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College federal loan defaults highest since 1997

By John Published: September 12, 2011

Bloomberg News reports that college loan defaults are up, driven in part by higher default rates at for-profit colleges.

Borrowers attending for-profit colleges defaulted at more than twice the 7.2 percent rate for those at public colleges and three times the 4.6 percent rate at private nonprofit institutions, according to the Education Department.

 

 

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