14 Sep '11, 2pm

Student Debt Grows and Grows: Default Rate on Student Loans Up

Student Debt Grows and Grows: Default Rate on Student Loans Up

More students are defaulting on their loans, the Chronicle of Higher Education reports. According to a U.S. Department of Education report released on Monday, the “cohort default rate” on student loans increased to 8.8 percent, up from 7 percent in the previous year. That is, 320,000 out of 3.6 million student-loan borrowers whose first repayment period landed between October 1, 2008 and September 30, 2009 defaulted before September 30, 2010. The cohort default rate measures the proportion of students who defaulted within two years of entering the repayment period. In 2008, the cohort default rate at for-profit institutions was 11.6 percent; in 2009, it was 15 percent. At public institutions, the default rate increased from 6 percent to 7.2 percent; at private universities, it increased from 4 percent to 4.6 percent. Taken together, these figures indicate an overall faster...

Full article: http://www.care2.com/causes/student-debt-grows-and-grows-...

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