University students' loan default rates up in NM

Posted at: 10/15/2013 11:52 AM
Updated at: 10/15/2013 11:56 AM
By: The Associated Press


Photo: KOB File Photo

LAS CRUCES, N.M. (AP) - Student loan defaults are up at most of New Mexico's state universities.
    
The default rate at New Mexico State University rose to 18. 5 percent for students who enrolled in the 2010 fiscal year, up from 15 percent for students who enrolled one year earlier.
    
Corresponding rates for the University of New Mexico are 8.6 percent and 7.4 percent.
    
The Las Cruces Sun-News reports that defaults rates also increased at Western, Eastern and Highlands universities while New Mexico Tech's rate decreased.
    
The upward trend tracks national patterns, and an NMSU official says most of the defaults involve dropouts, not graduates.
    
Western's financial aid director, Onorina Franco, says the increase may be due to the economy.

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