The U.S. Department of Education (Department) today announced that the Fiscal Year (FY) 2015 national federal student loan cohort default rate (also referred to as the CDR) decreased by 6.1 percent compared to the FY 2014 national rate, from 11.5 percent to 10.8 percent. The FY 2015 CDR represents the lowest national cohort default rate since the three-year rate was first released in 2012.
The FY 2015 national cohort default rate is the percentage of a school’s borrowers who entered repayment on Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans between Oct. 1, 2014 and Sept. 30, 2015, and subsequently defaulted prior to Sept. 30, 2017.
During the tracking period for the FY 2015 borrower cohort—from Oct. 1, 2014 to Sept. 30, 2017—more than 4.9 million borrowers entered repayment, and 531,653 of them, or 10.8 percent, defaulted on their loans. Those borrowers attended 6,155 postsecondary institutions across the nation.