According to the Department of Education for FY 2009, the cohort default rate for all student loans was 8.8 percent, and for for-profit schools (like the ones I went to) it is 15 percent. Wait, did I read that right? 8.8 percent overall, but 15 percent just for for-profit schools? In the data, that's a larger percentage than the other school categories. With a higher rate of default in the last few years, you would think that there would be more ways designed to get people out of default. Boy, that would be great.
