Trending Down: Federal Student Loan Default Rate Falls Slightly

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Trending Down: Federal Student Loan Default Rate Falls Slightly

Oct, 16th 2016

The U.S. Department of Education (ED) announced that the three-year federal student loan cohort default rate dropped for all students who entered repayment between fiscal years (FY) 2012 and 2013. The fiscal year runs from October 1 to September 30.

ED claimed a win, but the decrease was slight--11.8% to 11.3%. However, it reinforced a trend where federal student loan defaults have been moving down since FY 2010, when the cohort default rate was 14.7%. This marked the third consecutive year that the overall rate has declined.

"The Obama Administration has taken unprecedented measures to provide borrowers more options to avoid default, manage their student debt and stay on track to repayment and to hold institutions accountable for improving student outcomes," said Secretary of Education John B. King Jr. last...

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