This guide is designed to assist schools with their Federal Family Education Loan (FFEL) Program and William D. Ford Federal Direct Loan (Direct Loan) Program cohort default rate data. The guide is intended as a reference tool in understanding cohort default rates and processes. Material is organized into four parts: (1) Introduction; (2) General Information (How the Rates are Calculated; How Schools Get the Rates & Loan Data; Reviewing the Loan Record Detail Report; Cohort Default Rate Effects; and Change in Status and Evasion); (3) Strategy (Reviewing Rates and Loan Data; Monitoring Loan Repayment Status Throughout the Year; and Data Manager Strategies and Reports); and (4) Challenges, Adjustments, and Appeals (Incorrect Data Challenge; Participation Rate Index Challenge; Uncorrected Data Adjustment; New Data Adjustment; Erroneous Data Appeal; Loan Servicing Appeal; Economically Disadvantaged Appeal; Participation Rate Index Appeal; Average Rates Appeal; and Thirty-or-Fewer Borrowers Appeal.) A glossary is included. Two appendices are included: (1) Timeline Chart; and (2) Regulations.