On September 22, 2025, FSA distributed the FY 2022 Official Cohort Default Rate notification packages. These notifications give schools their official default rates and kick off the appeals and adjustment process. The public release of the national rates followed on September 24, 2025.
What’s in the Notification Package
Schools participating in the electronic cohort default rate (eCDR) process received their materials via the Student Aid Internet Gateway (SAIG). Packages include:
- Cover Letter (message class SHDRLROP)
- Loan Record Detail Report (LRDR) in extract form (message class SHCDREOP)
- A reader-friendly PDF version, accessible through NSLDS Professional Access
- A comma-delimited report downloadable via NSLDS (“School CDR History Report”)
- For schools that prefer direct data analysis, FSA also provides an LRDR Import Tool that loads the report into Excel.
Schools with no borrowers entering repayment during the cohort period will not receive a package.
Appeals and Adjustments
The window for appeals and adjustment requests opens on September 30, 2025. Key points include:
- All submissions must be made through the eCDR Appeals system.
- Exceptions: Certain challenges (Economically Disadvantaged, Participation Rate Index, Erroneous Data) must be submitted via password-secured email using designated subject lines.
- If a technical issue prevents data access, schools must notify the Institution Oversight Division within 5 business days.
- Any revised CDRs, after appeals, will be updated on FSA’s Default Management Topics page.
Why It Matters
Cohort default rates aren’t just numbers, they carry significant weight:
- Accountability: High rates can result in sanctions, including loss of Title IV eligibility.
- Data Accuracy: The LRDR gives schools the chance to spot and correct reporting errors.
- Strategic Planning: Understanding trends helps schools strengthen borrower support and default prevention.
- Transparency: Public release of the national briefing allows students, accreditors, and policymakers to compare institutions.
The FY 2022 Official CDR release is more than a compliance milestone, it’s an opportunity for schools to double-check their data, plan proactively, and strengthen their student success strategies.
Resources for Schools and Lenders
(LOANS-25-08) FY 2022 Official Cohort Default Rate Distributed Sept. 22, 2025
(LOANS-25-09) National Default Rate Briefing for FY 2022 Official Cohort Default Rates
Cohort Default Rate Guide for Guaranty Agencies and Lenders (2025)