Scholarship News

Student Loan Rates Up As Graduates Continue Defaulting

September 14th, 2010 davidguide

Windsor Genova – AHN News News Writer

New York, NY, United States (AHN) – The rate at which graduates defaulted on repaying their student loans hit 7 percent in 2008, up from 6.7 percent in 2007. The news indicates out-of-work students are still struggling to repay loan during the economic crisis, according to the U.S. Department of Education.

There were a total 238,000 of 3.4 million students who failed to meet the Sept. 1, 2009 deadline to make their first loan repayment scheduled from Oct. 1, 2007 to Sept. 30, 2008, the DoE reported on Monday.

For-profit schools had the highest default rate of 11.6 percent followed by public colleges with 6 percent and private schools with 4 percent.

By state, the one with the highest default rate was Arizona at 10.9 percent. The largest for-profit school, the University of Phoenix, is located in that state.

Article © AHN – All Rights Reserved

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Posted in Money For College Tags: AHN, Arizona, Continue, default rate, Defaulting, Graduates, loan, New York, News, news writer, NY, percent, profit school, public colleges, rate, Rates, Sept, student, u s department of education, U.S. Department, United States, university of phoenix, work students

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