Student Loans: Default Rates at Historically Black Colleges and Universities

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Report Type	Reports and Testimonies
Report Date	Aug. 19, 1993
Report No.	HRD-93-117FS
Subject	Black colleges College students Eligibility determinations Government guaranteed loans Higher education Loan defaults Loan repayments Student financial aid Student loans Dept. of Education Parent Loans for Undergraduate Students Program Dept. of Education Perkins Student Loan Program Dept. of Education Stafford Student Loan Program Dept. of Education Supplemental Loans for Students Program Federal Family Education Loan Program Pell Grant Supplemental Educational Opportunity Grant Colleges and universities

Summary:

Of the $13.5 billion in Federal Family Education Loans made in fiscal year 1991, $372 million--less than three percent--went to students attending historically black colleges and universities. The loan default volume at these institutions for fiscal year 1990 was $45 million. Average annual default rates for loans made to students attending historically black colleges and universities ranged from 21 to 27 percent during fiscal years 1987-90. If these default rates remain steady for fiscal years 1990-92, nearly one-third of the 105 historically black colleges and universities will lose their eligibility for the federal loan program in fiscal year 1994. In addition, as many as three-fourths of these institutions could be subject to a state review to determine their continued eligibility for participating in federal student assistance programs.

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Student Loans: Default Rates at Historically Black Colleges and Universities