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3-Year Cohort Default Rates at Institutions Trends Data published August 2016 FY 2013 FY 2012 Number of Number of Number of Borrowers Borrower Number of Borrowers Borrower Borrowers Entered Default Borrowers Entered Default Institution in Default Repayment Rate in Default Repayment Rate

University of Minnesota - CROOKSTON 28 476 5.8% 35 447 7.8% UNIVERSITY OF MINNESOTA - MORRIS 25 397 6.2% 17 387 4.3% UNIVERSITY OF MINNESOTA DULUTH 77 2,744 2.8% 74 2,641 2.8% UNIVERSITY OF MINNESOTA - TWIN CITIES 210 9,482 2.2% 257 9,732 2.6%

State Universities 101 1,569 6.4% 87 1,522 5.7% METROPOLITAN STATE UNIVERSITY 143 2,498 5.7% 140 2,344 5.9% MINNESOTA STATE UNIVERSITY MOORHEAD 121 2,247 5.3% 130 2,183 5.9% MINNESOTA STATE UNIVERSITY, MANKATO 162 3,879 4.1% 172 3,858 4.4% SOUTHWEST MINNESOTA STATE UNIVERSITY 54 952 5.6% 63 945 6.6% ST. CLOUD STATE UNIVERSITY 172 4,090 4.2% 231 4,234 5.4% 85 2,161 3.9% 88 2,119 4.1%

State Colleges ALEXANDRIA TECHNICAL AND COMMUNITY COLLEGE 76 864 8.7% 66 793 8.3% 142 939 15.1% 137 941 14.5% ANOKA-RAMSEY COMMUNITY COLLEGE 329 2,600 12.6% 294 2,594 11.3% 219 1,211 18% 233 1,326 17.5% 426 3,234 13.1% 453 3,330 13.6% DAKOTA COUNTY TECHNICAL COLLEGE 111 1,097 10.1% 149 1,081 13.7% FOND DU LAC TRIBAL & COMMUNITY COLLEGE 136 501 27.1% 119 521 22.8% HENNEPIN TECHNICAL COLLEGE 313 2,096 14.9% 314 2,108 14.8% HIBBING COMMUNITY COLLEGE 115 560 20.5% 162 660 24.5% INVER HILLS COMMUNITY COLLEGE 196 1,703 11.5% 190 1,807 10.5% 79 454 17.4% 87 487 17.8% 254 1,708 14.8% 230 1,545 14.8% 114 508 22.4% 115 491 23.4% COMMUNITY AND TECHNICAL COLLEGE 787 3,630 21.6% 855 3,967 21.5% MINNESOTA STATE COLLEGE-SOUTHEAST TECHNICAL 149 1,006 14.8% 147 1,075 13.6% 3-Year Cohort Default Rates at Minnesota Institutions Trends Data published August 2016 FY 2013 FY 2012 Number of Number of Number of Borrowers Borrower Number of Borrowers Borrower Borrowers Entered Default Borrowers Entered Default Institution in Default Repayment Rate in Default Repayment Rate

MINNESOTA STATE COMMUNITY AND TECHNICAL COLLEGE 402 2,965 13.5% 443 3,117 14.2% MINNESOTA WEST COMMUNITY AND TECHNICAL COLLEGE 142 961 14.7% 145 986 14.7% NORMANDALE COMMUNITY COLLEGE 315 2,855 11% 329 2,685 12.2% NORTH HENNEPIN COMMUNITY COLLEGE 346 2,399 14.4% 295 2,209 13.3% NORTHLAND COMMUNITY AND TECHNICAL COLLEGE 178 1,325 13.4% 182 1,391 13% NORTHWEST TECHNICAL COLLEGE - BEMIDJI 62 465 13.3% 86 518 16.6% PINE TECHNICAL AND COMMUNITY COLLEGE 61 372 16.3% 57 359 15.8% RAINY RIVER COMMUNITY COLLEGE 22 94 23.4% 38 113 33.6% 171 1,389 12.3% 243 1,540 15.7% RIVERLAND COMMUNITY COLLEGE 171 999 17.1% 174 938 18.5% ROCHESTER COMMUNITY AND TECHNICAL COLLEGE 287 2,013 14.2% 272 1,994 13.6% - A COMMUNITY & TECHNICAL COLLEGE 756 2,818 26.8% 666 2,625 25.3% 152 1,257 12% 196 1,337 14.6% ST. CLOUD TECHNICAL AND COMMUNITY COLLEGE 224 1,795 12.4% 230 1,871 12.2% VERMILION COMMUNITY COLLEGE 35 259 13.5% 32 298 10.7%

