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Official Cohort Default Rates for Schools

From the US Department of Education

A cohort default rate is the percentage of a school’s borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), October 1 to September 30, and default or meet other specified conditions prior to the end of the next fiscal year. Please refer to the Cohort Default Rate Guide for a more in-depth description of cohort default rates and how the rates are calculated.

The U.S Department of Education releases official cohort default rates once per year. The FY 2009 official cohort default rates, the most recent cohort default rates available, were delivered to both domestic and foreign schools on September 12, 2011, electronically via the eCDR process. All schools must enroll in eCDR to receive cohort default rate notification. Schools may check their eCDR enrollment online or by calling CPS/SAIG Technical Support at 800-330-5947.

In a press release, Secretary Duncan announced that the FY 2009 national cohort default rate is 8.8 percent. The Department also released a summary of the FY 2009 official cohort default rates by state, by institution type, and a graph showing the trend in national default rates. We are also providing tables with the Federal Family Education Loan (FFEL) Program and Direct Loan (DL) Program default rates by school type for the three most recent years, a bar graph comparing the FFEL and DL rates for those years, and a briefing on the national default rates.

Continued at: http://www2.ed.gov/offices/OSFAP/defaultmanagement/cdr.html

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