NewsBusiness

Actions

Arizona colleges have higher-than-average student loan defaults, study shows

521247247
Posted at 9:15 AM, Oct 30, 2019
and last updated 2020-05-27 11:34:23-04

More than two dozen Arizona colleges and universities scored better than the national average of student loan defaults, but overall the state fares poorly in a national ranking because of the large number of schools with higher-than-average default rates.

A report from LendEDU, a New Jersey-based online marketplace for student loans and other financial services, ranks Arizona at No. 37 overall with a default rate of 11.45%. That is nearly 1.45% higher than the national rate of 10%.

The LendEDU report showed 26,844 students in default on loans and 234,460 borrowers in repayment at 94 colleges and universities in Arizona. The report includes public, private and for-profit schools.

Even so, Arizona had the seventh-lowest average student loan debt per borrower across the country at $23,748, said Michael Brown [bizjournals.com], research analyst for LendEDU.

"Arizona students aren't graduating with crazy amounts of student loan debt, compared to states like Connecticut, where the average student loan debt was closer to $39,000," Brown said.

To see the full report on Arizona college loan defaults, check out the Phoenix Business Journal.