States with the lowest student loan default rates

Nov. 12, 2019
Students in Massachusetts had the lowest loan default rate for college loans in fiscal 2016, the website LendEdu says.

Borrowers in Massachusetts has the lowest default rate for college loans in fiscal 2016, a financial website says.

LendEDU, analyzing data from the U.S. Department of Education, looked at data from168 higher-education institutions in Massachusetts and found that 5.82% of loans were in default. That is about half of the national rate, which was 10.1%.

Overall, for-profit schools had a loan default rate of 15.2% public institutions had a default rate of 9.6%,  and non-profit private schools had a default rate of 6.6%.

LendEDU is a website that helps consumers learn about and compare student loans and other financial products.

A federal student loan is considered to be in default, LendEDU says, if a payment is late by 270 days—about nine months. The standard for private student loan default varies, but typically loans will be deemed in default when a payment is late by three or fourth months, LendEDU says..

Here are the 10 states with the lowest loan default rates in fiscal 2016.

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