Magazine article Black Issues in Higher Education

Washington UPDATE: HBCUs, Others Show Decline in Defaults

Magazine article Black Issues in Higher Education

Washington UPDATE: HBCUs, Others Show Decline in Defaults

Article excerpt

Washington UPDATE: HBCUs, Others Show Decline in Defaults.

New data show a nationwide decline in student loan defaults and a corresponding decrease in defaults at many historically Black colleges and universities, according to the U.S. Education Department (ED).

The nation's student loan default rate fell from 15 percent in fiscal year 1992 to 11.6 percent in fiscal 1993, the most recent year for which information is available, ED reported. The drop is the largest single-year decline since the government began reporting the data in 1988. The 1993 rate also is below the all-time high of 22.4 percent back in 1990.

Many HBCUs also showed a drop in default rates from 1992 to 1993. Those making notable progress included Alabama State University, where the default rate dropped from 29.2 percent to 23.9 percent, and Albany State College in Albany, GA, where the rate fell from 29.7 percent to 22.2 percent.

Other HBCUs reporting declines of three or more percentage points included Morris Brown College in Atlanta, Southern University at New Orleans, Jackson State University in Jackson, MS, and Fisk University in Nashville, TN, according to the data.

Those showing moderate increases in defaults included Mississippi Valley State University, which had an increase from 20.3 percent to 23.9 percent, Prairie View A&M University in Texas, which showed a jump from 20.5 percent to 24.7 percent, and Texas Southern University, where the rate increased from 26. …

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