The published default rate reflects what happened to students who completed or exited their studies three years ago. Hence, the 2006 rate reflects what happened to students who completed or exited their studies in 2004-2005.

Student loan recipients are considered to have defaulted on their payment if no payment is made on their loan for 90 days. The 90 day period does not start until 6 months after a student has completed, or exited from, his or her studies.