2004 Ontario Student Loans Default Rates

The attached statistics have been compiled by the Ministry of Training, Colleges and Universities as part of the OSAP Indicators' project.

The 2004 default rates reflect the repayment status of students who were issued Ontario Student Loans in the 2001 - 2002 academic year and completed or exited their studies in 2001-2002. Student loan recipients/defaulters are, for the purpose of calculating default rates, assigned to the last institution/program they attended in 2001-2002. The status of these loans was assessed as of July, 2004 or about two years after entering into repayment.

An Ontario Student Loan is in default when the Ontario government has paid a bank's claim for an inactive loan. A loan is inactive when no payments were made by the student for at least 90 days. Default rates are calculated on the basis of incidence (i.e., the number of loans in default is expressed as a percentage of the number of loans issued). Default information has not been shown in instances where the number of loans issued to students in a particular program is four or less. 

Source: http://www.edu.gov.on.ca/eng/general/postsec/uindicator.html

This table indicates the 2004 default rate for all programs at Brock is 5.5 (Vs. 7.6% for the System).