The Nation - News from July 14, 1987
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Beginning Oct. 1, collection costs will be added to the amount due from people who default on their student loan payments, the Department of Education said. Collection of defaulted loans cost $31.8 million last year, C. Ronald Kimberling, assistant secretary for postsecondary education, said. The department is trying to collect $1.9 billion in defaulted Federally Insured Student Loans and National Direct Student Loans and $4 billion in Guaranteed Student Loans.
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