It's less than the national average.
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There is no trick to merging OPEIDS. When the WASC accreditation occurs, the campuses merge their ID's so that they are all under the same "umbrella". Some campuses benefit while others suffer. This happened at the SoCal region of the Art Institutes in 2013, and all the schools lost their Cal Grant due to a few campuses with outrageous default rates.
Heald as a whole has kept their cohort down, which is no easy feat in this economy.
OP--it's only lower than the national average since they pulled the trick of combining all of the OPEID's so that the individual campuses that have high default rates could still receive both federal and (at least until now) Cal Grant funding. Just another indication that Heald is run by a bunch of liars and thieves.