College Students Defaulting At Record Rate

Career College Central Summary:
  • Student loan defaults have risen for the fifth straight year, as students from traditional non-profit universities have an increasingly difficult time paying off their college debt.    
  • Numbers released by the Department of Education Friday show that of the 4.1 million borrowers who began making payments in late 2009 and early 2010, 9.1% defaulted within two years, up from 8.8% the year before.
  • Experts credited the combination of skyrocketing student debt, the poor economy and a lack of borrower education for the increase. 
  • For the first time in four years, the two-year for-profit school default rate dropped from the previous year, to 12.9% from 15%.
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