Submitted by Jason Paskowitz (not verified) on September 20, 2008 - 11:29pm.
The "orange book cohort rate" has always been a statistically dishonest pile of garbage. The real default rate continues to hover around 20 percent. This number will only get higher as more and more people find that the six figures they borrowed to finance online chat room "degrees" from "online universities" aren't worth the paper they're printed on. What was the turning point in all of this? Perhaps the fact that the last Super Bowl was played in the "University of Phoenix" stadium.
The Default Rate is A LOT Higher
The "orange book cohort rate" has always been a statistically dishonest pile of garbage. The real default rate continues to hover around 20 percent. This number will only get higher as more and more people find that the six figures they borrowed to finance online chat room "degrees" from "online universities" aren't worth the paper they're printed on. What was the turning point in all of this? Perhaps the fact that the last Super Bowl was played in the "University of Phoenix" stadium.
Jason Paskowitz
StudentLoanJustice dot org