CFED Scorecard

Financial Assets & Income

Outcome Measures

Income Poverty Rate

Asset Poverty Rate

Asset Poverty by Race

Asset Poverty by Gender

Asset Poverty by Family Structure

Liquid Asset Poverty Rate

Liquid Asset Poverty by Race

Liquid Asset Poverty by Gender

Liquid Asset Poverty by Family Structure

Extreme Asset Poverty Rate

Net Worth

Net Worth by Race

Net Worth by Income

Net Worth by Gender

Net Worth by Family Structure

Unbanked Households

Underbanked Households

Households with Savings Accounts

Consumers with Subprime Credit

Borrowers 90+ Days Overdue

Average Credit Card Debt

Bankruptcy Rate

Policy Priorities

Tax Credits for Working Families

State IDA Program Support

Lifting Asset Limits in Public Benefit Programs

Protections from Predatory Short-Term Loans

Additional Policies

Income Tax Threshold

Tax Burden by Income

Prize-Linked Savings

Paperless Payday

Trend Indicators

Change in Net Worth

Change in Asset Poverty

Change in Liquid Asset Poverty

Change in Consumers with Subprime Credit

Change in Average Credit Card Debt

Businesses & Jobs

Housing & Homeownership

Health Care

Education

CFED Assets & Opportunity Scorecard

Student Loan Default Rate

Reports & Graphics

Definition

Percentage of student loan borrowers entering repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan Program loans that defaulted within three years, FY 2009-2011.


Description

Student loans are typically considered “good debt” because individuals with college degrees tend to have greater lifetime earnings than those without college degrees. Defaulting on student loans damages borrowers’ credit, however.  A high student loan default rate is an indicator that recent graduates have unsustainable debt burdens or are unable to secure jobs that pay a sufficient wage to cover debt payments. 

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Student Loan Default Rate

StateBorrower Default Rate (%)Rank
United States  13.4%   
Alabama  14.1%  37 
Alaska  11.4%  25 
Arizona  22.9%  51 
Arkansas  17.5%  50 
California  11.9%  27 
Colorado  16.9%  48 
Connecticut  9.8%  13 
Delaware  9.6%  12 
District of Columbia  9.1%  11 
Florida  16.2%  46 
Georgia  14.6%  40 
Hawaii  8.7%  7 
Idaho  10.8%  21 
Illinois  14.4%  39 
Indiana  12.9%  32 
Iowa  16.6%  47 
Kansas  10.2%  16 
Kentucky  15.0%  41 
Louisiana  13.1%  34 
Maine  11.5%  26 
Maryland  10.7%  19 
Massachusetts  7.3%  4 
Michigan  12.7%  31 
Minnesota  9.0%  9 
Mississippi  15.1%  42 
Missouri  12.5%  29 
Montana  5.8%  3 
Nebraska  8.7%  7 
Nevada  15.2%  43 
New Hampshire  8.1%  6 
New Jersey  12.2%  28 
New Mexico  12.5%  29 
New York  10.9%  22 
North Carolina  9.0%  9 
North Dakota  5.1%  1 
Ohio  13.2%  35 
Oklahoma  17.3%  49 
Oregon  13.0%  33 
Pennsylvania  10.1%  14 
Rhode Island  11.2%  23 
South Carolina  10.2%  16 
South Dakota  10.3%  18 
Tennessee  15.9%  44 
Texas  16.1%  45 
Utah  10.1%  14 
Vermont  5.7%  2 
Virginia  10.7%  19 
Washington  11.3%  24 
West Virginia  14.0%  36 
Wisconsin  8.0%  5 
Wyoming  14.3%  38 

Source

FY 2009 3-Year Official Cohort Default Rates by State/Territory National. Washington, DC: Department of Education, Office of Federal Student Aid, 2012.

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