January 17, 1997
Clinton Hails Continued Decline in Defaults on Student Loans
Washington -- President Clinton announced last week that the rate at which college students default on their loans has dropped to its lowest point since the government began recording it in 1988.
The proportion of borrowers who defaulted within 12 to 24 months after leaving college fell to 10.7 per cent in 1994, less than half the 22.4-per-cent level in 1990, the President said in the Oval Office last week, surrounded by a half-dozen college students.
"We have strengthened the