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The Boston Globe

Business

Student loan defaults at an 18-year high

NEW YORK — About one in seven borrowers defaulted on their federal student loans, showing how former students are buckling under higher-education costs in a weak economy.

The default rate, for the first three years that students are required to make payments, was 14.7 percent, up from 13.4 percent the year before, the US Education Department said Monday. Based on a related measure, defaults are at the highest level since 1995.

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