One In 10 Borrowers Default On Student Loans Within Two Years Of Entering Repayment
The U.S. Department of Education released on Monday the average FY 2011 two-year and the FY 2010 three-year cohort default rates (CDRs). The two-year rate increased to 10 percent from 9.1 percent in FY 2010, and the three-year rate now stands at 14.7 percent (up from 13.4 in FY 2009). “These most recent data support the concept that we are experiencing a repayment crises–as opposed to a debt crisis–when it comes to student loans,” NASFAA President Justin Draeger commented.
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