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Student loan default rates jump - Sep. 28, 2012
Student loan default rates jump - Sep. 28, 2012
Borrowers are having a harder time repaying their student loans.
The percentage of borrowers who defaulted on their federal student
loans within two years of their first payment jumped to 9.1% in fiscal
year 2011, up from 8.8% the previous year, according to U.S. Department
of Education data released Friday.
That represents 375,000 of the more than 4.1 million borrowers who were required to start making payments on their student loans in the 12 months prior to October 2010 and defaulted before September 2011.
Borrower are considered in default when they miss payments for 270 consecutive days.
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