COOKEVILLE – Tennessee Tech is the top ranked public university in Tennessee when it comes to setting up students for successful loan repayments, according to two industry rankings from the Student Loan Report and LendEDU.
Tech is ranked first in Tennessee among public colleges and universities, and second in the state overall once private institutions are considered, by both groups. Nationally, Tech is ranked #83 by Student Loan Report and #121 by LendEDU.
“College is a significant investment,” said Tech President Phil Oldham. “Students and their parents need to consider the return on that investment. These rankings, along with numerous others, show that Tennessee Tech provides a strong return on that investment by providing a high-quality education at an affordable price.”
The only other public university in the top five of Student Loan Report’s rankings for the state is the University of Tennessee, Knoxville (#5/#226 nationally). Vanderbilt University is the top-ranked school in Tennessee (#1/#78 nationally). More than 1,000 schools were ranked in the report.
The annual Student Debt Repayment Success Indicator report uses a formula to determine graduates’ chances of successfully repaying student debt. The indicator includes early career salary, student loan default rate, and average student loan debt per borrower. Several datasets – including federal repayment data from the Department of Education, data from Peterson’s Financial Aid dataset, and early career data from PayScale – are used.
The study showed Tech’s early career pay at $51,000 with the debt per borrower at $19,363 and the default rate at 5.31 percent for an indicator rating of 2.49.
A similar index from LendEdu, the College Risk-Reward Indicator, also ranked Tech as the top public university in the state, second overall and #121 nationally. Tech is the only public university in LendEDU’s top five rankings for the state. Nearly 1,000 schools were ranked by LendEDU.
LendEDU compared the average student loan debt per borrower with the average early career pay, or the median salary for alumni with zero to five years of experience.