Lending institutions (1 - 10 of 32 items) in Custom Date Range
Federal Student Loan Programs: Opportunities Exist to Improve Audit Requirements and Oversight Procedures
GAO-10-668: Published: Jul 21, 2010. Publicly Released: Jul 21, 2010.
The Higher Education Opportunity Act of 2008, Pub. L. No. 110-315, mandated GAO to study the financial and compliance audits and reviews required or conducted for the Federal Family Education Loan (FFEL) program and the Federal Direct Student Loan (DL) program. The Department of Education's (Education) Office of Federal Student Aid is responsible for administering these programs. This report focus...
Higher Education: Factors Lenders Consider in Making Lending Decisions for Private Education Loans
GAO-10-86R: Published: Nov 17, 2009. Publicly Released: Nov 17, 2009.
Over the past few decades, the cost of tuition, room, and board for undergraduate students has increased, making it more difficult for some students and families to afford the cost of college. While students have historically relied on federal loans and grants and family contributions to pay for college, a growing number have turned to private education loans to help them cover the cost. In 2007-0...
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...
Consolidation Loan Borrower Interest Rates
GAO-05-389R: Published: Feb 25, 2005. Publicly Released: Mar 10, 2005.
This letter responds to a question from the Chairman, House Committee on Education and the Workforce, related to the recommendation we made in our October 31, 2003, report Student Loan Programs: As Federal Costs of Loan Consolidation Rise, Other Options Should Be Examined (GAO-04-101), which we completed at the Chairman's request. We reported that then recent trends in interest rates and consolida...
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 Consolidation Loans: Further Analysis Could Lead to Enhanced Default Assumptions for Budgetary Cost Estimates
GAO-04-843: Published: Aug 20, 2004. Publicly Released: Aug 20, 2004.
The number of borrowers consolidating their federal student loans has increased substantially in recent years, with the total amount of loans being consolidated rising from $13 billion in fiscal year 1999 to over $41 billion in fiscal year 2003. This increase in consolidation loan volume and recent interest rate trends have increased the overall estimated long-term cost to the federal government o...
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...
Higher Education: Trustee Arrangements Serve Useful Purpose in Student Loan Market
HEHS-00-170: Published: Sep 25, 2000. Publicly Released: Sep 25, 2000.
Pursuant to a congressional request, GAO provided information on student loan trustee arrangements, focusing on the: (1) number and cost of trustee arrangements and their shared characteristics; (2) benefits and protections afforded the federal government through use of trustee arrangements; and (3) effect of trustee arrangements on market participation and the availability of student loans.GAO no...