| Show r lioan Fon de default CT y 1 1 r t zM 1 oan au j J 7 Y rate hasn't improved S 'S admits Education Dept j CPS The college student loan default rate hasn't improved improved improved im im- im- im proved after all the us u.s. Department of Education ad ad- a statistical error worth million the tle Edu Education Department which oversees most federal c col college college col- col liege l- l lege programs confessed about 17 percent of nt loans due in 1988 were in default about bout the same rate as in 1987 I IThe The government has tried everything from towing away borrowers borrowers' cars to garnishing deadbeats deadbeats' paychecks to cross-checking cross obscure computer lists to bring the default r rate te down In May it t cautiously announced some success s reporting ng the he defa default lt rate had decre decreased se to 1 6 percent of the money y due to Q be tep repaid Jd in 1988 r t However r department ep officials now s say y tb they y made a j JP Mistake st k by py overlooking the million in loans a por por- por portion tion of w which ch were in default due to be pe repaid in 1988 g r Once overdue loans are in inthe the national default rate rate will be about 17 percent nearly the he same same as the p percent percent per per- per per- i- i cent reported for fis fiscal al 1987 J t The error was discovered by the California Student Aid C Commission a state tat ag agency IlCY that approves f federal d n quai l t t 1 d ns b b ban o i |
