Bankruptcy Rates Up for College Grads….

Two New reports out college bankruptcies are out. One from the federal government and one from the Institute for Financial Literacy.

The Federal government looked only at college bankruptcies:

8.8% of all borrowers have defaulted on loans which is up from 7%.
15% of for-profit students have defaulted on loans which is up from 11.6%.
7.2% of public students have defaulted on loans which is up from 6%.
4.6% of no-for-profit students have defaulted on loans which is up from 4%.

NY Times link on this report: Click me.

The Institute for Financial Literacy though looked at way more than just college bankruptcies.

They say:

6.73% of people with a graduates degree has filed for bankruptcy in 2010. That data has only been going up since 2006.
8.82 of people with an associates degree filed for bankruptcy in 2010. That data also has only been going up since 2006.

They also show a slow gradual rise in men declaring bankruptcy since 2006, but the females are showing a slow gradual decline.

They show that more people at the older age brackets filing for bankruptcy.

CNN.com article link: click me.