Radio Broadcast News Service

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September 16, 2003

Student loan defaults are at lowest rate ever.

CUT ONE (:35) (4.0mb)

Default Rates One
THE LATEST FIGURES ON STUDENT LOAN DEFAULT RATES ARE A LANDMARK.
Because default rates are amazingly low.
SALLY STROUP IS ASSISTANT SECRETARY FOR POSTSECONDARY EDUCATION AT THE U.S. DEPARTMENT OF EDUCATION. THE RATE OF FIVE POINT FOUR PERCENT IS THE LOWEST IT’S EVER BEEN. AND FOR THE FIRST TIME, ALL OF THE SIXTY-TWO HUNDRED SCHOOLS TAKING PART IN FEDERAL FINANCIAL AID PROGRAMS HAVE DEFAULT RATES LOW ENOUGH TO ENSURE THEY REMAIN ELIGIBLE.
The combination of student loans and Pell Grants and all the other student aid available is really helping families get through figuring out how to pay for college.
IN WASHINGTON, I’M GREGG WIGGINS…FOR THE U.S. DEPARTMENT OF EDUCATION.

http://www.ed.gov/news/pressreleases/2003/09/09162003.html

Student loan defaults are at lowest rate ever.

CUT TWO (:36) (4.0mb)

Default Rates Two
THE PERCENTAGE OF DEFAULTED STUDENT LOANS ARE WHERE THEY’VE NEVER BEEN BEFORE.
The five point four is the lowest rate we’ve ever seen since we started collecting the data.
SALLY STROUP IS ASSISTANT SECRETARY FOR POSTSECONDARY EDUCATION AT THE U.S. DEPARTMENT OF EDUCATION. STROUP GIVES SOME OF THE CREDIT TO IMPROVEMENTS IN THE MANAGEMENT OF STUDENT LOAN PROGRAMS AND SOME TO HISTORICALLY LOW INTEREST RATES. THESE LOW DEFAULT RATES ARE ALSO IMPORTANT TO THE MORE THAN SIX THOUSAND SCHOOLS TAKING PART IN FEDERAL FINANCIAL AID PROGRAMS.
We consider this a success story. We have no schools that are going to lose eligibility because of default rates, for the first time.
IN WASHINGTON, I’M GREGG WIGGINS...FOR THE U.S. DEPARTMENT OF EDUCATION.

http://www.ed.gov/news/pressreleases/2003/09/09162003.html

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