NEWBERRY — LendEDU’s Student Loan Debt Report reported that Newberry College students graduated with less loan debt than any other four-year college or university in South Carolina.
According to the report, Newberry College graduates had an average student loan debt of $18,566, the lowest average debt per borrower among South Carolina’s public or private four-year institutions, and well below the state’s overall average debt per borrower of $29,490.
“We are dedicated to keeping the cost of attending Newberry College competitive and affordable for all students and their families,” said Hugo A. “Hap” Pearce, chairman of the board of trustees. “This new report helps demonstrate the effectiveness of our efforts.”
Newberry College graduates also fared exceptionally well among their peers nationwide. Newberry ranked #35 for overall lowest average debt per borrower among all private colleges and universities.
“We are committed to doing everything possible to make Newberry College a ‘best value’ investment for our students and their families,” said Maurice W. Scherrens, president of Newberry College. “Part of our strategy has been to limit price increases and provide a generous financial aid package to help limit indebtedness. After graduation, our Loan Repayment Promise helps position our graduates for their chosen careers or further education.”
In a comparison of 20 South Carolina public and private colleges and universities, no institution had a lower percentage price increase over the past three years than Newberry College. [Source: IPEDS] The price of attending Newberry College has risen 6.1 percent over the past three years, while the 20-school average price increase was 10.9 percent.
Among that same group of 20 schools, Newberry College also had the lowest increase in tuition, fees, room and board over the past five years. For the 2017/2018 academic year ahead, the College’s increase on tuition, fees, room and board was just 1.69 percent.
Last year, Newberry awarded $14 million in institutional scholarships, which factor in the family’s level of financial need and the student’s academic and/or co-curricular strengths.
After three years offering the Tuition Promise, which froze tuition at the student’s incoming year, Newberry again raised the bar on value and affordability.
In 2015, Newberry College launched Loan Repayment Promise, which pledges if a student’s annual income is less than $40,000 after they graduate from Newberry, the College will help them repay their student loans until they reach that salary threshold. Newberry was the first in South Carolina to launch this type of program for students.
Newberry is on track to welcome approximately 450 incoming students for the fall 2017 semester, surpassing its previous high-water mark of 381 incoming students set in fall 2016.
