From the Lawrence Daily Journal-World for Aug. 13, 1987:
According to a recent report, nearly one million student-loan borrowers in the United States were soon to be charged by the U.S. Department of Education for the costs associated with collecting their debts. According to an education official, a total of $1.9 million was currently outstanding on loans made through the National Direct Student Loan (or Perkins) program and the Federally Insured Student Loan Program, predecessor of the Guaranteed Student Loan. However, Jerry Rogers, director of Kansas University's financial aid office, said that KU students were "probably among the best" at paying back their loans, noting that the university had a 4.5 percent default rate on NDSLs. Schools with a default rate of higher than 7.5 percent were in danger of losing some of their federal funding.