Download or read book Federal Student Loans Better Oversight Could Improve Defaulted Loan Rehabilitation written by and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Student Loans written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-12-16 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Federal Student Loans: Better Oversight Could Improve Defaulted Loan Rehabilitation

Download or read book Federal student loans better oversight could improve defaulted loan rehabilitation written by and published by . This book was released on 2014 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Student Loans Better Oversight Could Improve Defaulted Loan Rehabilitation written by U.s. Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-07-27 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: " 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. "

Download or read book Federal student loans better oversight could improve defaulted loan rehabilitation written by and published by . This book was released on 2014 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Student Loans written by Melissa Emrey-Arras and published by . This book was released on 2014-04-25 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 the Department of Education (Education) collect defaulted student loans, and borrowers address the adverse consequences of default, such as repairing damaged credit. This report reviewed Education's loan rehabilitation process. It 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. Tables and figures. This is a print on demand report.

Download or read book Federal Student Loans Oversight of Defaulted Loan Rehabilitation Needs Strengthening written by Melissa Emrey-Arras and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Student Loans written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2018-05-11 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: FEDERAL STUDENT LOANS: Oversight of Defaulted Loan Rehabilitation Needs Strengthening

Download or read book Federal Student Loans written by Melissa Emrey-Arras and published by . This book was released on 2014 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: As of September 2013 about $94 billion--over 11 percent of federal student loan volume in repayment--was in default. Loan rehabilitation allows borrowers who make nine on-time monthly payments within 10 months to have the default removed from their credit reports. Department of Education (Education) contracts with collection agencies to assist borrowers with rehabilitation and other options for repaying defaulted student loans. The federal government has an interest in ensuring that the loan rehabilitation process works well given the potential savings from returning defaulted loans to repayment. When Education upgraded its defaulted loan information system in October 2011, there were reports that some loans remained in default after borrowers had made enough payments to rehabilitate the loans, raising questions about Education's ability to manage the loan rehabilitation program. GAO asked Education, Workforce, and Income Security to examine Education's rehabilitation of defaulted student loans. This document reports the testimony of Melissa Emrey-Arras, Director, Education, Workforce, and Income Security. Her remarks address the following two areas: (1) how the upgrade of Education's defaulted loan information system affected loan rehabilitation; and (2) how Education oversees collection agencies in implementing loan rehabilitation. The findings in this report highlight serious weaknesses in Education's management and oversight of the loan rehabilitation process. The substantial delays that many borrowers experienced getting their loans out of default are largely attributable to Education not providing oversight appropriate to the risks associated with the system upgrade. While Education took steps to process the backlog of loans eligible for rehabilitation, it does not have performance data to provide assurance that borrowers are no longer experiencing delays. In addition, Education's oversight of collection agencies provides little assurance that borrowers are provided accurate information about loan rehabilitation. Education has taken some steps to strengthen its oversight in response to Education, Workforce, and Income Security recommendations however, given the preliminary nature of these efforts, it will be important to track how Education builds upon and sustains these actions over time to ensure it is providing appropriate levels of oversight. [Individuals making key contributions to this statement include Debra Prescott, Assistant Director; Kurt Burgeson, Maria Gaona, Amy Moran Lowe, and Jason Palmer.].

Download or read book Federal student loans oversight of defaulted loan rehabilitation needs strengthening written by Melissa Emrey-Arras and published by . This book was released on 2014 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Examining the Mismanagement of the Student Loan Rehabilitation Process written by United States. Congress. House. Committee on Education and the Workforce. Subcommittee on Higher Education and Workforce Training and published by . This book was released on 2015 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Student Loans Actions Needed to Improve Oversight of Schools Default Rates written by United States. Government Accountability Office and published by . This book was released on 2018 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Student Loans Education Could Improve Direct Loan Program Customer Service and Oversight Report to Congressional Requesters written by United States. Government Accountability Office and published by . This book was released on 2016 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Federal Family Education Loan Program written by George A. Scott and published by DIANE Publishing. This book was released on 2008 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Federal Student Loans Education Could Improve Direct Loan Program Customer Service and Oversight written by U.s. Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-07-25 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: " 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. "

Download or read book Federal Student Loans written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-12-25 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: FEDERAL STUDENT LOANS: Education Could Improve Direct Loan Program Customer Service and Oversight

Download or read book Federal Family Education Loan Program written by George A. Scott and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.].