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ERIC Number: ED510263
Record Type: Non-Journal
Publication Date: 2010-Jan
Pages: 15
Abstractor: ERIC
Reference Count: N/A
ISBN: N/A
ISSN: N/A
Student Loan Default Rates in Minnesota, 2007
Grimes, Tricia
Minnesota Office of Higher Education
While Minnesota undergraduates are more likely to take out student loans, they are substantially less likely than their peers nationally to default on federal student loans. Fifty-four percent of Minnesota undergraduates took out student loans in 2007-2008, compared to 39 percent of undergraduates across the U.S. Minnesota undergraduates were also more likely to borrow than the 47 percent of undergraduates with student loans who were from the similar Midwestern states of Illinois, Indiana, Iowa, Michigan, Ohio, Pennsylvania and Wisconsin. The federal student loan default rate for students attending institutions in Minnesota was 3.3 percent for 2007, compared to 6.7 percent nationally and 6.1 percent for the peer Midwestern states. Compared to the 54 U.S. states and territories, Minnesota was among those with the smallest percentage of borrowers defaulting--five states had lower default rates and 48 states and territories had higher default rates. Looking at the rates by type of institution, students attending every type of public and private institution had lower default rates than their peers nationally. (Contains 1 footnote.)
Minnesota Office of Higher Education. 1450 Energy Park Drive Suite 350, St. Paul, MN 55108-5227. Tel: 800-657-3866; Tel: 651-642-0567; Fax: 651-642-0675; Web site: http://www.ohe.state.mn.us
Publication Type: Numerical/Quantitative Data; Reports - Descriptive
Education Level: Higher Education; Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: Minnesota Office of Higher Education
Identifiers - Location: Illinois; Indiana; Iowa; Michigan; Minnesota; Ohio; Pennsylvania; Wisconsin