Chart: Three Year Default Rates on Student Loans
by Sharona Coutts -- December 16, 2009
Earlier this week, the Department of Education made public the rates at which students are defaulting on their loans three years after graduation, reporting that students at the larger for-profits were defaulting at a rate of around 20 percent. Those are similar to levels, last seen during the early 1990’s, that prompted the last major changes in how government regulates the industry.
| Two-Year Cohort Default Rate | Trial Three-Year Cohort Default Rate | |||||||||
| Name | City | State | Type & Control | Enrollment | Number Entered Into Default | Number Entered Into Repayment | 2 Year Default Rate | Number Entered Into Default | Number Entered Into Repayment | 3 Year Default Rate |
|---|---|---|---|---|---|---|---|---|---|---|
| University of Phoenix | Phoenix | AZ | Proprietary | 369,123 | 9,941 | 106,702 | 9.3 | 17,016 | 106,594 | 15.9% |
| American InterContinental University | Hoffman Estates | IL | Proprietary | 1,987 | 2,616 | 24,792 | 10.5 | 4,879 | 24,737 | 19.7% |
| DeVry University | Chicago | IL | Proprietary | 31,275 | 2,201 | 24,403 | 9.0 | 4,028 | 23,487 | 17.1% |
| Western International University | Phoenix | AZ | Proprietary | 25,951 | 4,017 | 21,706 | 18.5 | 5,757 | 21,696 | 26.5% |
| Kaplan University | Davenport | IA | Proprietary | 53,212 | 2,676 | 19,991 | 13.3 | 4,054 | 17,428 | 23.2% |
| Pennsylvania State University (The) | University Park | PA | Public 4 Year | 46,776 | 483 | 13,694 | 3.5 | 726 | 13,669 | 5.3% |
| Baker College | Flint | MI | Private 4 year | 8,159 | 982 | 12,906 | 7.6 | 2,593 | 12,914 | 20.0% |
| Colorado Technical University | Colorado Springs | CO | Proprietary | 3,598 | 1,411 | 12,842 | 10.9 | 2,871 | 12,834 | 22.3% |
| Ohio State University (The) | Columbus | OH | Public 4 Year | 60,466 | 322 | 11,357 | 2.8 | 626 | 11,357 | 5.5% |
| Strayer University | Washington | DC | Proprietary | 47,138 | 647 | 10,692 | 6.0 | 1,388 | 10,673 | 13.0% |
