| federal family education loan program: Federal Family Education Loan Program George A. Scott, 2008 Concerns have been raised about the Dept. of Education¿s role in overseeing the lenders & schools that participate in the largest of the Federal government¿s student loan programs, the Federal Family Education Loan Program (FFELP). The author was asked to analyze the Dept. of Education¿s use of its oversight, guidance, & enforcement authorities under FFELP. To do this, the author reviewed departmental documents & Federal laws, regulations, & cases & interviewed officials from the Dept. of Education & the student loan industry. Includes recommendations. Charts & tables. |
| federal family education loan program: Federal Family Education Loan Program United States. Government Accountability Office, 2005 |
| federal family education loan program: Federal Student Loans Made Under the Federal Family Education Loan Program and the William D. Ford Federal Direct Loan Program David P. Smole, 2013-03-13 The William D. Ford Federal Direct Loan (DL) program, authorized under Title IV, Part D of the Higher Education Act of 1965 (HEA), as amended, is the primary federal student loan program administered by the U.S. Department of Education (ED). The program makes available loans to undergraduate and graduate students and the parents of dependent undergraduate students to help them finance their postsecondary education expenses. The following types of loans are currently offered through the DL program: Subsidized Stafford Loans for undergraduate students; Unsubsidized Stafford Loans for undergraduate and graduate students; PLUS Loans for graduate students and the parents of dependent undergraduate students; and Consolidation Loans through which borrowers may combine multiple loans into a single loan. For FY2013, ED estimates that 22.5 million loans (not including Consolidation Loans) totaling $120.8 billion will be made to students and their parents through the DL program. Until July 1, 2010, Subsidized Stafford Loans, Unsubsidized Stafford Loans, PLUS Loans, and Consolidation Loans were also available through the Federal Family Education Loan (FFEL) program, authorized under Title IV, Part B of the HEA. The SAFRA Act, part of the Health Care and Education Reconciliation Act of 2010 (HCERA; P.L. 111-152), terminated the authority to make new loans under the FFEL program after June 30, 2010. While new loans may no longer be made through the FFEL program, approximately $289 billion in FFEL program loans are outstanding and are due to be repaid over the coming years. FFEL and DL program loans are low-interest loans, with maximum interest rates for each type of loan established by statute. Subsidized Stafford Loans are unique in that they are only available to undergraduate students demonstrating financial need. With certain exceptions, the federal government pays the interest that accrues on Subsidized Stafford Loans while the borrower is enrolled in school on at least a half-time basis, during a six-month grace period thereafter, and during periods of authorized deferment. Unsubsidized Stafford Loans and PLUS Loans are available to borrowers irrespective of their financial need; and borrowers are responsible for paying all the interest that accrues on these loans. FFEL and DL program loans have terms and conditions that may be more favorable to borrowers than private and other non-federal loans. These beneficial terms and conditions include interest rates that are often lower than rates that might be obtained from other lenders, opportunities for repayment relief through deferment and forbearance, loan consolidation, and several loan forgiveness programs. In the recent years, numerous changes were made to the terms and conditions of DL program loans. The Budget Control Act of 2011 (BCA; P.L. 112-25) eliminated the availability of Subsidized Stafford Loans to graduate and professional students for periods of instruction beginning on or after July 1, 2012; and terminated the availability of certain repayment incentives for loans made on or after July 1, 2012. The Consolidated Appropriations Act, FY2012 (P.L. 112-74) eliminated interest subsidies during the six-month post-enrollment grace period on Subsidized Stafford Loans disbursed between July 1, 2012, and June 30, 2014. The Moving Ahead for Progress in the 21st Century Act (MAP-21; P.L. 112-141) lowered the interest rate from 6.8% to 3.4% on Subsidized Stafford Loans made between July 1, 2012, and June 30, 2013. Also, for individuals who are new borrowers on or after July 1, 2013, MAP-21 restricted both the period during which individuals may borrow Subsidized Stafford Loans and the period during which the in-school interest subsidy may be provided to 150% of the published length of their educational program. |
| federal family education loan program: Federal Student Loan Programs Data Book Donald Conner, Rabab Saab, Karen Cicmanec, 1997 |
