Tuesday, October 5th 1999, 12:00 am
News On 6
(Washington-AP) -- Fewer people are skipping out on their
student loan payments.
Education Secretary Richard Riley says the default rate is at
the lowest it's been since the federal government began tracking it
more than ten years ago.
Riley credits what he calls "responsible student borrowers,
schools, underwriters and lenders" -- as well as a crackdown on
people who owe. And he says the healthy economy has helped.
The Education Department says in the past decade, the total
volume of education loans has more than tripled. The
eleven-point-seven (b) billion borrowed from the government in
fiscal 1990 swelled to 34 (b) billion in fiscal 1997 and to almost
43 (b) billion in 1999.