NOTE TO EDITORS: There will be a background call today at 12:30 to discuss the FY 2011 cohort default rates. Media who are interested in joining the call may dial 800-857-9712. The passcode is “education”
The U.S. Department of Education today announced the official FY 2011 two-year and official FY 2010 three-year federal student loan cohort default rates (CDR). The national two-year cohort default rate rose from 9.1 percent for FY 2010 to 10 percent for FY 2011. The three-year cohort default rate rose from 13.4 percent for FY 2009 to 14.7 percent for FY 2010.
"The compromise reached by a bipartisan group of Senators and led by President Obama is a major victory for college students across the country. If enacted, the plan would cut rates on nearly every single new college loan this year, offering relief to nearly 11 million borrowers.
U.S. Secretary of Education Arne Duncan will host a press call today at 3 p.m. to discuss upcoming changes to the Free Application for Federal Student Aid (FAFSA) that will help the Department to more accurately and fairly discuss students' need for aid. Justin Draeger, president of the National Association of Student Financial Aid Administrators, will join Duncan on the call.
The U.S. Department of Education today released the official FY 2009 national student loan cohort default rate, which has risen to 8.8 percent, up from 7.0 percent in FY 2008.