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Ohio student loan default rate among highest

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DAYTON, Ohio (AP) — A newspaper reports that Ohio's student loan default rate is among the 10 highest in the country with nearly 30,000 Ohioans defaulting on federal loans they were supposed to start repaying in 2010.

The Dayton Daily News (http://bit.ly/17gzfIJ) says 29,500 Ohioans are among more than 600,000 former college students defaulting on student loans for the three-year period. U.S. Department of Education statistics show that Ohio's three-year default rate increased from 13.2 percent to 16.2 percent.

The Consumer Financial Protection Bureau reports that more than 7 million borrowers are in default on a federal or private student loan. That means they missed payment for nine months.

Defaults leave borrowers facing problems that included added interest and wage garnishment.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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