Federal Student Aid (FSA) distributed the Fiscal Year (FY) 2023 official Cohort Default Rate (CDR) notification packages to eligible domestic and foreign institutions on September 28, 2026. The official rates are scheduled for public release on September 30, 2026.
FY 2023 Rates Should Be Viewed With Caution
FSA emphasized that FY 2023 CDRs were significantly affected by the federal student loan payment pause that began in March 2020. During the pause, borrowers with loans held by the U.S. Department of Education were not required to make payments and did not enter default.
As a result, FSA cautions that the FY 2023 rates may present an overly favorable picture of borrower repayment outcomes and encourages institutions to also review their nonrepayment rate data.
FSA reports that approximately 1,800 institutions currently have nonrepayment rates of 25% or higher. These rates look at Direct Loan borrowers who entered repayment between January 2020 and May 2025 and were more than 90 days delinquent, based on data through August 2026.
Institutions with elevated nonrepayment rates are strongly encouraged to review and update their default management and prevention plans and focus interventions on delinquent borrowers.
Key Dates and Action Items
The FY 2023 official CDR appeal period begins October 6, 2026.
Institutions enrolled in the Electronic Cohort Default Rate (eCDR) process should review their Student Aid Internet Gateway (SAIG) mailbox for their official notification package, including the Cover Letter and Loan Record Detail Report (LRDR). Institutions not enrolled in eCDR can access their information through NSLDS Professional Access.
FSA recommends using the LRDR Import Tool to assist with reviewing and analyzing loan-level CDR data.
Institutions should review their official CDR information promptly to determine whether an adjustment or appeal may be appropriate. Schools experiencing an FSA-caused technical issue that prevents access to their CDR data must notify FSA’s Institution Oversight Division within five business days.
Challenges and Appeals
Loan servicing appeals, uncorrected data adjustments, and new data adjustments are submitted through the eCDR Appeals application, while participation rate index challenges, erroneous data appeals, and economically disadvantaged appeals are submitted directly to FSA.
Institutions should review FSA’s announcement for the specific submission requirements and deadlines associated with each type of challenge, adjustment, or appeal.
Looking Ahead to FY 2024
FSA expects to release draft FY 2024 CDRs in early 2027, followed by official rates in the fall. These will be the first CDRs following the full expiration of pandemic-era repayment flexibilities, making default prevention efforts increasingly important.
FSA is encouraging institutions, particularly those with elevated nonrepayment rates, to strengthen their default prevention efforts now. Additional resources include a self-paced CDR and default prevention learning track and the “Default Prevention: Institutional Strategies for Success” webinar scheduled for October 13, 2026.