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Higher Ed in the News

Student loan default rate continues to increase

September 15, 2010

Education Secretary Arne Duncan announced 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.

During the time period examined, almost 3.4 million borrowers entered repayment, and more than 238,000 defaulted on their loans.

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