Loan defaults rise for students at for-profit colleges

From The Washington Post: About one-quarter of students who took out federal loans to attend for-profit colleges defaulted within three years of starting repayment, according to a new federal analysis. The 25 percent default rate in the for-profit sector was up from a 21 percent rate estimated in December 2009. Loan defaults are on the rise throughout higher education because of economic troubles. The three-year default rate for public colleges is now about 11 percent, up from about 10 percent in the previous report. The rate for private nonprofit colleges is about 8 percent, up from about 7 percent.