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Mon October 21, 2013
Ohio 10th Nationally In Student Loan Defaults
Ohio's student loan default rate is among the 10 highest in the country with nearly 30 thousand people defaulting on federal loans they were supposed to start repaying in 2010.
They are among the more than 600 thousand former college students in the U.S. defaulting on student loans for the three-year period. U.S. Department of Education statistics show Ohio's three-year default rate increased by 3 points to 16.2 percent. The Consumer Financial Protection Bureau reports that more than 7 million borrowers are in default on a federal or private student loan. That means they missed payment for nine months.Defaults leave borrowers facing problems that included added interest and wage garnishment.