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Table 400. Number of postsecondary students who entered the student loan repayment phase, number of students who defaulted, and 2-year student loan cohort default rates, by level and control of institution: Fiscal years 2007 through 2010
Fiscal year and level
and control of institution
Number who entered
repayment phase in
given fiscal year1
Number who defaulted
by end of following
fiscal year2
2-year cohort
default rate3
1 2 3 4
Fiscal year 2007      
All institutions 3,387,111 225,810 6.7
Less-than-2-year institutions 155,459 16,822 10.8
Public 10,203 743 7.3
Private nonprofit 6,093 511 8.4
Private for-profit 139,163 15,568 11.2
       
2-year institutions 729,706 79,503 10.9
Public 481,092 48,068 10.0
Private nonprofit 9,949 928 9.3
Private for-profit 238,665 30,507 12.8
       
4-year institutions 2,501,946 129,485 5.2
Public 1,300,022 58,664 4.5
Private nonprofit 773,820 28,940 3.7
Private for-profit 428,104 41,881 9.8
Fiscal year 2008      
All institutions 3,370,827 238,676 7.1
Less-than-2-year institutions 134,984 16,478 12.2
Public 7,736 523 6.8
Private nonprofit 3,794 537 14.2
Private for-profit 123,454 15,418 12.5
       
2-year institutions 773,808 85,036 11.0
Public 487,436 49,331 10.1
Private nonprofit 14,157 1,167 8.2
Private for-profit 272,215 34,538 12.7
       
4-year institutions 2,462,035 137,162 5.6
Public 1,225,492 54,438 4.4
Private nonprofit 743,178 28,916 3.9
Private for-profit 493,365 53,808 10.9
Fiscal year 2009      
All institutions 3,619,979 319,701 8.8
Less-than-2-year institutions 142,632 19,385 13.6
Public 7,548 749 9.9
Private nonprofit 4,148 605 14.6
Private for-profit 130,936 18,031 13.8
       
2-year institutions 824,841 106,634 12.9
Public 520,256 62,234 12.0
Private nonprofit 15,039 1,507 10.0
Private for-profit 289,546 42,893 14.8
       
4-year institutions 2,652,506 193,682 7.3
Public 1,251,099 65,138 5.2
Private nonprofit 806,034 36,606 4.5
Private for-profit 595,373 91,938 15.4
Fiscal year 2010      
All institutions 4,091,274 374,660 9.2
Less-than-2-year institutions 179,650 21,274 11.8
Public 8,261 831 10.1
Private nonprofit 4,953 676 13.6
Private for-profit 166,436 19,767 11.9
       
2-year institutions 966,842 124,136 12.8
Public 604,872 81,120 13.4
Private nonprofit 18,384 1,573 8.6
Private for-profit 343,586 41,443 12.1
       
4-year institutions 2,944,782 229,250 7.8
Public 1,314,921 79,864 6.1
Private nonprofit 858,668 44,232 5.2
Private for-profit 771,193 105,154 13.6
1 The repayment phase is the period when student loans must be repaid; it generally begins 6 months after a student leaves an institution.
2 Default occurs when a borrower fails to make a payment for 270 days.
3 The 2-year cohort default rate is the percentage of borrowers who enter repayment during the specified federal fiscal year and who default by the end of the following fiscal year. For example, fiscal year (FY) 2007 runs from October 1, 2006, through September 30, 2007. The 2-year cohort default rate for FY 2007 is the percentage of borrowers who entered repayment during FY 2007 and who defaulted by the end of FY 2008 (September 30, 2008). For purposes of computing the default rate, if an individual or entity affiliated with the institution makes a payment to prevent a borrower’s default on a loan, the borrower is still considered in default.
NOTE: Data are for certain loans under the Federal Family Education Loan (FFEL) Program and the William D. Ford Federal Direct Loan Program (commonly referred to as the Direct loan Program). Includes Federal Stafford Loans. Does not include PLUS loans, Federal Insured Student Loans (FISLs), or Federal Perkins Loans. For more details, see http://ifap.ed.gov/DefaultManagement/guide/attachments/CDRGuideCh2Pt1CDRCalculation.pdf.
SOURCE: U.S. Department of Education, Office of Federal Student Aid, Direct Loan and Federal Family Education Loan Programs, Cohort Default Rate Database; retrieved November 18, 2012, from http://www2.ed.gov/offices/OSFAP/defaultmanagement/cdr2yr.html. (This table was prepared November 2012.)
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National Center for Education Statistics - http://nces.ed.gov
U.S. Department of Education