, achieve your goals. As always, if you have any questions about securing good student loans for college, contact our office.

Financial Aid Counselors

Hector, Shannon and Christy

The financial aid blog addresses some of the most pressing questions when it comes to paying for college. Straight from the desks of our financial aid counselors, these posts are intended to provide clarity and resources for students and families.

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