Part of the reason for the high default rates on student loans is that students emerge from for-profit colleges with poor career prospects and almost twice as much debt as those who attend private colleges.

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Various studies have shown that students who attend for-profit colleges are more likely to default on their student loans as compared to those who attend public or nonprofit colleges, partly due to poor career prospects and higher debt burdens. According to a report by the National Center for Education Statistics, the median debt of borrowers who completed a four-year program at a for-profit college in 2011-12 was $32,700, compared to $20,000 for public colleges and $24,600 for private nonprofit colleges.

Part of the Reason for the High Default Rates on Student