This study examined student loan default rates at 98 of the 104 historically black colleges and universities (HBCUs) in the United States. About 3 percent of all federal students loans made in fiscal year (FY) 1995 were made to students at HBCUs, a percentage that has remained steady from FY 1991 through FY 1995. For FY 1993, the average loan default rate for HBCUs was 21.1 percent, while the average for non-HBCUs was 7.2 percent. For FY 1992, HBCUs averaged defaults of $464,209 and non-HBCUs averaged $119,307. Whether compared by kind of school or student enrollment, HBCUs had higher default rates and larger dollar amounts of loans in default per school than non-HBCUs. If the default rates for HBCUs remain the same for FYs 1994-96 as they were for FYs 1991-93, 22 HBCUs could lose their eligibility for federal student loan programs in FY 1998, after their exemption from default rate requirements expires. Four appendixes provide data on HBCUs by state, kind of school, and enrollment; a comparison of selected characteristics at HBCUs and non-HBCUs; a comparison of selected characteristics at HBCUs and non-HBCUs by school enrollment; and Federal Family Education Loans (FFEL) in repayment and default by kind of school. (MDM)