| federal family education loan program: Federal Family Education Loan Program George A. Scott, 2007 Concerns have been raised about the Department of Education's (Education) role in overseeing the lenders and schools that participate in the largest of the federal government's student loan programs, the Federal Family Education Loan Program (FFELP). GAO was asked to analyze Education's use of its oversight, guidance, and enforcement authorities under FFELP. To do this, GAO reviewed departmental documents and federal laws, regulations, and cases and interviewed officials from Education and the student loan industry. GAO recommends that the Secretary of Education: (1) update the department's oversight mechanisms to proactively identify possible instances of improper inducements and limitations on borrower choice; (2) be more proactive in investigating situations involving possible instances of these prohibited activities; (3) issue new guidance regarding inducements to guide the student loan industry until the relevant proposed regulations are finalized and become effective; and (4) develop a protocol to determine the appropriate level of response for cases of non-compliance and assess the effectiveness of these actions to inform and improve this protocol. Education agreed with the first two recommendations but did not explicitly agree or disagree with the other two. The following are appended: (1) Briefing Slides; (2) Scope and Methodology; (3) Comments from the Department of Education; and (4) GAO Contact and Staff Acknowledgments. [This report was produced by the United States Government Accountability Office.]. |
| federal family education loan program: Report on Marketing Practices in the Federal Family Education Loan Program , 2007 |
| federal family education loan program: Federal Family Education Loan Program United States. Government Accountability Office, 2004 |
| federal family education loan program: Federal Family Education Loan Program: Eliminating the Exceptional Performer Designation Would Result in Substantial Savings without Adversely Affecting the Loan Program , |
| federal family education loan program: Federal Family Education Loan Program statutory and regulatory changes could avert billions in unnecessary federal subsidy payments : report to congressional requesters. , |
| federal family education loan program: Financial Audit. Federal Family Education Loan Program's Financial Statements for Fiscal Year 1992 United States. General Accounting Office, 1993 |
| federal family education loan program: California's Options for Administering the Federal Family Education Loan Program Jennifer Kuhn, 2006 |
| federal family education loan program: Federal Family Education Loan Program United States Government Accountability Office, 2017-09-16 Concerns have been raised about the Department of Education's (Education) role in overseeing the lenders and schools that participate in the largest of the federal government's student loan programs, the Federal Family Education Loan Program (FFELP). GAO was asked to analyze Education's use of its oversight, guidance, and enforcement authorities under FFELP. To do this, GAO reviewed departmental documents and federal laws, regulations, and cases and interviewed officials from Education and the student loan industry. |
| federal family education loan program: Second Report on Marketing Practices in the Federal Family Education Loan Program , 2007 |
| federal family education loan program: Federal Student Loans Made Under the Federal Family Education Loan Program and the William D Ford Federal Direct Loan Program David P. Smole, 2008 |
| federal family education loan program: Federal Student Loans Kay L. Daly, 2010 These are the briefing slides in response to section 1119 of the Higher Educ. Opportunity Act. This act mandated a study of the financial and compliance audits and reviews required or conducted for the Fed. Family Educ. Loan and Fed. Direct Loan Programs. On August 6 and 7, 2009, the author briefed the staff of congressional committees on the types of audits, reviews, agreed-upon procedures, and reconciliations that are required or conducted for these programs. The author has incorporated additional information on the agreed-upon procedures engagements required by the Ensuring Continued Access to Student Loans Act and the reconciliations performed by the Dept. of Education's Office of Federal Student Aid. Charts and tables. |
| federal family education loan program: Federal Family Education Loan Program :. United States. Government Accountability Office, 2005 |
| federal family education loan program: Federal Family Education Loan Program United States. Government Accountability Office, 2007 The federal government guarantees loans in the Federal Family Education Loan program (FFELP) so that private lenders that participate in the program will be reimbursed if a borrower defaults, and about $4.6 billion was spent in fiscal year 2006 to repay lenders for defaulted loans. To retain the guarantee on their loans, all FFELP lenders must comply with minimum due diligence requirements for servicing loans, including establishing a borrower's first repayment due date and making a certain number of attempts to contact delinquent borrowers. Lenders that adhere to these requirements are eligible to receive at least a standard reimbursement rate of 97 percent of the outstanding principal and accrued interest for defaults. However, pursuant to a provision of the Higher Education Amendments of 1992, the Secretary of Education has the authority to designate lenders and loan servicers as exceptional performers in servicing FFELP loans, and loans serviced by those with the exceptional performer designation qualify for a 99 percent reimbursement rate. The amendments also provided authority to the Secretary of Education to terminate the exceptional performer program following a GAO study, if such termination is in the fiscal interest of the United States. To obtain the exceptional performer designation, loan servicers have to obtain an initial audit by independent auditors, demonstrating at least 97 percent compliance with due diligence requirements for a random sample of loans they service, and they must continue to demonstrate compliance through quarterly and annual audits to maintain the designation. The first exceptional performer designation that Education granted took effect in January 2004, and 18 organizations that service about 90 percent of all FFELP loans currently have the exceptional performer designation. GAO was asked to conduct a review of the exceptional performer program to answer the following questions: (1) To what extent is the exceptional performer program meeting its objectives of improving loan servicing and decreasing defaults? (2) What are the costs and benefits of the exceptional performer program? To assess changes in defaults on FFELP loans since the exceptional performer designation was granted, we analyzed data from the National Student Loan Data System (NSLDS) covering fiscal years 1998 to 2006. To control for portfolio growth, we analyzed defaulted loans relative to all out-of-school loans, that is, all loans that were in repayment, deferment, forbearance, and default |
