---
kind: "section"
citation: "34 C.F.R. § 668.201"
title: "34"
number: "668.201"
heading: "Definitions of terms used in this subpart."
url: "https://uscodex.org/cfr/34/668.201"
---

# §668.201. Definitions of terms used in this subpart.


We use the following definitions in this subpart:

- (a) **Cohort.** Your cohort is a group of borrowers used to determine your cohort default rate. The method for identifying the borrowers in a cohort is provided in [§ 668.202(b)](/cfr/34/668.202.md?p=b).
- (b) **Data manager.**
  - (1) **For FFELP loans held by a guaranty agency or lender, the guaranty agency is the data manager.**
  - (2) **For FFELP loans that we hold, we are the data manager.**
  - (3) For Direct Loan Program loans, the Direct Loan Servicer, as defined in [34 CFR 685.102](/cfr/34/685.102.md), is the data manager.
- (c) **Days.** In this subpart, “days” means calendar days.
- (d) **Default.** A borrower is considered to be in default for cohort default rate purposes under the rules in [§ 668.202(c)](/cfr/34/668.202.md?p=c).
- (e) **Draft cohort default rate.** Your draft cohort default rate is a rate we issue, for your review, before we issue your official cohort default rate. A draft cohort default rate is used only for the purposes described in [§ 668.204](/cfr/34/668.204.md).
- (f) **Entering repayment.**
  - (1) Except as provided in paragraphs [(f)(2)](#f-2) and [(f)(3)](#f-3) of this section, loans are considered to enter repayment on the dates described in [34 CFR 682.200](/cfr/34/682.200.md) (under the definition of “repayment period”) and in [34 CFR 685.207](/cfr/34/685.207.md).
  - (2) **A Federal SLS loan is considered to enter repayment—**
    - (i) At the same time the borrower's Federal Stafford loan enters repayment, if the borrower received the Federal SLS loan and the Federal Stafford loan during the same period of continuous enrollment; or
    - (ii) In all other cases, on the day after the student ceases to be enrolled at an institution on at least a half-time basis in an educational program leading to a degree, certificate, or other recognized educational credential.
  - (3) For the purposes of this subpart, a loan is considered to enter repayment on the date that a borrower repays it in full, if the loan is paid in full before the loan enters repayment under paragraphs [(f)(1)](#f-1) or [(f)(2)](#f-2) of this section.
- (g) **Fiscal year.** A fiscal year begins on October 1 and ends on the following September 30. A fiscal year is identified by the calendar year in which it ends.
- (h) **Loan record detail report.** The loan record detail report is a report that we produce. It contains the data used to calculate your draft or official cohort default rate.
- (i) **Official cohort default rate.** Your official cohort default rate is the cohort default rate that we publish for you under [§ 668.205](/cfr/34/668.205.md). Cohort default rates calculated under this subpart are not related in any way to cohort default rates that are calculated for the Federal Perkins Loan Program.
- (j) **We.** We are the Department, the Secretary, or the Secretary's designee.
- (k) **You.** You are an institution.

## Notes

### Source

Source: 74 FR 55651, Oct. 28, 2009, unless otherwise noted.

### Authority

Authority: 20 U.S.C. 1001-1003, 1070g, 1085, 1088, 1091, 1092, 1094, 1099c, 1099c-1, 1221e-3, and 1231a, unless otherwise noted.