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Student loan two-year defaults at all-time high

(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.