President Clinton announced Monday that students are paying back their student loans at an unprecedented rate, saving taxpayers billions.

The rate at which Harvard students default on their loans has also fallen, the government said.

According to the Department of Education website, 1.5 percent of Harvard students with loans default, a decrease from 2.6 percent two years ago.

Harvard's rate is far lower than the national average of 4.5 percent for students at four-year private colleges.

"The rate has been well below average for years and years," said Jannette M. Parks, Harvard's manager of federal and state aid.

Parks said Harvard's low rate appears to be a result of "responsible students who take their educations and the funds available seriously."

Nationally, the rate at which students default on their loans has steadily decreased from a high of 22.4 percent in 1992 to a low of 6.9 percent this year, according to a Department of Education press release.

Secretary of Education Richard W. Riley said in the release that the decrease has saved U.S. taxpayers $18 billion when combined with increased collections and savings from new direct loan programs.