### Question
How does the law define cohort default rate?


### Answer
Under *20 U.S.C. § 1087bb*, **cohort default rate** is defined as:

> the percentage of such current and former students who entered repayment on such loans in any of the three most recent award years and who default before the end of the award year immediately following the year in which they entered repayment

#### Citation:
  - *20 U.S.C. § 1087bb*
  - Heading: **CHAPTER 27-NATIONAL VOCATIONAL STUDENT LOAN INSURANCE > SUBCHAPTER IV-STUDENT ASSISTANCE > Part D-Federal Perkins Loans**

