The national student loan default rate remains at 0% for the third year in a row.
The Department of Education (ED) released their FY 2022 national default briefing and, as expected, the FY 2022 cohort default rates were affected by the pause on federal student loan payments that began in March 2020. During the pause, borrowers with ED-held loans were not required to make payments and no borrowers with ED-held loans entered default.
The cohort default rate was calculated by using the cohort of student loan borrowers who entered repayment on their William D. Ford Federal Direct Loan Program or Federal Family Education Loan (FFEL) Program loans between October 1, 2021, and September 30, 2022, and who defaulted between October 1, 2021, and September 30, 2024.
Questions about the briefing can be directed via email to fsa.schools.default.management@ed.gov
