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.)