We use the following definitions in this subpart:
Cohort. Your cohort is a group of borrowers used to determine your program cohort default rate. The method for identifying the borrowers in a cohort is provided in Sec. 668.502(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 Secretary's servicer is the data manager.
Days. In this subpart, ``days'' means calendar days.
Default. A borrower is considered to be in default for program cohort default rate purposes under the rules in Sec. 668.502(c).
Draft program cohort default rate. Your draft program cohort default rate is a rate we issue, for your review, before we issue your official program cohort default rate. A draft program cohort default rate is used only for the purposes described in Sec. 668.504.
(1) Except as provided in paragraphs (2) and (3) of this definition, loans are considered to enter repayment on the dates described in 34 CFR 682.200 (under the definition of ``repayment period'') and in 34 CFR 685.207, as applicable.
(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 (1) or (2) of this definition.
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.
GE program. An educational program offered by an institution under Sec. 668.8(c)(3) or (d) and identified by a combination of the institution's six-digit Office of Postsecondary Education ID (OPEID) number, the program's six-digit CIP code as assigned by the institution or determined by the Secretary, and the program's credential level, as defined in Sec. 668.402.
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 program cohort default rate.
Official program cohort default rate. Your official program cohort default rate is the program cohort default rate that we publish for you under Sec. 668.505.
We. We are the Department, the Secretary, or the Secretary's designee.
You. You are an institution. We consider each reference to ``you'' to apply separately to the institution with respect to each of its GE programs. (Authority: 20 U.S.C. 1001, 1002, 1088)