This study on default analyzes 17,036 undergraduate borrowers who attended the University of South Florida (USF), and who entered repayment on Federal Family Education Loan Program (FFELP) loans during federal fiscal years 1999, 2000, 2001, and 2002. Of the 17,036 USF undergraduate borrowers, 766 defaulted (4.5 percent). The report employs a technique known as logistic regression that isolates the independent relationship of each variable to the probability of default after accounting for the relationships of other relevant variables. Notes on Model Development and Tables for Variables in the Model are appended. (Contains 4 tables, 9 footnotes, and a bibliography.)