Private Nonprofit 9 201 4.4% 11 207 5.3% 4 130 3% 4 111 3.6% AUGSBURG COLLEGE 60 1,137 5.2% 62 1,153 5.3% BETHEL UNIVERSITY 25 1,396 1.7% 39 1,434 2.7% 2 196 1% 1 208 0.4% COLLEGE OF SAINT BENEDICT 4 431 0.9% 5 482 1% COLLEGE OF SAINT SCHOLASTICA 43 1,264 3.4% 41 1,160 3.5% CONCORDIA COLLEGE - MOORHEAD 10 724 1.3% 17 727 2.3% CONCORDIA UNIVERSITY - SAINT PAUL 38 1,042 3.6% 47 1,065 4.4% 2 57 3.5% 5 57 8.7% CROWN COLLEGE 18 423 4.2% 15 381 3.9% DUNWOODY COLLEGE OF TECHNOLOGY 73 565 12.9% 89 651 13.6% GUSTAVUS ADOLPHUS COLLEGE 3 590 0.5% 8 553 1.4% 3-Year Cohort Default Rates at Minnesota Institutions Trends Data published August 2016 FY 2013 FY 2012 Number of Number of Number of Borrowers Borrower Number of Borrowers Borrower Borrowers Entered Default Borrowers Entered Default Institution in Default Repayment Rate in Default Repayment Rate

HAMLINE UNIVERSITY 43 1,526 2.8% 49 1,512 3.2% HAZELDEN GRADUATE SCHOOL OF ADDICTION STUDIES 3 67 4.4% - 65 0% 4 117 3.4% - 110 0% 1 316 0.3% 7 315 2.2% 1 158 0.6% 3 194 1.5% MAYO CLINIC COLLEGE OF MEDICINE 2 122 1.6% 1 142 0.7% MINNEAPOLIS COLLEGE OF ART & DESIGN 11 218 5% 13 232 5.6% MITCHELL HAMLINE SCHOOL OF LAW 3 306 0.9% 1 308 0.3% 17 395 4.3% 20 433 4.6% NORTHWESTERN HEALTH SCIENCES UNIVERSITY 8 260 3% 3 278 1% OAK HILLS CHRISTIAN COLLEGE 5 55 9% 2 52 3.8% SAINT JOHN'S UNIVERSITY 4 422 0.9% 1 438 0.2% SAINT MARY'S UNIVERSITY OF MINNESOTA 36 1,551 2.3% 43 1,569 2.7% SAINT OLAF COLLEGE 4 537 0.7% 3 554 0.5% ST. CATHERINE UNIVERSITY 62 1,573 3.9% 75 1,526 4.9% UNITED THEOLOGICAL SEMINARY OF THE TWIN CITIES 4 39 10.2% 5 81 6.1% UNIVERSITY OF NORTHWESTERN- ST PAUL 15 739 2% 23 779 2.9% UNIVERSITY OF SAINT THOMAS 44 2,262 1.9% 49 2,303 2.1%

Private For-Profit AVEDA INSTITUTE 34 394 8.6% 26 347 7.4% ACADEMY COLLEGE 7 83 8.4% 26 123 21.1% AMERICAN ACADEMY OF TRADITIONAL CHINESE MEDICINE - 35 0% 4 73 5.4% ART INSTITUTES INTERNATIONAL MINNESOTA (THE) 120 938 12.7% 128 1,095 11.6% CAPELLA UNIVERSITY 1,171 17,982 6.5% 1,699 19,054 8.9% CENTERPOINT MASSAGE & SHIATSU THERAPY SCHOOL & CLINIC 2 57 3.5% 3 71 4.2% COSMETOLOGY CAREERS UNLIMITED COLLEGE OF HAIR, SKIN, AND NAILS 22 110 20% 10 40 25% COSMETOLOGY CAREERS UNLIMITED COLLEGE OF HAIR, SKIN, AND NAILS 18 73 24.6% 17 72 23.6% DULUTH BUSINESS UNIVERSITY 38 212 17.9% 36 206 17.4% GLOBE UNIVERSITY 469 2,507 18.7% 594 2,597 22.8% 3-Year Cohort Default Rates at Minnesota Institutions Trends Data published August 2016 FY 2013 FY 2012 Number of Number of Number of Borrowers Borrower Number of Borrowers Borrower Borrowers Entered Default Borrowers Entered Default Institution in Default Repayment Rate in Default Repayment Rate

