Table 332.50.

Number of postsecondary students who entered the student loan repayment phase, number of students who defaulted, and student loan cohort default rates, by 2-year or 3-year default period and level and control of institution: Fiscal years 2009 through 2011

Fiscal year and level and control of institution	For student loan cohorts over a 2-year period			For student loan cohorts over a 3-year period
	Number entering repayment phase in given fiscal year1	Number defaulting by end of next fiscal year2	2-year default rate3,4	Number entering repayment phase in given fiscal year1	Number defaulting by end of second following fiscal year2	3-year default rate4,5
1	2	3	4	5	6	7
Fiscal year 2009
All institutions6	3,628,846	320,194	8.8	3,629,109	489,040	13.4
Public	1,778,903	128,121	7.2	1,778,645	196,032	11.0
Private nonprofit	825,221	38,718	4.6	835,492	63,047	7.5
Private for-profit	1,015,855	152,862	15.0	1,006,190	229,315	22.7
Less-than-2-year institutions	142,632	19,385	13.6	140,742	29,940	21.3
Public	7,548	749	9.9	7,401	1,202	16.2
Private nonprofit	4,148	605	14.5	4,106	950	23.1
Private for-profit	130,936	18,031	13.7	129,235	27,788	21.5
2-year institutions	824,841	106,634	12.9	814,256	161,448	19.8
Public	520,256	62,234	11.9	518,299	94,945	18.3
Private nonprofit	15,039	1,507	10.0	16,244	2,357	14.5
Private for-profit	289,546	42,893	14.8	279,713	64,146	22.9
4-year institutions	2,652,506	193,682	7.3	2,665,329	297,006	11.1
Public	1,251,099	65,138	5.2	1,252,945	99,885	7.9
Private nonprofit	806,034	36,606	4.5	815,142	59,740	7.3
Private for-profit	595,373	91,938	15.4	597,242	137,381	23.0
Fiscal year 2010
All institutions6	4,100,778	374,940	9.1	4,082,570	600,545	14.7
Public	1,928,054	161,815	8.3	1,922,773	250,661	13.0
Private nonprofit	882,005	46,481	5.2	879,269	72,347	8.2
Private for-profit	1,281,215	166,364	12.9	1,270,965	277,088	21.8
Less-than-2-year institutions	179,650	21,274	11.8	178,904	37,223	20.8
Public	8,261	831	10.0	7,963	1,315	16.5
Private nonprofit	4,953	676	13.6	5,020	1,097	21.8
Private for-profit	166,436	19,767	11.8	165,921	34,811	20.9
2-year institutions	966,842	124,136	12.8	950,143	199,922	21.0
Public	604,872	81,120	13.4	599,467	125,764	20.9
Private nonprofit	18,384	1,573	8.5	16,217	2,305	14.2
Private for-profit	343,586	41,443	12.0	334,459	71,853	21.4
4-year institutions	2,944,782	229,250	7.8	2,943,960	362,951	12.3
Public	1,314,921	79,864	6.0	1,315,343	123,582	9.3
Private nonprofit	858,668	44,232	5.1	858,032	68,945	8.0
Private for-profit	771,193	105,154	13.6	770,585	170,424	22.1
Fiscal year 2011
All institutions6	4,739,481	475,538	10.0	4,732,793	650,727	13.7
Public	2,253,463	218,418	9.6	2,252,334	292,012	12.9
Private nonprofit	967,956	51,153	5.2	969,156	70,186	7.2
Private for-profit	1,507,562	205,681	13.6	1,500,812	288,126	19.1
Less-than-2-year institutions	211,988	29,576	14.0	202,526	41,526	20.5
Public	8,779	824	9.3	8,750	1,196	13.6
Private nonprofit	5,219	734	14.0	6,567	1,644	25.0
Private for-profit	197,990	28,018	14.1	187,209	38,686	20.6
2-year institutions	1,179,508	172,265	14.6	1,174,583	237,571	20.2
Public	774,772	116,966	15.0	767,073	158,104	20.6
Private nonprofit	17,458	1,445	8.2	16,861	2,026	12.0
Private for-profit	387,278	53,854	13.9	390,649	77,441	19.8
4-year institutions	3,337,485	273,411	8.2	3,345,193	371,227	11.1
Public	1,469,912	100,628	6.8	1,476,511	132,712	8.9
Private nonprofit	945,279	48,974	5.1	945,728	66,516	7.0
Private for-profit	922,294	123,809	13.4	922,954	171,999	18.6

1 The repayment phase is the period when student loans must be repaid; it generally begins 6 months after a student leaves an institution. Students who enter the repayment phase during a particular federal fiscal year (October 1 through September 30) make up the cohort for that fiscal year. For example, members of the fiscal year (FY) 2009 cohort entered the repayment phase any time from October 1, 2008, through September 30, 2009.

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 entering repayment during one fiscal year and defaulting by the end of the next fiscal year. For example, the 2-year cohort default rate for FY 2009 is the percentage of borrowers who entered repayment during FY 2009 (any time from October 1, 2008, through September 30, 2009) and who defaulted by the end of FY 2010 (September 30, 2010).

4 For purposes of computing default rates, 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.

5 The 3-year cohort default rate is the percentage of borrowers entering repayment during the specified fiscal year and defaulting by the end of the second fiscal year that follows. For example, the 3-year cohort default rate for FY 2009 is the percentage of borrowers who entered repayment during FY 2009 (any time from October 1, 2008, through September 30, 2009) and who defaulted by the end of FY 2011 (September 30, 2011).

6 Includes borrowers from foreign and unclassified schools, which account for less than 1 percent of borrowers and are not included elsewhere.

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. Beginning with the 2011 cohort, the Office of Federal Student Aid (OFSA) is publishing only 3-year default rates. The 2-year default rates shown in this table are no longer available online; therefore, no source for the 2-year rates can be provided.

SOURCE: U.S. Department of Education, Office of Federal Student Aid, Direct Loan and Federal Family Education Loan Programs, Cohort Default Rate Database; retrieved October 13, 2014, from http://www2.ed.gov/offices/OSFAP/defaultmanagement/schooltyperates.pdf. (This table was prepared October 2014.)