GAO’s reports and testimonies give Congress, federal agencies, and the public timely, fact-based, non-partisan information that can improve government operations and save taxpayers billions of dollars.
When a college closes, students can be left with loans, no degree, and no path forward. Some of those students may be eligible for federal student loan forgiveness through a "closed school discharge" from the Department of Education.
The financial services industry is increasingly dependent on technology. We looked at factors affecting women's participation in STEM degree programs and their subsequent interest in financial services industry careers.
The Small Business Innovation Research Program seeks to stimulate technological breakthroughs by channeling federal research and development funds to small businesses. In 2017, 11 federal agencies awarded $2.3 billion to participants.
What GAO Found At least 852 schools, or 11 percent of U.S. colleges and universities, had agreements to provide debit or prepaid card services to their students as of July 2013, and most offered students the ability to receive federal student aid and other payments on a card.
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.
The Department of Education and GAO conducted a study of the feasibility of using alternative financial instruments for determining lender yields on student loans. Chapter one of the report provides an overview of federal student loan programs and their participants.
GAO estimated the potential savings from eliminating either Department of Education administrative expense allowance (AEA) payments to guaranty agencies or AEA payments in conjunction with a reduction in the share of guaranty agencies' collections on defaulted student loans.
Pursuant to a congressional request, GAO provided information on 1991 federal costs incurred due to the Department of Education's agreement to liquidate the Higher Education Assistance Foundation (HEAF).
Pursuant to a legislative requirement, GAO compared the practices of multistate and single-state guaranty agencies which insure lenders against defaulted loans under the Department of Education's Stafford Student Loan Program.