Kentucky Was last Bad in the nation getting Student loan Default

The data reveals Kentucky gets the next large education loan default price in the united states. Due to the fact federal rate away from college students destroyed repayments on the money for an excessive period of time is ten.8 %, Kentucky’s standard speed try fourteen.3 percent (a year ago it actually was fourteen % therefore we ranked 9th terrible). Truly the only claims with highest student loan standard costs this present year is actually Western Virginia (17.seven per cent), The brand new Mexico (16.dos percent) and you will Nevada (fifteen.3 per cent).

On Monetary Security: The brand new Census Investigation Means Fuel out-of Government Pandemic Assistance having Kentuckians

Each year when you look at the Sep new You.S. Institution from Education posts the official “three-12 months cohort standard costs” (once the discussed below) for federal figuratively speaking from the county, personal higher education institution and kind away from place (i.age., for-money, personal four-seasons, etc.).

Kentucky Is actually fourth Worst in the united states to own Education loan Default

This new standard rates is computed by deciding – of the number of individuals whoever figuratively speaking ran with the payment during the certain 12 months (throughout the newest research, within the 2015) – the newest display one to overlooked payments for at least nine straight weeks over the following 36 months (in this situation within the 2015, 2016 and you can 2017). Therefore in 2015, 73,691 Kentuckians had been scheduled to start and then make repayments to their college student financing, and you may ten,570 (14.3 %) missed repayments for around 9 consecutive months over the following three-years. Continue Reading