National CDR—All Years Cohort Year CDR Total Default Total Repay 2011 10.0% 475,538 4,739,481 2010 9.1% 374,940 4,100,778 2009 8.8% 320,194 3,628,846 2008 7.0% 238,852 3,378,734 2007 6.7% 225,371 3,345,534 2006 5.2% 204,507 3,911,640 2005 4.6% 161,951 3,495,584 2004 5.1% 144,128 2,825,462 2003 4.5% 115,568 2,551,432 2002 5.2% 125,696 2,393,776 2001 5.4% 130,036 2,380,741 2000 5.9% 142,378 2,399,774 1999 5.6% 130,861 2,299,533 1998 6.9% 153,028 2,208,262 1997 8.8% 188,832 2,153,253 1996 9.6% 197,338 2,045,595 1995 10.4% 199,346 1,918,453 1994 10.7% 199,233 1,866,240 1993 11.6% 212,062 1,826,625 1992 15.0% 299,881 1,994,925 1991 17.8% 380,346 2,135,595 1990 22.4% 551,208 2,460,102 1989 21.4% 619,229 2,900,297 1988 17.2% 440,790 2,561,183 1987 17.6% 418,717 2,381,087

The cohort default rate is the percentage of borrowers who enter repayment in a fiscal year and default by the end of the next fiscal year.

The Department issues default rates according to the fiscal year that borrowers entered repayment. For example, the fiscal year 2011 default rate is based on students that entered repayment between 10/1/2010 and 9/30/2011. The Department publishes default rates approximately two years after the fiscal year that students enter repayment.

The Department issued the first national default rates for fiscal year 1987 in calendar year 1989. Direct loan data was included for the first time with the fiscal year 1995 rates.

Effective July 1, 2010, schools are no longer eligible to make FFEL Loans.

In accordance with the Default Prevention and Management Initiative, the Department imposed congressionally mandated sanctions for the first time with the release of the fiscal year 1989 rates in calendar year 1991. Nearly 1,200 schools have lost student loan program eligibility since the beginning of the Default Management Initiative.

The fiscal year 2011 rate included 6,047 schools. There has been an increase in the FY 2011 cohort default rate over last year's rate.