Numbers are not adding up, as more Minnesotans struggle with student loans


More Minnesotans are defaulting on their student loans.

Minnesota Public Radio reports, that the state is still doing much better than much of the nation though. The state's overall failure rate rose from 9 to 11 percent of borrowers are defaulting on their student loans within three years of leaving school.

Nationally the average default rate is 14 percent.

The Associated Press reports, that borrowers at two-year schools in Minnesota are amongst the hardest hit, with an 18 percent default rate.

The State Office of Higher Education analyst Tricia Grimes says the numbers were from students who were supposed to start repaying their loans when the economy was bad. Grimes says rates could improve as the economy does.

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