More than one out of eight student-loan borrowers who entered repayment from October 1, 2008, to September 30, 2009, defaulted within three years, the U.S. Education Department announced on Friday as part of its first release of official data on cohort default rates for federal student loans measured over three years.
The new figure on overall default rates, 13.4 percent, was released as the department switches from measuring the rates over three years instead of two. For-profit institutions had the highest average three-year default rates, at 22.7 percent, which was more than double the 11-percent rate among public institutions. Private, nonprofit institutions had an average three-year default rate of 7.5 percent.
» via The Chronicle of Higher Education (Subscription may be required for some content)
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