New Department of Education data show that 25% of borrowers who attended for-profit colleges and entered repayment on their loans in 2008 had defaulted within three years. By comparison, 10.8% of those attending public institutions defaulted and 7.6% of those attending private institutions defaulted. At community colleges, 18% of borrowers defaulted on their loans within three years of leaving college in 2008. But for profit colleges claim that there students are more low income than those in other postsecondary sectors. Until we know the socio-economic background of students, it is difficult to conclude much from these raw numbers of defaults.
Tags: Student Loan Defaults