HASTINGS BEAUTY SCHOOL 5 49 10.2% 4 34 11.7% INSTITUTE OF PRODUCTION AND RECORDING (THE) 35 225 15.5% 39 248 15.7% MCNALLY SMITH COLLEGE OF MUSIC 31 266 11.6% 19 233 8.1% MINNEAPOLIS BUSINESS COLLEGE 18 262 6.8% 24 357 6.7% MINNESOTA SCHOOL OF BUSINESS 395 2,964 13.3% 593 3,606 16.4% MINNESOTA SCHOOL OF COSMETOLOGY 35 204 17.1% 45 184 24.4% MODEL COLLEGE OF HAIR DESIGN 16 116 13.7% 13 112 11.6% NOVA ACADEMY OF COSMETOLOGY 8 70 11.4% 11 69 15.9% RASMUSSEN COLLEGE 982 11,894 8.2% 1,345 12,321 10.9% REGENCY BEAUTY INSTITUTE 686 6,330 10.8% 939 6,621 14.1% SANFORD-BROWN COLLEGE 93 525 17.7% 169 751 22.5% WALDEN UNIVERSITY 1,440 21,214 6.7% 1,195 17,458 6.8%

Source: U.S. Department of Education 3-Year Cohort Default Rates at Minnesota Institutions Trends Data published August 2016 FY 2011 Number of Number of Borrowers Borrower Borrowers Entered Default Institution in Default Repayment Rate

University of Minnesota UNIVERSITY OF MINNESOTA - CROOKSTON 31 382 8.1% UNIVERSITY OF MINNESOTA - MORRIS 20 353 5.6% UNIVERSITY OF MINNESOTA DULUTH 109 2,473 4.4% UNIVERSITY OF MINNESOTA - TWIN CITIES 328 8,976 3.6%

State Universities BEMIDJI STATE UNIVERSITY 108 1,257 8.5% METROPOLITAN STATE UNIVERSITY 131 1,967 6.6% MINNESOTA STATE UNIVERSITY MOORHEAD 138 1,982 6.9% MINNESOTA STATE UNIVERSITY, MANKATO 164 3,451 4.7% SOUTHWEST MINNESOTA STATE UNIVERSITY 68 897 7.5% ST. CLOUD STATE UNIVERSITY 287 3,952 7.2% WINONA STATE UNIVERSITY 86 1,951 4.4%

State Colleges ALEXANDRIA TECHNICAL AND COMMUNITY COLLEGE 91 723 12.5% ANOKA TECHNICAL COLLEGE 127 782 16.2% ANOKA-RAMSEY COMMUNITY COLLEGE 298 2,294 12.9% CENTRAL LAKES COLLEGE 215 1,183 18.1% CENTURY COLLEGE 506 2,998 16.8% DAKOTA COUNTY TECHNICAL COLLEGE 166 992 16.7% FOND DU LAC TRIBAL & COMMUNITY COLLEGE 93 406 22.9% HENNEPIN TECHNICAL COLLEGE 327 1,858 17.5% HIBBING COMMUNITY COLLEGE 151 594 25.4% INVER HILLS COMMUNITY COLLEGE 209 1,536 13.6% ITASCA COMMUNITY COLLEGE 91 386 23.5% LAKE SUPERIOR COLLEGE 184 1,513 12.1% MESABI RANGE COLLEGE 119 519 22.9% MINNEAPOLIS COMMUNITY AND TECHNICAL COLLEGE 728 3,455 21% MINNESOTA STATE COLLEGE-SOUTHEAST TECHNICAL 198 1,086 18.2% 3-Year Cohort Default Rates at Minnesota Institutions Trends Data published August 2016 FY 2011 Number of Number of Borrowers Borrower Borrowers Entered Default Institution in Default Repayment Rate

MINNESOTA STATE COMMUNITY AND TECHNICAL COLLEGE 622 2,955 21% MINNESOTA WEST COMMUNITY AND TECHNICAL COLLEGE 145 904 16% NORMANDALE COMMUNITY COLLEGE 378 2,386 15.8% NORTH HENNEPIN COMMUNITY COLLEGE 301 1,948 15.4% NORTHLAND COMMUNITY AND TECHNICAL COLLEGE 237 1,438 16.4% NORTHWEST TECHNICAL COLLEGE - BEMIDJI 124 538 23% PINE TECHNICAL AND COMMUNITY COLLEGE 74 286 25.8% RAINY RIVER COMMUNITY COLLEGE 28 110 25.4% RIDGEWATER COLLEGE 240 1,420 16.9% RIVERLAND COMMUNITY COLLEGE 393 2,065 19% ROCHESTER COMMUNITY AND TECHNICAL COLLEGE 253 1,721 14.7% SAINT PAUL COLLEGE - A COMMUNITY & TECHNICAL COLLEGE 564 2,058 27.4% SOUTH CENTRAL COLLEGE 194 1,154 16.8% ST. CLOUD TECHNICAL AND COMMUNITY COLLEGE 218 1,569 13.8% VERMILION COMMUNITY COLLEGE 47 269 17.4%

