Table 332.50.

Number of postsecondary students who entered the student loan repayment phase, number of students who defaulted within a 3-year period, and 3-year student loan cohort default rate, by level and control of institution: Fiscal years 2010 through 2019

Fiscal year, number of students, and default rate	All institutions				Less-than-2-year institutions				2-year institutions				4-year institutions
	Total1	Public	Private		Total	Public	Private		Total	Public	Private		Total	Public	Private
			Nonprofit	For-profit			Nonprofit	For-profit			Nonprofit	For-profit			Nonprofit	For-profit
1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17
Fiscal year 2010
Number of students
Entering repayment phase      in given fiscal year2	4,082,570	1,922,773	879,269	1,270,965	178,904	7,963	5,020	165,921	950,143	599,467	16,217	334,459	2,943,960	1,315,343	858,032	770,585
Defaulting by end of second      following fiscal year3	600,545	250,661	72,347	277,088	37,223	1,315	1,097	34,811	199,922	125,764	2,305	71,853	362,951	123,582	68,945	170,424
3-year cohort default rate4	14.7	13.0	8.2	21.8	20.8	16.5	21.8	20.9	21.0	20.9	14.2	21.4	12.3	9.3	8.0	22.1
Fiscal year 2011
Number of students
Entering repayment phase      in given fiscal year2	4,732,793	2,252,334	969,156	1,500,812	202,526	8,750	6,567	187,209	1,174,583	767,073	16,861	390,649	3,345,193	1,476,511	945,728	922,954
Defaulting by end of second      following fiscal year3	650,727	292,012	70,186	288,126	41,526	1,196	1,644	38,686	237,571	158,104	2,026	77,441	371,227	132,712	66,516	171,999
3-year cohort default rate4	13.7	12.9	7.2	19.1	20.5	13.6	25.0	20.6	20.2	20.6	12.0	19.8	11.1	8.9	7.0	18.6
Fiscal year 2012
Number of students
Entering repayment phase      in given fiscal year2	5,143,918	2,563,157	1,083,328	1,486,162	209,036	10,151	10,336	188,549	1,301,109	905,058	42,274	353,777	3,622,502	1,647,948	1,030,718	943,836
Defaulting by end of second      following fiscal year3	610,956	301,453	73,747	235,384	36,952	1,241	2,318	33,393	242,471	173,628	6,193	62,650	331,161	126,584	65,236	139,341
3-year cohort default rate4	11.8	11.7	6.8	15.8	17.7	12.2	22.4	17.7	18.6	19.1	14.6	17.7	9.1	7.6	6.3	14.7
Fiscal year 2013
Number of students
Entering repayment phase      in given fiscal year2	5,211,531	2,691,995	1,118,051	1,387,815	197,189	10,823	10,649	175,717	1,301,834	948,515	42,974	310,345	3,698,838	1,732,657	1,064,428	901,753
Defaulting by end of second      following fiscal year3	593,182	305,516	78,659	208,570	33,327	1,414	2,194	29,719	234,986	176,206	6,593	52,187	324,432	127,896	69,872	126,664
3-year cohort default rate4	11.3	11.3	7.0	15.0	16.9	13.0	20.6	16.9	18.1	18.5	15.3	16.8	8.8	7.3	6.5	14.0
Fiscal year 2014
Number of students
Entering repayment phase      in given fiscal year2	5,047,954	2,678,811	1,108,120	1,250,242	180,437	10,775	8,312	161,350	1,220,298	921,537	39,336	259,425	3,636,438	1,746,499	1,060,472	829,467
Defaulting by end of second      following fiscal year3	580,671	303,389	82,867	194,027	30,604	1,491	1,654	27,459	221,748	169,325	6,958	45,465	327,931	132,573	74,255	121,103
3-year cohort default rate4	11.5	11.3	7.4	15.5	17.0	13.8	19.8	17.0	18.2	18.3	17.6	17.5	9.0	7.5	7.0	14.6
Fiscal year 2015
Number of students
Entering repayment phase      in given fiscal year2	4,900,932	2,616,327	1,106,590	1,167,289	177,886	9,838	10,198	157,850	1,123,770	852,423	33,070	238,277	3,588,550	1,754,066	1,063,322	771,162
Defaulting by end of second      following fiscal year3	531,653	269,876	78,706	182,686	31,687	1,152	2,247	28,288	191,872	142,775	5,541	43,556	307,709	125,949	70,918	110,842