| federal family education loan program: Federal Student Loan Programs United States. Congress. House. Committee on Government Reform, 2005 |
| federal family education loan program: Direct Loan Evaluation , 1997 |
| federal family education loan program: Guaranteed Student Loans United States. General Accounting Office, 1992 |
| federal family education loan program: Federal Family Education Loan Program , 2005 |
| federal family education loan program: Government-run Student Loans United States. Congress. House. Committee on Education and the Workforce. Subcommittee on Higher Education and Workforce Training, 2011 |
| federal family education loan program: Federal Family Education Loan Program United States Government Accountability Office, 2018-01-14 Federal Family Education Loan Program: Eliminating the Exceptional Performer Designation Would Result in Substantial Savings without Adversely Affecting the Loan Program |
| federal family education loan program: Ensuring the Availability of Federal Student Loans United States. Congress. House. Committee on Education and Labor, 2008 |
| federal family education loan program: Increasing Student Aid Through Loan Reform United States. Congress. House. Committee on Education and Labor, 2009 |
| federal family education loan program: Guaranteed Student Loans United States. General Accounting Office, 1992 |
| federal family education loan program: California Student Aid Commission California. Bureau of State Audits, 2006 |
| federal family education loan program: Gao-05-184 Federal Family Education Loan Program United States Government Accountability Office, 2018-01-29 GAO-05-184 Federal Family Education Loan Program: More Oversight Is Needed for Schools That Are Lenders |
| federal family education loan program: Hearing on Federal Student Loan Programs United States. Congress. House. Committee on Economic and Educational Opportunities. Subcommittee on Oversight and Investigations, 1995 |
| federal family education loan program: Summary report Sandy Baum, 1999 |
| federal family education loan program: Department of Education's Student Loan Programs United States. Congress. House. Committee on Government Reform. Subcommittee on Criminal Justice, Drug Policy, and Human Resources, 2000 |
| federal family education loan program: Federal Student Loans Tatiana Shohov, 2004 Title IV of the Higher Education Act (HEA) authorises the major federal student aid programs, including the student loan programs, which are the largest source of aid for students. In FY2000, the Federal Family Education Loan (FFEL) programs and the Federal Direct Student Loan (DL) program supported an estimated $33.1 billion in new loan volume. Several types of loans are available: Federal need-based subsidised Stafford loans (under which the government pays the interest while the borrower is in school, a grace period of deferment); unsubsidised Stafford loans; Federal PLUS loans (for parents of undergraduate students); and Federal Consolidation loans. Overall, student loan volume has been increased in recent years, from $24 billion in FY1994 to $33 billion in FY2000. The number of loans being made has increased over the same period going from 6,483,000 to 8,618,000. The average amount that individual students are borrowing in any given year has not increased as dramatically. This new book examines important issues related to this cornerstone of American higher education. |
| federal family education loan program: Federal Family Education Loan Program :. United States. Government Accountability Office, 2007 |
| federal family education loan program: Evaluation of the Federal Direct Loan Program: Summary report , 1995 |
| federal family education loan program: Federal Family Education Loan Program United States Government Accountability Office, 2017-10-19 Federal Family Education Loan Program: Statutory and Regulatory Changes Could Avert Billions in Unnecessary Federal Subsidy Payments |
| federal family education loan program: Report on Marketing Practices in the Federal Family Education Loan Program , 2007 |
| federal family education loan program: The Federal Student Aid Information Center , 1997 |
| federal family education loan program: Gao-04-1070 - Federal Family Education Loan Program United States Government Accountability Office, 2018-01-29 GAO-04-1070 Federal Family Education Loan Program: Statutory and Regulatory Changes Could Avert Billions in Unnecessary Federal Subsidy Payments |
| federal family education loan program: Federal Family Education Loan Information System United States. General Accounting Office, 1995 |
| federal family education loan program: Federal Student Loan Programs: Opportunities Exist to Improve Audit Requirements and Oversight Procedures Kay L. Daly, 2010-11 |
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