Loan defaults (1 - 10 of 52 items) in Custom Date Range
Federal Student Loans: Borrower Interest Rates Cannot Be Set in Advance to Precisely and Consistently Balance Federal Revenues and Costs
GAO-14-234: Published: Jan 31, 2014. Publicly Released: Jan 31, 2014.
Total Direct Loan administrative costs grew from $314 million to $864 million from fiscal years 2007 to 2012, but federal costs per borrower have generally remained steady or fallen. The increase in total administrative costs largely results from an increase of over 300 percent in the number of Direct Loans during that same time period. One key factor contributing to this loan volume increase was...
Proprietary Schools: Improved Department of Education Oversight Needed to Help Ensure Only Eligible Students Receive Federal Student Aid
GAO-10-127T: Published: Oct 14, 2009. Publicly Released: Oct 14, 2009.
This testimony discusses the Department of Education's oversight of student eligibility for federal aid at private for-profit schools, also known as proprietary schools. Education's monitoring of eligibility requirements is part of a larger oversight structure governing federal aid to students at all schools. For example, in order to receive federal aid, students must attend schools that are legal...
Proprietary Schools: Stronger Department of Education Oversight Needed to Help Ensure Only Eligible Students Receive Federal Student Aid
GAO-09-600: Published: Aug 17, 2009. Publicly Released: Sep 21, 2009.
For-profit schools-also known as proprietary schools-received over $16 billion in federal loans, grants, and campus-based aid under Title IV of the Higher Education Act in 2007/08. GAO was asked to determine (1) how the student loan default profile of proprietary schools compares with that of other types of schools and (2) the extent to which Education's policies and procedures for monitoring stud...
Federal Family Education Loan Program: Eliminating the Exceptional Performer Designation Would Result in Substantial Savings without Adversely Affecting the Loan Program
GAO-07-1087: Published: Jul 26, 2007. Publicly Released: Jul 26, 2007.
The federal government guarantees loans in the Federal Family Education Loan program (FFELP) so that private lenders that participate in the program will be reimbursed if a borrower defaults, and about $4.6 billion was spent in fiscal year 2006 to repay lenders for defaulted loans. To retain the guarantee on their loans, all FFELP lenders must comply with minimum due diligence requirements for ser...
Federal Student Loans: Flexible Agreements with Guaranty Agencies Warrant Careful Evaluation
GAO-02-254: Published: Jan 31, 2002. Publicly Released: Jan 31, 2002.
The relationship between the Department of Education and state-designated guaranty agencies that run the largest federal student loan program is changing in order to achieve program and cost efficiencies and improve delivery of student financial aid. These state or private not-for-profit agencies guarantee payment if students fail to repay loans obtained through the Federal Family Education Loan p...
Student Loans: Direct Loan Default Rates
GAO-01-68: Published: Oct 17, 2000. Publicly Released: Nov 16, 2000.
This report focuses on the default rate for student loans. Two major federal student loan programs, the Federal Direct Loan Program (FDLP) and the Federal Family Education Loan Program (FFELP), together provided student borrowers with about 9 million loans totaling about $42.9 billion in fiscal year 1999. The most recent student loan default rate statistics for schools showed that, overall, the di...
Student Loans: Effect of Including Certain Types of Loans in Calculating Schools' Default Rates
HEHS-98-135R: Published: Apr 17, 1998. Publicly Released: Apr 17, 1998.
Pursuant to a congressional request, GAO provided information on the formula specified in the Higher Education Act of 1965 for calculating schools' student loan cohort default rates, focusing on the effect on schools' default rates of including loans in deferment or forbearance in the denominator of the formula.GAO noted that: (1) students may delay repaying their loans by obtaining a deferment or...
Proprietary Schools: Analysis of Comments Received From an Association of Schools
HEHS-98-12R: Published: Oct 10, 1997. Publicly Released: Oct 10, 1997.
Pursuant to a congressional request, GAO responded to the President of the American Association of Cosmetology Schools' (AACS) comments about certain findings in GAO's report on federal student financial aid being spent to train proprietary school students for oversupplied occupations.GAO noted that: (1) GAO reviewed AACS' comments and considered them in the context of GAO's work; (2) GAO does not...
High-Risk Series: Student Financial Aid
HR-97-11: Published: Feb 1, 1997. Publicly Released: Feb 1, 1997.
GAO reviewed the Department of Education's management and oversight of postsecondary student financial aid programs, focusing on the: (1) Federal Family Education Loan (FFELP) Program; (2) Ford Direct Loan Program (FDLP); and (3) Federal Pell Grant Program.GAO found that: (1) in fiscal year 1995, the federal government paid over $2.5 billion to make good its guarantee on defaulted student loans; (...
Student Loans: Selected Characteristics of Schools in Two Major Federal Loan Programs
HEHS-97-45: Published: Jan 31, 1997. Publicly Released: Jan 31, 1997.
Pursuant to a congressional request, GAO provided information on the comparative levels of activity in the William D. Ford Federal Direct Loan Program (FDLP) and the Federal Family Education Loan Program (FFELP), focusing on the: (1) distribution of student loans between the two programs; (2) loan default rate for schools associated with each program; and (3) number of schools in each program on a...