New data released by the Education Department Wednesday showed 10.8 percent of student borrowers who entered loan repayment in 2015 had defaulted within three years.
That’s a slight drop from the previous year’s rate of 11.5 percent, driven mostly by lower defaults at public and nonprofit colleges. For-profit colleges saw a slight increase in defaults.
Borrowers go into default on their loans when more than 270 days pass without them making a payment.
Read more at Inside Higher Ed: https://www.insidehighered.com/quicktakes/2018/09/27/student-loan-default-rate-declines-slightly
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