Data Reveals Colleges Where Graduates Struggle Most to Pay Student Loans
Summary
More than 440 U.S. colleges have student loan nonpayment rates higher than 40%, meaning many graduates are late on their payments. For-profit colleges make up a large number of these schools, where students often borrow more and struggle to pay back loans after graduation.Key Facts
- Over 440 colleges in the U.S. have more than 40% of their graduates behind on student loan payments.
- Florida Career College has the highest nonpayment rate at 61%, with about 28,000 borrowers.
- Many schools with high nonpayment rates are for-profit institutions.
- Nearly 1,200 colleges have nonpayment rates above 30%.
- Students at for-profit colleges tend to borrow more money and have more difficulty repaying those loans.
- Loan repayment problems can hurt graduates’ credit scores and lead to wage garnishment (where money is taken directly from paychecks).
- Struggling loan repayments may also damage colleges’ reputations and affect future student enrollment.
- The Department of Education tracks loan repayment by the college students attended, showing differences between schools.
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