According to a new Department of Education study, student loan default rates are increasing at a steady clip.
Forbes has more:
Nearly 1 out of every 14 graduates who began repaying their federal student loans between October 2007 and September 2008 defaulted on their debt by September 30, 2009, the study found, amounting to a 7% increase.
Inside Higher Ed reports on default rates among different types of colleges:
Rates rose fairly proportionally across all sectors of higher education, with borrowers who attended for-profit colleges defaulting at a rate of 11.9 percent (up from 11.0 percent in 2007), public college borrowers at a rate of 6.2 percent (up from 5.9 percent), and private nonprofit college borrowers at 4.1 percent, up from 3.7 percent.
What's your loan situation? Have you defaulted?