Oklahoma's Student Loan Default Rate Stays Steady OKLAHOMA CITY, OK (kccu-fm) - Officials from the Oklahoma Guaranteed Student Loan Program say the state's student loan default rate is remaining stable.

The agency says that according to U.S. Department of Education figures, Oklahoma's default rate was at 5.9 percent in 2006, a one-tenth-of-a-percent increase from the previous year.

Those numbers indicate that more than 94 percent of student loan borrowers in Oklahoma are repaying their federal loans, which are secured with no collateral or demonstrated credit history.

The default rate reflects the percentage of borrowers who default on federal student loans by the end of the federal fiscal year after the year they begin repayment.

State higher education Chancellor Glen Johnson says the state's strong repayment rate is attributable to early assistance and financial education programs that support default prevention efforts. © Copyright 2009, kccu-fm