September 21, 2007
Default Rate on Student Loans Falls for 2005 Fiscal Year
The rate at which borrowers default on their federally guaranteed student loans has declined to 4.6 percent, in part because of a record number of consolidations, the Education Department announced last week.
"Borrowers took advantage of the opportunity to lock in record-low interest rates by consolidating their federal student loans," the department said in a written statement.
The new default rate, for the 2005 fiscal year, represents the percentage of borrowers who began loan
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