Student Loan Default Rate Is Continuing to Increase

post — Alexander Marian @ 7:38 pm — post Comments (0)
postSeptember 13, 2010

The default rate on federal student loans continued to rise last year, with the rate for students at for-profit colleges — already the highest — rising the fastest.

Education Secretary Arne Duncan said Monday that the overall student loan default rate in the 2008 fiscal year, the latest period for which data is available, was 7 percent, up from 6.7 percent the year before and 5.2 percent in the 2006 fiscal year.

The default rate at public institutions increased to 6 percent from 5.9 percent; at private institutions to 4 percent from 3.7 percent; and at for-profit institutions to 11.6 percent from 11 percent.

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