Financial Statements of the Student Loan Insurance Fund

HRD-78-165: Published: Sep 8, 1978. Publicly Released: Sep 8, 1978.

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Since 1968, GAO has issued seven reports to Congress on the financial aspects of the Student Loan Insurance Fund.

Many deficiencies in the Office of Education's accounting and computer systems were noted, including the following: (1) major accounts were unsupported by subsidiary records; (2) the allowance for loss rates for defaulted loans purchased, accrued interest, and claims-in-process was not based on actual program experience; and (3) the automated computer systems needed to provide accurate information for the Fund's financial statements were not functioning properly. A limited review of the Fund's financial transactions and operations for fiscal years 1976 and 1977 disclosed that these deficiencies remain uncorrected. No opinion was rendered since the poor condition of accounting records and lack of adequate internal control procedures would have necessitated additional time-consuming work.

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