Note
On Dec. 15, 2022, we replaced the Briefing on FY 2019 Official National Default Rates PDF attachment to correct some of the data on page 2. Specifically, for FY 2019, the number of schools (Proprietary, 2-3 years) changed from 692 to 592, the number of borrowers in default (Private, 4+ years) changed from 8432 to 8423, and the number of borrowers in repayment (Public, less than 2 years) changed from 16526 to 16572. In addition, we updated the title of the slide to be more descriptive of the chart.
The National Default Rate Briefing for FY 2019 official cohort default rates is attached. The briefing is provided in Portable Document Format (PDF) which requires 4.0 or greater of the free Adobe Acrobat Reader software.
The FY 2019 default rates were calculated using the cohort of student loan borrowers who entered repayment on their William D. Ford Federal Direct Loans or Federal Family Education Loans (FFEL) between Oct. 1, 2018, and Sept. 30, 2019, and who defaulted between Oct. 1, 2018, and Sept. 30, 2021.
FY 2019 cohort default rates were significantly impacted by the pause on federal student loan payments that began March 13, 2020. During the pause, borrowers with ED-held student loans were not required to make any payments, and no borrowers with ED-held loans entered default.
Some schools have a small number of student loan borrowers entering repayment. At other schools, only a small portion of the student body takes out student loans. In such cases, the cohort default rate should be interpreted with caution.
Contact Information
If you have questions about the briefing, contact us by emailing fsa.schools.default.management@ed.gov or by calling the Cohort Default Rates Group at 202-377-4259.
Attachments
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Briefing on FY 2019 Official National Default Rates in PDF Format, 2 Pages, 219KB