A new report finds that students attending for-profit colleges in New York state are more than twice as likely to default on their loans as those at non-profit schools.
The study was published Tuesday by the Manhattan-based Center for an Urban Future and first reported by The Associated Press.
The organization’s researchers analyzed five years of loan data, finding that more than 10 percent of all undergraduate borrowers defaulted. The problem is greater at for-profit colleges, where 27 percent of students defaulted on their loans. Rates of default at private, non-profit colleges were the lowest at 5 percent.
The center studies the factors that expand or limit economic opportunity in New York City. The group says lawmakers should do more to protect students from high levels of educational debt.