Education loan programs (1 - 10 of 35 items)
Student Loans: Oversight of Servicemembers' Interest Rate Cap Could Be Strengthened
GAO-17-4: Published: Nov 15, 2016. Publicly Released: Nov 18, 2016.
The Servicemembers Civil Relief Act (SCRA) provides servicemembers with an interest rate cap of 6 percent on student loans while they are on active duty. The number of servicemembers with federal student loans who received this rate cap increased as a result of the Department of Education (Education) requiring federal loan servicers to regularly use the Department of Defense's (DOD) SCRA website t...
Federal Student Loans: Audits and Reviews of the Federal Family Education Loan and Federal Direct Loan Programs
GAO-09-992R: Published: Sep 30, 2009. Publicly Released: Sep 30, 2009.
This letter formally transmits the briefing slides in response to section 1119 of Pub. L. No. 110-315, the Higher Education Opportunity Act. This act mandated GAO study the financial and compliance audits and reviews required or conducted for the Federal Family Education Loan and Federal Direct Loan Programs. On August 6 and 7, 2009, we briefed the staff of congressional committees on the types of...
Federal Family Education Loan Program: Increased Department of Education Oversight of Lender and School Activities Needed to Help Ensure Program Compliance
GAO-07-750: Published: Jul 31, 2007. Publicly Released: Jul 31, 2007.
Concerns have been raised about the Department of Education's (Education) role in overseeing the lenders and schools that participate in the largest of the federal government's student loan programs, the Federal Family Education Loan Program (FFELP). GAO was asked to analyze Education's use of its oversight, guidance, and enforcement authorities under FFELP. To do this, GAO reviewed departmental d...
Federal Family Education Loan Program: More Oversight Is Needed for Schools That Are Lenders
GAO-05-184: Published: Jan 24, 2005. Publicly Released: Jan 24, 2005.
In fiscal year 2004, lenders made about $65 billion in loans through the Federal Family Education Loan Program (FFELP) to assist students in paying for postsecondary education. The Higher Education Act (HEA), which authorizes FFELP, broadly defined eligible lenders--including schools. The Department of Education's (Education) Office of Federal Student Aid (FSA) is responsible for ensuring that len...
Federal Family Education Loan Program: Statutory and Regulatory Changes Could Avert Billions in Unnecessary Federal Subsidy Payments
GAO-04-1070: Published: Sep 20, 2004. Publicly Released: Sep 20, 2004.
To encourage lenders to make student loans under the Federal Family Education Loan Program (FFELP), the federal government guarantees lenders a statutorily specified rate of return--called lender yield. Some lenders may issue tax-exempt bonds to raise capital to make or purchase loans; loans financed with such bonds issued prior to 10/1/93 are guaranteed a minimum lender yield of 9.5% (hereafter c...
Student Loan Programs: As Federal Costs of Loan Consolidation Rise, Other Options Should Be Examined
GAO-04-101: Published: Oct 31, 2003. Publicly Released: Dec 1, 2003.
The federal government makes consolidation loans available to help borrowers manage their student loan debt. By combining loans into one and extending the repayment period, a consolidation loan reduces monthly repayments, which may lower default risk and, thereby, reduce federal costs of loan defaults. Consolidation loans also allow borrowers to lock in a fixed interest rate--an option not availab...
Direct Student Loan Program: Management Actions Could Enhance Customer Service
GAO-04-107: Published: Nov 20, 2003. Publicly Released: Nov 20, 2003.
In 1993, Congress authorized the William D. Ford Federal Direct Loan Program as an alternative to the Federal Family Education Loan Program (FFELP). While the Direct Loan Program was originally mandated to replace FFELP, Congress revised the law allowing both loan programs to continue. Since that time, competition between the programs has been credited with improving borrower benefits and service...
Student Loans and Foreign Schools: Assessing Risks Could Help Education Reduce Program Vulnerability
GAO-03-647: Published: Jul 25, 2003. Publicly Released: Jul 25, 2003.
Recent events have increased concerns about the potential for fraud in Education's student loan programs related to loans for U.S. residents attending foreign schools. In 2002, GAO's Office of Special Investigations created a fictitious foreign school that Education subsequently certified as eligible to participate in the student loan program. GAO investigators subsequently successfully obtained a...
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...
Alternative Market Mechanisms for the Student Loan Program
GAO-02-84SP: Published: Dec 18, 2001. Publicly Released: Dec 18, 2001.
This report reflects the results of a collaborative effort between GAO and representatives of the Secretary of Education. As required by the Higher Education Amendments of 1998, GAO formed a study group to identify and evaluate a means of establishing a market mechanism for the delivery of student loans. This study group consisted of representatives of the Department of the Treasury, Office of Man...