College Loan Defaults Hit 18-Year High
“Some colleges are simply masking default problems until the federal government stops watching,” said The Institute for College Access and Success vice president Pauline Abernathy. “These kinds of deceptive tactics protect colleges while putting students and taxpayers at even greater risk after the school is off the hook.”
Student loan default rates have risen for the sixth year; 14.7 percent of federal student loan cohorts had defaulted on their loans within three years. The year prior, the three-year default rate was 13.4 percent. Between October 1, 2010 and September 30, 2011, more than 475,000 college students—an average 10 percent—defaulted on their loans.
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