New Default Rate Data for Federal Student Loans: 44% of Defaulters Attended For-Profit Institutions
The U.S. Department of Education has released a preview of new draft default rates yesterday. The new data show nearly 400,000 students who entered repayment in 2007 had defaulted by 2009, representing 12 percent of all students who entered repayment that year. Nearly half of these borrowers (44 percent) attended for-profit schools, even though only 1 in 14 students (7 percent) attend such schools.
