Financing Higher Education:

Examples Comparing Existing and Proposed Student Aid Programs

HRD-87-88FS: Published: Apr 22, 1987. Publicly Released: Apr 22, 1987.

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Pursuant to a congressional request, GAO compared existing federal financial assistance programs under the Higher Education Act with the programs the Department of Education proposed in its fiscal year (FY) 1988 budget.

GAO computed the total costs of higher education at 12 Florida schools and projected financial assistance needs, including grants and loans, to determine how long it would take students to repay loans under different postgraduation income conditions. GAO found that the proposed financial aid program for FY 1988 would: (1) result in larger student debt burdens upon graduation; (2) establish higher loan repayment schedules for graduates working in higher-paid occupations; and (3) eliminate further federal funding for college work study and supplemental educational opportunity grants, and maintain Pell Grants and guaranteed student loans with certain modifications.

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