Download or read book Federal Student Loans Challenges in Estimating Federal Subsidy Costs Report to Congressional Committees GAO 05 874 written by General Accounting Office, Washington, DC. and published by . This book was released on 2005 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: In fiscal year 2004, the federal government made or guaranteed about $84 billion in loans for postsecondary education through two loan programs--the Federal Family Education Loan Program (FFELP) and the Federal Direct Loan Program (FDLP). Under FFELP, private lenders fund the loans and the government guarantees them a minimum yield and repayment if borrowers default. When the interest rate paid by borrowers is lower than the guaranteed minimum yield, the government pays lenders special allowance payments (SAP). Under FDLP, the U.S. Treasury funds the loans that are originated through participating schools. Under the Federal Credit Reform Act (FCRA) of 1990 the government calculates, for purposes of the budget, the net cost of extending or guaranteeing credit over the life of a loan, called a subsidy cost. Agencies generally update, or reestimate, subsidy costs annually to include actual program results and adjust future program estimates. GAO examined (1) whether re-estimated subsidy costs have differed from original estimates for FFELP and FDLP loans disbursed in fiscal years 1994 through 2004, (2) what factors explain changes between re-estimated and original subsidy rates--that is subsidy cost estimates per $100 disbursed; and (3) which federal costs and revenues associated with the student loan programs are not included in subsidy cost estimates. Appended are: (1) Comparison of Fiscal Year 2006 FDLP and FFELP Re-estimated Subsidy Costs per $100 Disbursed, by Loan Type and Cohort; and (2) GAO Contacts and Staff Acknowledgments. (Contains 5 figures, and 13 tables.).
Download or read book Federal Student Loans written by Cornelia M. Ashby and published by DIANE Publishing. This book was released on 2006-03 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: In FY 2004, the fed. gov't. made or guaranteed $84 billion in loans for post-secondary ed. through 2 loan programs -- the Fed. Family Ed. Loan Program (FFELP) & the Fed. Direct Loan Program (FDLP). Under FFELP, private lenders fund the loans & the gov't. guarantees them a minimum yield & repayment if borrowers default. When the interest rate paid by borrowers is lower than the guaranteed minimum yield, the gov't. pays lenders special allowance payments (SAP). Under FDLP, the U.S. Treasury funds the loans that are originated through participating schools. Under the Fed. Credit Reform Act (FCRA) of 1990 the gov't. calculates the net cost of extending or guaranteeing credit over the life of a loan, called a subsidy cost. Agencies generally update, or re-estimate, subsidy costs annually to include actual program results & adjust future program estimates. This report examined: (1) whether re-estimated subsidy costs have differed from original estimates for FFELP & FDLP loans disbursed in FY 1994 through 2004; (2) what factors explain changes between re-estimated & original subsidy rates -- that is subsidy cost estimates per $100 disbursed; & (3) which fed. costs & revenues associated with the student loan programs are not included in subsidy cost estimates. Charts & tables.
Download or read book Gao 05 874 Federal Student Loans written by United States Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2018-01-29 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO-05-874 Federal Student Loans: Challenges in Estimating Federal Subsidy Costs
Download or read book Federal Student Loans written by United States. Government Accountability Office and published by . This book was released on 2005 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Student Loans written by and published by . This book was released on 2005 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal student loans challenges in estimating federal subsidy costs report to congressional committees written by and published by DIANE Publishing. This book was released on with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Department of Education written by United States. General Accounting Office and published by . This book was released on 2001 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Department of Education key aspects of the Federal Direct Loan Program s cost estimates report to Congressional requesters written by and published by DIANE Publishing. This book was released on with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Federal Student Aid Formula written by US Government Accountability Office and published by . This book was released on 2009 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: In fiscal year 2008, the Department of Education oversaw the distribution of approximately $96 billion in federal student financial aid, including $14.6 billion in Pell Grants to low- and middle-income students, to help students and their families pay for higher-education expenses. Much of this aid was distributed based on a formula specified in the Higher Education Act, as amended, that is used to identify students who need financial assistance to pay for higher education. To apply for federal financial aid, such as Pell Grants, students submit a Free Application for Federal Student Aid on which they report their own or both their own and their families' income and assets. Students who are financially dependent on their parents or other family members are required to report their own and their family's income and assets, while those who are financially independent report only their own income and assets (and their spouse's, if they are married). To determine if a student has financial need, the aid formula compares how much it costs a student to attend a particular college and an estimate of how much the student or student and family can afford to pay toward the cost--called the expected family contribution (EFC). How much a family can afford to contribute to college costs depends on a variety of factors, including the cost of living where a family resides. Some observers have questioned whether the federal aid formula appropriately accounts for geographic cost-of-living differences. As required by the Higher Education Opportunity Act, we are providing information on options for adjusting the federal student aid formula for geographic cost-of-living differences. Specifically, this report addresses the following questions: (1) How does the current federal financial aid formula affect students in different geographic areas? (2) What options exist for modifying this formula to reflect geographic cost-of-living differences? (3) How would adding a cost-of-living adjustment (COLA) to the formula affect the federal financial aid system, including the distribution of Pell Grants? The study found that the federal aid formula accounts for a small degree of geographic cost-of-living differences, but it is unclear how geographic cost-of-living differences not accounted for in the formula affect a family's ability to pay for college. While no official measure of overall geographic cost-of-living differences exists, we have identified 3 possible COLA options that could be used in the aid formula. These COLAs have varying geographic scopes, impacts, strengths, and limitations. The COLAs we identified could increase Pell Grants and other aid to a small percentage of students from high-cost areas, but could also further complicate the calculation and administration of aid. Appended are: (1) Briefing Slides; (2) Scope and Methodology; (3) Counties Where Students Could See a Change in Financial Aid under Different COLA Options; (4) Summary of Effects of Adding a COLA to the Federal Needs Analysis Formula on Expected Family Contribution Levels and Pell Grant Awards; (5) Change in Pell Grant for Example Students in High-Cost and Low-Cost Areas for Each COLA; and (6) GAO Contact and Staff Acknowledgments.