3-year cohort default rate4	10.8	10.3	7.1	15.6	17.8	11.7	22.0	17.9	17.1	16.7	16.7	18.2	8.6	7.1	6.6	14.3
Fiscal year 2016
Number of students
Entering repayment phase      in given fiscal year2	4,533,276	2,467,803	1,069,593	985,335	163,168	9,277	7,778	146,113	981,825	730,146	29,332	222,347	3,377,738	1,728,380	1,032,483	616,875
Defaulting by end of second      following fiscal year3	458,687	236,948	71,515	149,892	28,259	1,184	1,296	25,779	160,644	116,647	4,471	39,526	269,452	119,117	65,748	84,587
3-year cohort default rate4	10.1	9.6	6.6	15.2	17.3	12.7	16.6	17.6	16.4	15.9	15.2	17.7	8.0	6.8	6.3	13.7
Fiscal year 2017
Number of students
Entering repayment phase      in given fiscal year2	4,276,724	2,361,384	1,050,118	854,352	144,784	8,816	5,589	130,379	875,930	644,831	34,507	196,592	3,245,140	1,707,737	1,010,022	527,381
Defaulting by end of second      following fiscal year3	417,429	220,059	71,397	125,657	23,848	1,154	935	21,759	139,212	97,795	6,051	35,366	254,053	121,110	64,411	68,532
3-year cohort default rate4	9.7	9.3	6.7	14.7	16.5	13.1	16.7	16.7	15.9	15.2	17.5	18.0	7.8	7.1	6.5	13.1
Fiscal year 20185
Number of students
Entering repayment phase      in given fiscal year2	4,083,377	2,288,352	1,020,296	763,856	135,431	8,563	4,890	121,978	788,789	577,591	27,965	183,233	3,148,284	1,702,198	987,441	458,645
Defaulting by end of second      following fiscal year3	300,625	160,696	53,460	86,187	16,685	747	585	15,353	95,653	66,638	3,402	25,613	188,005	93,311	49,473	45,221
3-year cohort default rate4	7.3	7.0	5.2	11.2	12.3	8.7	11.9	12.5	12.1	11.5	12.1	13.9	6.0	5.4	5.0	9.8
Fiscal year 20195
Number of students
Entering repayment phase      in given fiscal year2	3,945,355	2,209,281	1,015,256	709,716	133,950	8,423	3,866	121,661	716,001	525,178	27,756	163,067	3,084,302	1,675,680	983,634	424,988
Defaulting by end of second      following fiscal year3	91,475	51,398	17,575	22,441	4,585	223	147	4,215	27,165	19,509	856	6,800	59,664	31,666	16,572	11,426
3-year cohort default rate4	2.3	2.3	1.7	3.1	3.4	2.6	3.8	3.4	3.8	3.7	3.0	4.1	1.9	1.8	1.6	2.6

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

2The 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) 2019 cohort entered the repayment phase any time from October 1, 2018, through September 30, 2019.

3Borrowers are considered to be in default if they make no payments for 360 days after missing a regularly scheduled payment.

4The 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 2010 is the percentage of borrowers who entered repayment during FY 2010 (any time from October 1, 2009, through September 30, 2010) and who defaulted by the end of FY 2012 (September 30, 2012). 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.

5Cohort default rates were impacted by the pause on federal student loan payments that began March 13, 2020. During the pause, borrowers with U.S. Department of Education (ED)-held student loans were not required to make any payments, and no borrowers with ED-held loans entered 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 https://studentaid.gov/understand-aid/types/loans. The default rates shown in this table for the FY 2010, FY 2011, and FY 2012 cohorts are no longer available online; therefore, no source for these default 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 January 3, 2023, from https://fsapartners.ed.gov/sites/default/files/2022-09/NationalCDR.PYComparisonCharts.pdf. (This table was prepared January 2023.)