September 26, 2003
Default Rate Falls to Record Low
The rate at which borrowers default on their student loans has dropped to an all-time low of 5.4 percent, U.S. Education Department officials announced last week.
The default rate measures the percentage of borrowers who have defaulted within 12 to 24 months of leaving college. The latest data available are for borrowers who left college in the 2001 fiscal year. The 2001 rate dropped by half of a percentage point from the 2000 rate, and 17 percentage points since 1990, when the default
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