The number of borrowers who have defaulted on their student loans has declined for the first time in several years, the Department of Education announced Wednesday.
Nationally, the default rate has declined to 13.7 percent for borrowers who entered repayment in 2011, a nearly 7 percent decrease from 14.7 percent for those who entered repayment in 2010. The drop also occurred in all sectors of higher education institutions – public, private and for-profit colleges – despite the fact that 650,000 more students entered repayment.
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