Why Do Minnesota’s “Affordable” Colleges Produce Highest Loan Default Rates?October 25, 2016 |
by Greta Kaul
Among the reasons students choose to attend a community college, one of the most important is that community colleges are affordable. So it may come as some surprise that about one in seven Minnesota’s public community college students who takes out federal loans for school defaults on them within three years of the date they have to start repaying them.
That’s higher than the rates of student borrowers defaulting after they attend for-profit, public-four year and nonprofit schools in Minnesota, according to new data released by the U.S Department of Education.