Riley added that the low rate of defaults is especially significant because it occurred despite the fact that the "loan volume has tripled and the number of loans doubled" during the eight-year period.

According to a White House press release, the decrease in loan defaults can be credited to "the strong economy, more scholarship aid and tax credits for college, more affordable student loans, and flexible repayment plans," as well as the efforts of schools themselves.

The decrease from last year's 8.8 percent can also be attributed in part to a change in the law that extended the time before a student is declared to be in default from 180 to 270 days.

Jane Glickman, of the Department of Education public affairs office, stressed that "flexible repayment plans according to income and extended payment plans" have helped students to avoid defaulting on their loans.

Credit for the decrease can also be given to better enforcement and administration of the loan program by schools, Glickman said.

Harvard's Office of Undergraduate Admissions and Financial Aid, for example, tries to ensure that students do not default by distributing a brochure entitled "Debt Be Not Proud," which contains information about paying off debts.

Parks said that Harvard also requires graduating students to attend an "exit interview" about their loan obligations with the financial aid office.