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On Monday, Sept. 28, 2026, Federal Student Aid (FSA) distributed the Fiscal Year 2023 (FY 2023) official cohort default rate (CDR) notification packages to all eligible domestic and foreign schools. FSA will publicly release the rates on Wednesday, Sept. 30, 2026.
In this announcement, we provide information about the distribution of the official rates and the appeal process.
As expected, FY 2023 CDRs were significantly affected by the pause on federal student loan payments that began March 13, 2020. During the pause, borrowers with student loans held by the U.S. Department of Education (ED) were not required to make any payments, and no borrowers with ED-held loans entered default. As such, the FY 2023 CDRs should be interpreted with caution, as the results may provide an overly favorable picture of borrower repayment outcomes.
ED continues to urge all institutions of higher education to review their nonrepayment rate, which provides the percentage of William D. Ford Federal Direct Loan borrowers, on an institutional basis, who entered repayment between January 2020 and May 2025 and whose federal student loans were more than 90 days delinquent. On Sept. 22, 2026, ED updated the data on this cohort of borrowers as of August 2026.
The newly released nonpayment rate data shows that approximately 1,800 institutions have nonpayment rates at or exceeding 25 percent. Those institutions with nonrepayment rates above 25 percent are strongly encouraged to take the following actions in preparation for the upcoming release of the draft FY 2024 CDRs, which will be issued early next year and will be the first such release following the full expiration of pandemic-era flexibilities:
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Update and maintain their default management and prevention plans and target interventions to their delinquent borrowers, consistent with the Electronic Announcement issued on Feb. 18, 2026.
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Register and attend an upcoming webinar as part of a new default prevention initiative by FSA to support institutions of higher education with high nonrepayment rates.
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On Tuesday, Oct. 13, 2026, from 1:15-2:15 p.m. Eastern time, FSA will host a webinar titled, “Default Prevention: Institutional Strategies for Success.” The webinar will highlight the importance of managing and preventing loan defaults, explain how defaults can affect institutional operations and eligibility for federal student aid, and provide practical resources to help improve borrower communication and support students as they repay their loans. Campus leaders can register here.
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Access the new online, self-paced learning track on CDRs and default prevention and management. This learning track helps financial aid professionals understand how CDRs work, why they matter, and how institutions can use data, borrower outreach, and operational practices to support repayment success and manage default risk. The track contains two courses that are designed to be taken together. The first course provides foundational CDR knowledge, and the second course focuses on practical strategies for default prevention and management.
FSA is committed to supporting repayment rate success and stands ready to assist institutions of higher education with elevated nonpayment or CDRs improve borrower outcomes. It is imperative that all institutions—but especially those with a large number of borrowers in delinquency and default—understand the CDR requirements under the Higher Education Act of 1965, as amended, and the consequences that may occur following the release of the official FY 2024 CDRs next fall.
Key Action Items
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Appeal Period Begins: Tuesday, Oct. 6, 2026.
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Review Your Package: Schools enrolled in the Electronic Cohort Default Rate (eCDR) process should check their email and the Student Aid Internet Gateway (SAIG) mailbox for the Cover Letter (SHDRLROP) and Loan Record Detail Report (SHCDREOP).
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Manual Download: Schools not enrolled in eCDR must download their reports via the National Student Loan Data System (NSLDS®) Professional Access website.
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Download Instructions Available: Step-by-step guidance for accessing and downloading official CDR notification packages is available in the attachment to this announcement.
Note: Any school that did not have a borrower in repayment during the current or any of the past CDR periods will not receive an FY 2023 official CDR notification package. These schools are considered to have no cohort default data and therefore, no CDR.
Important Information About FY 2023 Official CDR Distribution
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FSA Partner Connect: As a reminder, schools must complete all SAIG enrollment and user management actions electronically through FSA Partner Connect, including enrollment for the eCDR Appeals application.
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Report Formats: Schools can access the CDR report in Excel/CSV or PDF format via the SHCDR NSLDS School CDR History Report under the “Reports” tab on NSLDS.
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Analysis Tools: We recommend using the Loan Record Detail Report (LRDR) Import Tool to load and analyze data within Microsoft Excel for easier review. Schools can download the LRDR Import Tool from the Templates and Spreadsheets for Schools and Data Managers page on the Knowledge Center.
Submitting Challenges and Appeals
Schools must submit all loan servicing appeals, uncorrected data adjustments, and new data adjustments electronically through the eCDR Appeals website. Schools must send participation rate index challenges, erroneous data appeals, and economically disadvantaged appeals electronically via a password-secured email to fsa.schools.default.management@ed.gov. The subject line of the email should be: FY 2023 Official [insert appeal type], [insert OPEID].
As a reminder, the eCDR Appeals application allows schools to electronically submit certain adjustments and appeals requests during the specified timeframes. Data managers (guaranty agency or federal loan servicer) and FSA personnel can view and respond to submissions, and the application tracks the entire life cycle of each request. The eCDR Appeals application provides user guides for registering and managing an account and for filing various types of appeals.
If a technical problem caused by FSA results in an inability to access the data, schools have five business days to notify the Institution Oversight Division at fsa.schools.default.management@ed.gov. To complete an adjustment or appeal, you may need the data manager’s contact information, which you can find on the “Alphabetical and Numerical Data Manager Contacts” page on the Knowledge Center.
Contact Information
If you have questions or need assistance, contact fsa.schools.default.management@ed.gov.
Attachments
The U.S. Department of Education strives to make all content accessible to everyone. While this document does not currently meet the standards of Section 508 of the Rehabilitation Act of 1973, as amended, Federal Student Aid is working to create an accessible version. If you need access to this document before the accessible version is available, please contact the Information Technology Accessibility Program Help Desk at ITAPSupport@ed.gov to help facilitate.