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<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Arial","sans-serif";color:black">Summary: This letter summarizes information on the calculation of an institution’s cohort default rates and the regulatory provisions that are available to eliminate
or lessen the impact of high cohort default rates.</span><span style="color:#1F497D"><o:p></o:p></span></p>
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