Private Nonprofit BETHANY LUTHERAN COLLEGE 12 210 5.7% ADLER GRADUATE SCHOOL 4 87 4.5% AUGSBURG COLLEGE 66 1,093 6% BETHEL UNIVERSITY 48 1,316 3.6% CARLETON COLLEGE 5 215 2.3% COLLEGE OF SAINT BENEDICT 5 423 1.1% COLLEGE OF SAINT SCHOLASTICA 55 1,150 4.7% CONCORDIA COLLEGE - MOORHEAD 14 668 2% CONCORDIA UNIVERSITY - SAINT PAUL 62 966 6.4% CROSSROADS COLLEGE 6 47 12.7% CROWN COLLEGE 22 358 6.1% DUNWOODY COLLEGE OF TECHNOLOGY 134 720 18.6% GUSTAVUS ADOLPHUS COLLEGE 13 557 2.3% 3-Year Cohort Default Rates at Minnesota Institutions Trends Data published August 2016 FY 2011 Number of Number of Borrowers Borrower Borrowers Entered Default Institution in Default Repayment Rate

HAMLINE UNIVERSITY 58 1,444 4% HAZELDEN GRADUATE SCHOOL OF ADDICTION STUDIES 1 53 1.8% LUTHER SEMINARY - 109 0% MACALESTER COLLEGE 5 310 1.6% MARTIN LUTHER COLLEGE 4 140 2.8% MAYO CLINIC COLLEGE OF MEDICINE - 140 0% MINNEAPOLIS COLLEGE OF ART & DESIGN 18 238 7.5% MITCHELL HAMLINE SCHOOL OF LAW 8 334 2.3% NORTH CENTRAL UNIVERSITY 15 350 4.2% NORTHWESTERN HEALTH SCIENCES UNIVERSITY 8 277 2.8% OAK HILLS CHRISTIAN COLLEGE 3 60 5% SAINT JOHN'S UNIVERSITY 9 362 2.4% SAINT MARY'S UNIVERSITY OF MINNESOTA 49 1,496 3.2% SAINT OLAF COLLEGE 9 552 1.6% ST. CATHERINE UNIVERSITY 72 1,362 5.2% UNITED THEOLOGICAL SEMINARY OF THE TWIN CITIES 1 30 3.3% UNIVERSITY OF NORTHWESTERN- ST PAUL 31 794 3.9% UNIVERSITY OF SAINT THOMAS 93 2,208 4.2%

Private For-Profit AVEDA INSTITUTE 23 333 6.9% ACADEMY COLLEGE 35 127 27.5% AMERICAN ACADEMY OF TRADITIONAL CHINESE MEDICINE 3 71 4.2% ART INSTITUTES INTERNATIONAL MINNESOTA (THE) 120 892 13.4% CAPELLA UNIVERSITY 2,255 17,331 13% CENTERPOINT MASSAGE & SHIATSU THERAPY SCHOOL & CLINIC 1 44 2.2% COSMETOLOGY CAREERS UNLIMITED COLLEGE OF HAIR, SKIN, AND NAILS 6 41 14.6% COSMETOLOGY CAREERS UNLIMITED COLLEGE OF HAIR, SKIN, AND NAILS 8 30 26.6% DULUTH BUSINESS UNIVERSITY 49 271 18% GLOBE UNIVERSITY 493 2,196 22.4% 3-Year Cohort Default Rates at Minnesota Institutions Trends Data published August 2016 FY 2011 Number of Number of Borrowers Borrower Borrowers Entered Default Institution in Default Repayment Rate

HASTINGS BEAUTY SCHOOL 4 25 16% INSTITUTE OF PRODUCTION AND RECORDING (THE) 38 254 14.9% MCNALLY SMITH COLLEGE OF MUSIC 17 235 7.2% MINNEAPOLIS BUSINESS COLLEGE 22 325 6.7% MINNESOTA SCHOOL OF BUSINESS 605 3,835 15.7% MINNESOTA SCHOOL OF COSMETOLOGY 26 163 15.9% MODEL COLLEGE OF HAIR DESIGN 11 88 12.5% NOVA ACADEMY OF COSMETOLOGY 1 10 10% RASMUSSEN COLLEGE 2,334 13,224 17.6% REGENCY BEAUTY INSTITUTE 840 5,620 14.9% SANFORD-BROWN COLLEGE 130 666 19.5% WALDEN UNIVERSITY 1,243 15,840 7.8%

Source: U.S. Department of Education