Schools (11 - 20 of 70 items)
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...
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...
Student Financial Aid: Monitoring Aid Greater Than Federally Defined Need Could Help Address Student Loan Indebtedness
GAO-03-508: Published: Apr 30, 2003. Publicly Released: Apr 30, 2003.
Over half of the $80.4 billion in financial aid provided to college students in the 2000-01 school year came from the federal government in the form of grants and loans provided under Title IV of the Higher Education Act (HEA). To help finance their education, students and families may have received other funds from states, private groups or lenders, and/or the schools themselves. We initiated thi...
Federal Student Aid: Timely Performance Plans and Reports Would Help Guide and Assess Achievement of Default Management Goals
GAO-03-348: Published: Feb 14, 2003. Publicly Released: Feb 14, 2003.
During fiscal year 2002, an estimated 5.8 million people borrowed about $38 billion in federal student loans. Despite a dramatic reduction in annual default rates on those loans since fiscal year 1990 (from 22.4 to 5.9 percent), the total volume of dollars in default doubled to nearly $22 billion by fiscal year 2001 from about $11 billion in fiscal year 1990. During that same period, the total stu...
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...
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: Default Rates Need To Be Computed More Appropriately
HEHS-99-135: Published: Jul 28, 1999. Publicly Released: Aug 27, 1999.
Pursuant to a congressional request, GAO reviewed the Department of Education's method of calculating a school's student loan default rate, focusing on: (1) whether there has been an increase in the number of borrowers who entered repayment but subsequently received deferments or forbearances; (2) what effect would excluding borrowers whose loans were in deferment or forbearance have on the most r...
Direct Student Loans: Overpayments During the Department of Education's Conversion to a New Payment System
HEHS-99-44R: Published: Feb 17, 1999. Publicly Released: Feb 17, 1999.
Pursuant to a congressional request, GAO reviewed reports of erroneous Department of Education payments to schools participating in the William D. Ford Federal Direct Loan Program (FDLP) during the conversion to a new computerized payment system, focusing on: (1) the transition from the old payment system to the new payment system; and (2) whether the Department erroneously disbursed $400 million...
Student Financial Aid: Schools' Experiences Using the National Student Loan Data System
HEHS-98-192: Published: Sep 24, 1998. Publicly Released: Sep 24, 1998.
Pursuant to a congressional request, GAO reviewed schools' use of the National Student Loan Data System (NSLDS), focusing on: (1) the extent to and purposes for which schools are using NSLDS; (2) problems these schools are having and the benefits they are getting from using the system; (3) why some schools are not using NSLDS; and (4) the extent to which the Department of Education is taking or pl...