September 26, 2019
New Data Reveal Slight Decrease in Student Loan Default Rate
New data on student loan default rates released by the U.S. Department of Education show that for borrowers who entered repayment in 2016 and defaulted on their loans by 2018, the default rate fell to 10.1 percent. This rate is down slightly from the 10.8 percent default rate for the previous year’s cohort.
Borrowers at independent colleges and universities have the lowest default rate of 6.6 percent, down from the previous year’s rate of 7.1 percent. Proprietary schools have the highest default rates at 15.2 percent, and account for 32.7 percent of all borrowers in default. The default rate at all public institutions is 9.6 percent.
The Department’s data provides additional details on the national default rates and also include figures on rates for individual institutions, states, and types of postsecondary institutions.
Borrowers at independent colleges and universities have the lowest default rate of 6.6 percent, down from the previous year’s rate of 7.1 percent. Proprietary schools have the highest default rates at 15.2 percent, and account for 32.7 percent of all borrowers in default. The default rate at all public institutions is 9.6 percent.
The Department’s data provides additional details on the national default rates and also include figures on rates for individual institutions, states, and types of postsecondary institutions.
For more information, please contact:
Frank Balz