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The Minnesota State University Student Association has released the final results of the survey it issued in September 2010 to assist measure the impact of student loan debt on its members. Because the survey?s number of responses is small -- just 46 responses to date -- the outcomes don?t hold tremendous scientific value, however they do paint a photo of how the current recession has affected college loan debt and default rates inside the state.
According for the compiled results, the survey respondents -- most of whom graduated derived from one of of Minnesota?s public four-year universities -- currently carry typically $32,456 in student education loans ( That?s 40 % more student loan debt compared to the national average of $23,186.
The respondents reported a normal monthly student loan payment of $297 with a typical loan repayment plan of 20 years. Although federal education loans use a standard repayment horizon of decade, borrowers who hold a lot more than $30,000 in federal college loan debt may request a debt-help repayment plan ( that extends their repayment term to approximately 25 years or so.
These results are similar to the findings with the U.S. Department of Education released last fall, which reveal that Minnesotans leave school with increased federal college loans compared to average student nationwide but sometimes default less often than borrowers in other states.
According towards the Department of Education, 55 percent of Minnesota college students undertake federal school loans to aid purchase college expenses, compared to 37 percent of undergraduates nationwide and 47 percent of undergraduates from Midwestern states.
While carrying higher student loan debt loads, however, Minnesota borrowers possess a default rate on the federal college loans of just 3.7 percent, compared towards the national default rate of 7 percent (
These default rates are measured from students whose federal school loans entered repayment in 2007-2008 and who defaulted before October 1, 2009.
The 2008 default rate in Minnesota of 3.7 percent marked an increase from 3.three percent in 2007 and a pair of.9 percent in 2006. Despite this upward trend in student loan defaults, Minnesota ranks 51st in default rates out in the 54 states and territories assessed from the Department of Education.
Officials from your Minnesota Office of Higher Education attribute the reduced default rates of their state to raised employment prospects for graduates. They also mention that students who leave school without graduating or who be employed in low-wage jobs are almost certainly to default on their own college loans. Students who bring home occupational certificates rather than college degrees may also be in a greater risk of defaulting.
Graduates of Minnesota?s four-year private and public nonprofit universities were the smallest amount of prone to default on their own school loans. Just 1.4 % of students from private universities and 1.9 percent of students from public universities who graduated with student loan debt defaulted inside their first couple of years of repayment.
Students who attended Minnesota?s public community and technical colleges posted the very best default rates one of many state?s recent college graduates. Students who attended those schools defaulted in a rate of 6.7 percent and taken into account greater than half of the state?s default rate.
On an institutional level, 45 percent of Minnesota?s universites and colleges saw an increase in student loan defaults among borrowers in 2008, while 33 percent had no plunge to their default rates and two percent experienced a decrease inside their default rates. Out of Minnesota?s 98 degree institutions, 11 schools reported no defaults on federal school loans that entered repayment in 2007-08.
These default rates reported through the Department of Education utilize the current two-year default rate measure, which discusses federal education loans built into default inside the first two years a borrower is repayment on her behalf or his federal college loan debts.
Beginning in 2012, national assuring default rates will be measured over several years. Using the new formula, the default rate among Minnesota students is 6.2 percent, compared to a national three-year default rate of 11.8 percent plus a regional Midwestern default rate of 10.8 percent.Article Source: loans: federal student loan repayment plans: studentaid.ed.gov/PORTALSWebApp/students/english/OtherFormsOfRepay.jsp, debt help: report: Student Loan Default Rates in Minnesota, 2008 (PDF):
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