Student loan defaults continue to grow and the worst is yet to come

graduates

The student loan default rate for fiscal 2009 surged to 8.8%, up from 7% in 2008.

Two years ago critics warned that government-backed student loan defaults would rise.  The question was how soon would taxpayers feel the pain.  This month, the U.S. Department of Education provided part of the answer when it reported that the default rate for fiscal 2009 surged to 8.8%, up from 7% in 2008.

 

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