Federal Student Loans: Education Could Do More to Help Ensure Borrowers are Aware of Repayment and Forgiveness Options : Report to Congressional Requesters PDF Download

Author: United States. Government Accountability Office
Publisher:
ISBN:
Category : Federal aid to higher education
Languages : en
Pages : 0

View

Book Description

Author: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781977955548
Category :
Languages : en
Pages : 56

View

Book Description
As of September 2014, outstanding federal student loan debt exceeded $1 trillion, and about 14 percent of borrowers had defaulted on their loans within 3 years of entering repayment, according to Education data. GAO was asked to review options intended to help borrowers repay their loans. For Direct Loan borrowers GAO examined: (1) how participation in Income-Based Repayment and Pay As You Earn compares to eligibility, and to what extent Education has taken steps to increase awareness of these plans, and (2) what is known about Public Service Loan Forgiveness certification and eligibility, and to what extent Education has taken steps to increase awareness of this program. GAO reviewed relevant federal laws, regulations, and guidance; September 2014 data from Education and its loan servicer for Public Service Loan Forgiveness; Treasury's eligibility estimates; and 2012 employment data (most recent available) from the Bureau of Labor Statistics. GAO also interviewed officials from three loan servicers that service about half of Education's loan recipients.

Author: Melissa Emrey-Arras
Publisher:
ISBN: 9781457870552
Category :
Languages : en
Pages : 56

View

Book Description
As of September 2014, outstanding federal student loan debt exceeded $1 trillion, and about 14% of borrowers had defaulted on their loans within 3 years of entering repayment. For Direct Loan borrowers this report examined: (1) how participation in Income-Based Repayment and Pay As You Earn compares to eligibility, and to what extent the Department of Education (Education) has taken steps to increase awareness of these plans; and (2) what is known about Public Service Loan Forgiveness certification and eligibility, and to what extent Education has taken steps to increase awareness of this program. Tables and figures. This is a print on demand report.

Author: U.s. Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781973954521
Category :
Languages : en
Pages : 36

View

Book Description
" As of fiscal year 2013 about $94 billion-over 11 percent of federal student loan volume in repayment-was in default, which generally occurs when a borrower fails to make a payment for more than 270 days. Loan rehabilitation was established as an option to help Education collect defaulted student loans, and borrowers address the adverse consequences of default, such as repairing damaged credit. GAO was asked to review Education's loan rehabilitation process. This report examines how: (1) Education assists borrowers in rehabilitating defaulted student loans; (2) the upgrade of its defaulted loan information system affected loan rehabilitation; and (3) Education oversees private collection agencies in implementing loan rehabilitation. GAO reviewed Education's policies, procedures and guidance; contracts and monitoring records for the defaulted loan information system contractor and 22 collection agencies; collections and rehabilitation data; and relevant federal laws and regulations. GAO interviewed Education officials, representatives of borrower advocacy groups, and visited 6 selected collection agencies, based on their loan volume and geographic location. "

Author:
Publisher:
ISBN:
Category : Consumer finance companies
Languages : en
Pages : 31

View

Book Description

Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Default (Finance)
Languages : en
Pages : 36

View

Book Description

Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Default (Finance)
Languages : en
Pages : 30

View

Book Description

Author: U.s. Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781973913986
Category : Education, Higher
Languages : en
Pages : 42

View

Book Description
" Education issued almost $96 billion in Direct Loans for higher education to 9.1 million borrowers during fiscal year 2015. Education contracts with and monitors the performance of servicers that handle billing and other services for borrowers. GAO was asked to examine Education's management of the program. This report addresses (1) the type of Direct Loan information Education and servicers provide to borrowers, and how accessible it is; and (2) the extent to which Education oversees servicers to manage the Direct Loan program. GAO reviewed Education's contracts, policies, and procedures; analyzed its oversight reports and processes; and reviewed servicer websites and other information provided to borrowers. GAO also interviewed officials from Education, the Consumer Financial Protection Bureau, servicers that serve over 95 percent of Direct Loan borrowers, and a nongeneralizable sample of 24 borrowers selected randomly from Education data. "

Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Federal aid to higher education
Languages : en
Pages : 68

View

Book Description

Author: United States. Congress. House. Committee on Education and the Workforce. Subcommittee on Higher Education and Workforce Training
Publisher:
ISBN:
Category : College students
Languages : en
Pages : 96

View

Book Description