The education department now annually calculates what’s called cohort default rates, which are the percentage of an institution’s borrowers who start making payments on federal student loans in a fiscal year, and who default within three years of leaving college Massachusetts has the lowest rate, at slightly over 6 percent, while New Mexico is the worst at nearly 19 percent. In Indiana, the rate was a bit lower, with 171,454 borrowers and 24,474 in default, or 14 percent, compared with the national average of about 11 percent. In Kentucky, of 78,112 borrowers who took loans, about 12,150 were listed as in default, a rate of 16 percent. Despite a stepped-up effort to curb debt loads for college students and a crackdown on for-profit technology and career centers that have been accused of preying on vulnerable students, Kentucky ranked 49th out of the 50 states and the District of Columbia.Ī loan is considered in default if payments lapse for nine months in a row. But the 46-year-old’s experience dealing with a student loan in default is all too common in Kentucky and Indiana.īoth states ranked at the top in defaulted student loans during the most recent rankings from the U.S. Wells’ story, punctuated with drug addiction, prison and a search for redemption, is by no means typical. And he figured he’d be shut out because the balance had ballooned to $13,460. “I didn’t know any better.”īy the time he walked through the door at a community college in Louisville last year, his dream of becoming an electrical engineer had been in deferment for 21 years. Sign there.’ ” Wells, who's 46, recalled.
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