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9/14/2006
According to a September 13, 2006 press release from the U.S. Department of Education (ED), the FY 2004 5.1% national default rate (i.e., the percentage of borrowers who began repaying their student loans between Oct. 1, 2003 and Sept. 30, 2004, and defaulted before Sept. 30, 2005) is the second lowest on record. The only lower default rate was for FY 2003, when it was 0.6% lower (4.5%). The national default rate includes borrower data representing over 5,800 colleges participating in the Federal Family Education Loan and William D. Ford Federal Direct Loan programs.
The press release is available at the ED Web site.
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