Toledo college ranked No. 5 for student loan default

More than 37 million borrowers currently have outstanding student loan debt.

A northwest Ohio school has ranked near the top of a national list for student loan defaults.

According to the Toledo Blade, Owens Community College is number five in the nation for federal student loan defaults with 557 students unable to make payments.

The new data from the U.S. Department of Education looked at 1,800 public institutions during the fiscal year 2009.

School officials at Owens say many of the students who defaulted on loans didn't graduate and around 75 percent had federal grants that covered their entire tuition, which is about $4,000 a year, the Blade reports.

They say those who didn't graduate and found themselves unable to make repayments or find work.

Meanwhile, other schools in the area didn't fare as bad as Owens. The University of Toledo took the 64th spot with 297 defaults and Bowling Green State University placed 124th with 228 defaults.

Topping the list is the University of Phoenix with over 35,000 defaults.
About half of the 20 public schools with the most defaults were community or technical colleges.

Millions of students across the nation are behind on their student loan debt.

In fact, more than 37 million borrowers currently have outstanding student loan debt and nearly one in six is in default, according to the New York Times.