Maintained for Historical Purposes

This resource is being maintained for historical purposes only and is not currently applicable.

This message is to inform institutions that the Department of Education will release the cohort default rates for FY 1994 in January, 1997.

PublicationDate: 12/10/96
Summary: This message is to inform institutions that the Department of
Education will release the cohort default rates for FY 1994 in
January, 1997.
Author: ODAS - Office of the Deputy Assistant Secretary - SFA

December 10, 1996

This message is to inform institutions that the Department of
Education will release the cohort default rates for FY 1994 in
January, 1997. The new release date is due to the fact that the FY
1994 Official Cohort Default Rate Guide has been significantly
reorganized and expanded to make the booklet more user-friendly
for schools that wish to appeal their cohort default rates. The
changes included in the new Guide are a result of taking what we
learned this past spring in resolving the backlog of more than 1,400
default rate appeals that accumulated over a period of time from FY
1989-1993, and incorporating it into the new manual. The printing
of the new Guide is expected to be completed very shortly. The FY
1994 Guide contains the following improvements:

* A worksheet for schools to use to determine their formal appeal
rights;

* All of the required forms and letters needed to file appeals of
cohort default rates on the grounds of exceptional mitigating
circumstances, improper loan servicing and collection, and
erroneous data;

* Step-by-step instructions for schools;

* Guidance for guaranty agencies to follow when responding to
schools' requests for information; and

* A copy of the regulations governing cohort default rates.

I am pleased these improvements will appear in this year's Guide and
expect that they will greatly improve the cohort rate default process
for all involved.