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Released: September 13, 2011
Student loan default rates jump
Source: Associated Press, L.A.Times (Free Registration)
The number of borrowers defaulting on federal student loans has jumped sharply, the latest indication that rising college tuition costs, low graduation rates and poor job prospects are getting more and more students over their heads in debt. The national two-year default rate rose to 8.8% among students whose first loan payments were due in fiscal 2009 from 7% for those who began repayments in fiscal 2008, according to figures released Monday by the U.S. Department of Education. Driving the overall increase was an especially sharp increase among students who borrow from the government to attend for-profit colleges.Read Full Article: Student loan default rates jump
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