Student loan two-year defaults at all-time high
Updated: Wednesday, October 2 2013, 09:06 PM EDT
(NEWSCHANNEL 3) - The number of students defaulting on their school loans is soaring.
According to a report by the Department of Education, the student loan default rate has hit a 16-year high.
One out of every 10 borrowers who were supposed to start paying on their loans in 2011 defaulted within two years.
That's up from a 9 percent two-year default rate from the year before.