Led by for-profit colleges, student loan defaults at highest level in a decade

Students at for-profit colleges are more than twice as likely to default on federal loans as their peers at public institutions, according to new data released Monday by the Department of Education that also shows the highest percentage of students defaulting on loans in more than a decade, the Huffington Post reports. The overall student loan default rate increased from 7 percent last year to 8.8 percent–the highest rate since the government released similar data in 1999. An outsized share of that increase came from the for-profit college sector, which had both the highest percentage of defaults and the greatest increase in defaults, compared to public universities and private nonprofit schools…

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