September 15, 2005
Default Rate on Student Loans Drops Once Again, Education Department Reports
Washington
The rate at which borrowers default on their federal student loans has dropped to an all-time low of 4.5 percent, U.S. Education Department officials announced on Wednesday.
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 2003 fiscal year. The 2003 rate dropped by 0.7 percentage point from the 2002 rate, representing
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