Graduation, Employment and OSAP Loan Default Rates 2008
OSAP Indicators -- Explanatory Notes
In response to the Ministry of Training, Colleges, and Universities' (MTCU) 1998-1999 OSAP policy requirement that institutions make available for students data regarding default rates, graduation rates and graduate placement rates, the University of Toronto is posting the three "OSAP Indicators" below. Graduation and default rates have been calculated by the MTCU using existing data sources while employment rate data was collected through a graduate survey conducted by the Ontario University Application Centre (OUAC).
The data are published in 26 program categories. The following provides additional information regarding three particular categories used:
"Other Arts and Science" -- includes students enrolled in all Arts and Science programs except for students in Commerce, Computer Science and the UTM/Sheridan Fine Art/Drama program.
"Health Professions" -- includes students enrolled in the B.Sc. in Biomedical Communication.
To maintain adequate confidentiality in light of the Freedom of Information and Protection of Privacy Act, information has not been shown in instances where the number of students is four or less.
Employment Rates -- University Graduate Survey
To determine employment rates of recent graduates, Ontario universities conducted a survey of all 2005 graduates of undergraduate degree programs. Graduates were asked 11 questions regarding their employment situation six months and two years after graduation. Of the 56,263 graduates who were surveyed, 11,153 or 19.8% responded.
Table 1 indicates the employment rates for 2005 graduates of U of T's undergraduate programs, by program category, six months and two years after graduation. Table 2 indicates the same employment rates for all universities in Ontario. The overall employment rates for 2005 graduates of U of T's undergraduate degree programs is 92.3% six months after graduation and 96.7% two years after graduation. These compare to system-level rates of 94.0% six months after graduation and 96.9% two years after graduation. The employment rate is defined as the number of employed persons expressed as a percentage of the labour force where the labour force is those persons who were employed, or unemployed but looking for work.
The University of Toronto Careers Centre provides career and employment services exclusively to U of T students, recent graduates, and employers.
The MTCU has calculated graduation rates using a single entering cohort of students and determining whether or not they graduated within seven years. The methodology employed involves the selection of all new full-time, Year One undergraduate students on the official Fall 1999 enrolment file, who have a valid (and unique) student ID number, and were seeking either a bachelors or first professional degree. The subset was then matched against the records for students who received a degree (in any program) from the same institution during the period 2000-2006.
Table 1 indicates the graduation rate for all programs at U of T is 79.9% (compared to 77.0% for all programs at all Ontario universities -- see Table 2).
The 2007 default rates reflect the repayment status of students (undergraduate and graduate) who were issued Ontario Student Loans in the 2004-2005 academic year and did not receive an Ontario Student Loan in 2005-2006, and who defaulted on their repayment obligations approximately two years after graduation. Student loan recipients/defaulters are, for the purpose of calculating default rates, assigned to the last institution/program they attended in 2004-2005. The status of these loans was assessed as of July 2007 or about two years after entering into repayment.
Table 1 indicates the 2007 default rate for all programs at U of T is 3.4%. This compares to 4.3% for all programs at Ontario universities (see Table 2). As approximately 38% of full-time undergraduate U of T students receive OSAP, the number of graduates who have defaulted on loans represents less than 3% of the student population. It is also important to note when reviewing the data that they may include student loans from more than one program as well as programs from other universities in Ontario and across Canada.
In 1998 U of T, which provides over $125 million in student aid (scholarships, fellowships and bursaries) annually from its operating budget alone, introduced a policy stating that no student should be prevented from entering or completing a program of study due to financial need. The details are given in the Policy on Student Financial Support.