���cohort default rate���
(b) Cohort default rate. (1) The term cohort default rate means, for any award year in which 30 or more current and former students at the institution enter repayment on a loan received for attendance at the institution, the percentage of those current and former students who enter repayment in that award year on the loans received for attendance at that institution who default before the end of the following award year. (2) For any award year in which less than 30 current and former students at the institution enter repayment on a loan received for attendance at the institution, the cohort default rate means the percentage of those current and former students who entered repayment on loans received for attendance at that institution in any of the three most recent award years and who defaulted on those loans before the end of the award year immediately following the year in which they entered repayment.