Student financial aid (31 - 40 of 111 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...
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...
Student Loan Programs: Lower Interest Rates and Higher Loan Volume Have Increased Federal Consolidation Loan Costs
GAO-04-568T: Published: Mar 17, 2004. Publicly Released: Mar 17, 2004.
Consolidation loans, available under the Department of Education's (Education) two major student loan programs--the Federal Family Education Loan Program (FFELP) and the William D. Ford Direct Loan Program (FDLP)--help borrowers manage their student loan debt. By combining multiple loans into one loan and extending the repayment period, a consolidation loan reduces monthly repayments, which may lo...
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...
Federal Student Aid: Expanding Eligibility for Less Than Halftime Students Could Increase Program Costs, But Benefits Uncertain
GAO-03-905: Published: Sep 10, 2003. Publicly Released: Oct 14, 2003.
Despite the availability of federal, state, and other sources of student aid, concerns have been raised that adult undergraduates--those 24 and older--receive inadequate assistance in meeting the costs of postsecondary education, particularly those adults who take one to five credits per term (or less than halftime). These concerns have been raised because less-than halftime adult students are una...
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...
Department of Education: Guaranteed Student Loan Program Vulnerabilities
GAO-03-268R: Published: Nov 21, 2002. Publicly Released: Jan 17, 2003.
Congress requested that GAO investigate weaknesses in the Department of Education's administration of student loans for postsecondary education under the Federal Family Education Loan (FFEL) Program. As a result of the undercover investigation, GAO exposed vulnerabilities in the administration of the FFEL Program. GAO set up a fictitious school and sought and obtained approval for student loans to...