While college students have borrowed over $1.2 trillion and seven million students are in default, more debt doesn’t appear to increase default rates. Of students that borrow less than $5,000, 34% default, those that borrow between $5,000 and $10,000 have a 29% likelihood of defaulting, while those who borrow more than $100,000 have an 18% of defaulting. More borrowing means you likely graduated and probably have a graduate degree.