Draft 2014 Cohort Default Rates
On February 27, 2017 the Department of Education announced that FY2014 DRAFT 3-year Cohort Default Rates are available for all eligible schools. The 2014 cohort consists of borrowers who entered repayment on FFELP or FDLP Stafford loans during FY2014 (between 01Oct2013 and 30Sept2014). Any of these borrowers who defaulted before 30Sept2016 will contribute to their school’s 3-year CDR.
Keep in mind these draft rates are only available to the school. The Department of Education will publicly post the 2014 Official Cohort Default Rates to the Default Management Web site and the FSA Data Center in the fall of 2017.
Additional information on the release can be found in this announcement:
Retrieving your Rate
All schools enrolled in the Electronic Cohort Default Rate (eCDR) process will automatically receive their Cohort Default Rates and accompanying documentation via their Student Aid Internet Gateway (SAIG) mailbox. Your cohort default rate is found on the first page of the Cover Letter.
Note: We encourage any school not already signed up for the eCDR process to do so by completing the enrollment form on the SAIG Enrollment Web site.
Any school not enrolled in the eCDR process may view their Cohort Default Rates from the National Student Loan Data System (NSLDS) via the NSLDS Professional Access Web site. They may also manually request the accompanying documentation (aka Loan Record Detail Reports). Instructions for requesting and retrieving LRDRs can be found here.
Pantheon will also be requesting and retrieving data related to these CDRs for our clients as it becomes available.
Again: We strongly encourage any school not already signed up for the eCDR process to do so by completing the enrollment process on the SAIG Enrollment Web site. If you are unsure of your enrollment status, click here.
On Oct 30, 2014 USDE announced final Gainful Employment rules.
The final rules do away with program Cohort Default Rates, a proposed metric that would have assessed defaults at the program level. The change means that all schools – even those with with multiple programs – will continue to be held accountable only to the currently monitored institutional Cohort Default Rates.
As expected, the final GE rules do include minimum standards for the debt vs. earnings of Title IV school graduates.
Related article here:
On November 22, 2011, the Department of Education released an updated version of the Cohort Default Rate Guide. The new guide incorporates changes for the transition to the 3-year default period and includes information on electronic cohort default rate (eCDR) appeals.
Click the links below for the official announcement and PDF versions of the guide.