(a) “Commission Certification” means the Commission's annual certification of an institution's latest three-year cohort default rate and graduation rate for the purposes of certifying an institution's eligibility to participate in the Cal Grant Program in accordance with Education Code Section 69432.7(I)(3)(A).

(b) “Three-Year Cohort Default Rate” means an institution's average rate in which federal student loan borrowers enter repayment over a three-year period and default, as reported annually by the United States Department of Education.

(c) “Graduation Rate” means the percentage of full-time, first-time degree or certificate-seeking undergraduate students who graduate within 150 percent of the time expected to complete degree requirements, as most recently reported by the United States Department of Education in accordance with Education Code Section 69432.7(I)(3)(A).

(d) “Overall Graduation Rate” means the percentage of degree or certificate-seeking undergraduate students who graduate within 150 percent of the time expected to complete degree requirements, as reported and certified by the institution.