October 22, 2021
FY 2018 Cohort Default Rates Released
Data released last month by the Department of Education show that private, nonprofit colleges and universities again had the lowest cohort default rate (CDR) of any higher education sector. According to the Department, the FY 2018 national CDR was 7.3%, while the rate for the private, nonprofit sector was just 5.2%, a significant decrease from the previous year’s 6.7% CDR.
The Department also released a summary of the FY 2018 official CDRs by institution type. The CDR 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 and default or meet other specified conditions prior to the end of the second following fiscal year.
For institutions that wish to appeal their CDRs, the 30-day time period to do so began on October 5. All uncorrected data adjustments and new data adjustments must be made through the eCDR Appeals application. Additionally, the Loan Servicing Appeal process is available electronically through the eCDR Appeals application.
Due to the COVID-19 emergency, schools are being asked to submit their Participation Rate Appeal, Economically Disadvantaged Appeal, and Erroneous Data Appeal via email to the Department at fsa.schools.default.management@ed.gov.
The Department also released a summary of the FY 2018 official CDRs by institution type. The CDR 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 and default or meet other specified conditions prior to the end of the second following fiscal year.
For institutions that wish to appeal their CDRs, the 30-day time period to do so began on October 5. All uncorrected data adjustments and new data adjustments must be made through the eCDR Appeals application. Additionally, the Loan Servicing Appeal process is available electronically through the eCDR Appeals application.
Due to the COVID-19 emergency, schools are being asked to submit their Participation Rate Appeal, Economically Disadvantaged Appeal, and Erroneous Data Appeal via email to the Department at fsa.schools.default.management@ed.gov.
For more information, please contact:
Emmanual Guillory