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Dayton Business Journal
Ohio student
loan default rate among tops in U.S.
Sep 26, 2014
Student loans continue to burden many adults. The national three-year
default rate now stands at 13.7 percent, although Ohioans carry a
higher rate.
New data from the U.S. Department of Education sheds light on the
issue. It examines the three-year default rate for those who began
paying in 2011.
The rate actually declined nationally, as the default rate for those
who began paying in 2010 was 14.7 percent.
In Ohio, the default rate stands at 16.7 percent, which is the seventh
highest percentage in the U.S.
Of the 214,000 borrowers who entered repayment in 2011, roughly 38,000
are now in default.
New Mexico has the highest rate of defaulters at 20.8 percent.
Higher education is more crucial than ever for many careers, but for
those who don’t graduate or can’t find good-paying jobs, student loan
debt because a burden and can hinder professional progress.
“While it’s good news that the default rate decreased from last year,
the number of students who default on their federal student loans is
still too high, and we remain committed to working with postsecondary
education institutions and borrowers to ensure that student debt is
manageable,” said Secretary of Education Arne Duncan...
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