This "First Look" report presents selected findings about the repayment of federal student loans using data from the 2015 Federal Student Aid Supplements to two Beginning Postsecondary Students Longitudinal Studies (BPS) administered by the National Center for Education Statistics (NCES). The report examines two cohorts of borrowers: those who began their postsecondary education in the 1995-96 academic year (BPS:96/01) and those who began in the 2003-04 academic year (BPS:04/09). The report presents estimates of both cohorts' cumulative borrowing and repayment statuses as of June 30, 2015, some 20 years after the 1995-96 cohort and 12 years after the 2003-04 cohort began postsecondary education. In both of these cohorts of beginning postsecondary students, approximately 60 percent had taken out federal loans to finance their education by 2015. This report presents estimates concerning students' cumulative borrowing and the loan repayment milestones of entering repayment, defaulting, and paying off loans. The report compares these experiences across varied demographic, enrollment, and employment characteristics.