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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsStudent-Loan Default Rates Rise as Federal Scrutiny Grows
(Bloomberg) More than one in 10 borrowers defaulted on their federal student loans, intensifying concern about a generation hobbled by $1 trillion in debt and the role of colleges in jacking up costs.
The default rate, for the first three years that students are required to make payments, was 13.4 percent, with for-profit colleges reporting the worst results, the U.S. Education Department said today.
The Education Department has revamped the way it reports student-loan defaults, which the government said had reached the highest level in 14 years. Previously, the agency reported the rate only for the first two years payments are required. Congress demanded a more comprehensive measure because of concern that colleges counsel students to defer payments to make default rates appear low.
Default rates are the tip of the iceberg of borrower distress, said Pauline Abernathy, vice president of The Institute for College Access & Success, a nonprofit based in Oakland, California. ...............(more)
The complete piece is at: http://www.bloomberg.com/news/2012-09-28/student-loan-defaults-soar-as-government-scrutiny-grow.html
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Student-Loan Default Rates Rise as Federal Scrutiny Grows (Original Post)
marmar
Sep 2012
OP
xchrom
(108,903 posts)1. Du rec. Nt
riderinthestorm
(23,272 posts)2. Sad and important story. K&R anyway for more exposure... nt
marmar
(76,976 posts)3. Sometimes you kick, sometimes you get kicked.....