New Mexico – U.S. Department of Education data shows nearly one in 10 New Mexico State University students who began repaying student loans in 2009 have already defaulted.
At NMSU, 9.9 percent of student loans entering repayment since 2009 have defaulted, a jump from 7.9 percent defaults for the 2008 class.
The Albuquerque Journal (http://bit.ly/s02CcZ ) reports if NMSU's loan default rate continues to worsen, future freshmen could face a mandatory 30-day wait before receiving loans.
Without loans, incoming freshman would find it more difficult to pay tuition, buy books and manage other college bills typically due before classes start.
Federal data shows nationally, about 7.2 percent of students who attended public colleges and universities and began repaying in 2009 have defaulted, up from a 6 percent default rate the prior year.
Information from: Albuquerque Journal, http://www.abqjournal.com
Copyright 2011 The Associated Press.