About 13.1 percent of Illinois college students who recently took out federal loans defaulted on those loans shortly after borrowing, according to data released Wednesday by the federal Department of Education.
That’s slightly lower than the nationwide rate of 13.7 percent, which has declined from last year’s 14.7 percent.
“While it’s good news that the default rate decreased from last year, the number of students who default on their federal student loans is still too high, and we remain committed to working with postsecondary education institutions and borrowers to ensure that student debt is manageable,” said federal Secretary of Education Arne Duncan in a statement.
The most recent default rate is calculated by tracking the number of students who took out federal loans during the 2010 fiscal year and defaulted by Sept. 30, 2013.
The Department of Education also released a list of schools whose default rates are so high that their eligibility for federal loan programs might be revoked. That list includes the Merrillville Beauty College in Northwest Indiana.
Want more? Discuss this article and others on RedEye’s Facebook page.
