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Two-Year Colleges Face Student Loan Default Challenge

by Charles Dervarics , October 26, 2009

Categories:
Martha Kanter
In seven states, more than 20 percent of community college students cannot access federal loans, according to a recent report. Given these findings, Martha Kanter (pictured), undersecretary of education, said community colleges should carefully weigh decisions on whether to opt out of the federal student loan program.

 

Still, the area of higher education with the highest default rate is the for-profit proprietary sector. According to the Education Department, such schools have an average default rate of 11 percent, up from 9.7 percent from last year’s report. Two proprietary schools also had default rates high enough to trigger potential sanctions. Despite the overall uptick in defaulters, no two- or four-year college has a high enough rate to face sanctions.

 

The latest default rates are for borrowers whose first payments were due between October 2006 and September 2007 and who defaulted before Sept. 30, 2008.

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Comments posted here may be reprinted in Diverse: Issues In Higher Education magazine, and may be edited for purposes of clarity and/or space.



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