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SALT LAKE CITY (AP) -- The number of people in Utah who are defaulting on student loans is on the rise.
That's according to the U.S. Department of Education. The federal department says student loan defaults in Utah increased by about 1.5 percent between October 2004 and September 2005. Utah's default rate for the previous fiscal year was 3.5 percent and increased to 5 percent.
Nationwide, the rate dropped by half a percent.
State officials aren't sure why Utah's rate increased while the national averaged dropped.
They say the formula used to calculate the default rate has changed, so Utah's rate may seem higher than it actually was.
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Information from: The Salt Lake Tribune
(Copyright 2007 by The Associated Press. All Rights Reserved.)
