Federal Officials Tout Plunge in Loan Defaults

The default rate on federal student loans plunged from 22.4 percent in fiscal 1990 to 11.6 percent in fiscal 1993, Department of Education officials said last week.

They credited steps taken by the Clinton administration for the drop, including stricter applicant screening, tougher sanctions against schools with high default rates, and improved internal-accountability procedures.

"The program was hemorrhaging, the numbers were completely unacceptable," Secretary of Education Richard W. Riley said at a...

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