The New York Times - September 13th,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.
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.
The default rates represent a snapshot in time, examining only borrowers whose first loan repayments came due from Oct. 1, 2007, to Sept. 30, 2008, and who defaulted before Sept. 30, 2009. Those who defaulted later were not included in the data; over time, default rates increase substantially.
During the period in question, almost 3.4 million borrowers entered repayment, and more than 238,000 defaulted on their loans. Read More
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Ron Denaro is the president of College Campus Trips, a tour company providing high school students with tours of college campuses, nationwide. For more information, call (954) 567-5751 or e-mail: ron@collegecampustrips.com
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