Student Loan Default Rates by State
by Daniel Luzer
The delinquency rate in Mississippi was 9.09 percent, second only to Florida at 9.44 percent. Tennessee had the third highest rate at 9.07 percent. Accounts were defined as delinquent if they were 90 days or more past due.
Vermont had the lowest rate, with only 3.28 percent of private student loan payments considered delinquent.
This information came from a report recently issued by TransUnion, an American consumer credit reporting agency.
The information varied dramatically across states and the default rate alone did not necessarily reflective of the state’s progress in that area. Vermont, for instance experienced an almost 30 percent increase in student loan defaults from last year.
Nationally, there was an almost 12 percent increase in private student loan defaults from a year ago.The average balance for default student loans was $13,033. [Image via]