Download or read book Federal Student Loans Education Needs to Improve Its Income Driven Repayment Plan Budget Estimates written by U.s. Government Accountability Office and published by Createspace Independent Publishing Platform. This book was released on 2017-07-26 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Federal student loans, Education needs to improve its income-driven repayment plan budget estimates: report to the Chairman, Committee on the Budget, U.S. Senate. As of June 2016, 24 percent of Direct Loan borrowers repaying their loans (or 5.3 million borrowers) were doing so in IDR plans, compared to 10 percent in June 2013. Education expects these plans to have costs to the government. GAO was asked to review Education's IDR plan budget estimates and estimation methodology. This report examines: (1) current IDR plan budget estimates and how those estimates have changed over time, and (2) the extent to which Education's approach to estimating costs and quality control practices help ensure reliable estimates. GAO analyzed published and unpublished budget data covering Direct Loans made from fiscal years 1995 through 2015 and estimated to be made in 2016 and 2017; analyzed and tested Education's computer code used to estimate IDR plan costs; reviewed documentation related to Education's estimation approach; and interviewed officials at Education and other federal agencies.
Download or read book Federal student loans impact of loan limit increases on college prices is difficult to discern written by and published by . This book was released on 2014 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Student Loan Programs written by General Accounting Office, Washington, DC. and published by . This book was released on 2004 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This statement focuses on issues related to consolidation loans and their cost implications for taxpayers and borrowers. Consolidation loans, available under the Department of Education?s (Education's) two major student loan programs?the Federal Family Education Loan Program (FFELP) and the William D. Ford Direct Loan Program (FDLP)?help borrowers manage their student loan debts. By combining multiple loans into one loan and extending the repayment period, a consolidation loan reduces monthly repayments, which may lower default risk and, thereby, reduce federal costs of loan defaults. This testimony focuses on the following: (1) recent changes in interest rates and consolidation loan volume, and (2) how these changes have affected federal costs for FFELP and FDLP consolidation loans. Comments are based on findings from an October 2003 report entitled ?Student Loan Programs: As Federal Costs of Loan Consolidation Rise, Other Options Should be Examined? (GAO-04-101). Those findings were based on review and analysis of data from officials from Education?s Office of Federal Student Aid and Budget Service and representatives of FFELP lenders; a sample of student loan data extracted from Education?s National Student Loan Data System; relevant cost analyses prepared by Education; and statutory, regulatory, and other published information. For this testimony, numbers were updated to reflect recent estimates by the Department of Education. Overall, recent years have seen a drop in interest rates for student loan borrowers along with dramatic overall growth in consolidation loan volume (due in part to declining interest rates that have made it attractive for many borrowers to consolidate their variable rate student loans at a low, fixed rate). Recent trends in interest rates and consolidation loan volume have affected the cost of the FFELP and FDLP consolidation loan programs in different ways, but in the aggregate, estimated subsidy and administration costs hav.
Download or read book Federal Student Loan Interest Rates written by Jason Delisle and published by . This book was released on 2012 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Keeping College Within Reach written by United States. Congress. House. Committee on Education and the Workforce and published by . This book was released on 2013 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Downsizing the Federal Government written by Chris Edwards and published by Cato Institute. This book was released on 2005-11-25 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: The federal government is running huge budget deficits, spending too much, and heading toward a financial crisis. Federal spending soared under President George W. Bush, and the costs of programs for the elderly are set to balloon in coming years. Hurricane Katrina has made the federal budget situation even more desperate. In Downsizing the Federal Government Cato Institute budget expert Chris Edwards provides policymakers with solutions to the growing federal budget mess. Edwards identifies more than 100 federal programs that should be terminated, transferred to the states, or privatized in order to balance the budget and save hundreds of billions of dollars. Edwards proposes a balanced reform package of cuts to entitlements, domestic programs, and excess defense spending. He argues that these cuts would not only eliminate the deficit, but also strengthen the economy, enlarge personal freedom, and leave a positive fiscal legacy for the next generation. Downsizing the Federal Government discusses the systematic causes of wasteful spending, and it overflows with examples of federal programs that are obsolete and mismanaged. The book examines the budget process and shows how policymakers act contrary to the interests of average Americans by favoring special interests.
Download or read book Student Assistance General Provisions Federal Perkins Loan Program Federal Family Education Loan Program Us Department of Education Regulation Ed 2018 Edition written by The Law The Law Library and published by Createspace Independent Publishing Platform. This book was released on 2018-07-22 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: Student Assistance General Provisions, Federal Perkins Loan Program, Federal Family Education Loan Program (US Department of Education Regulation) (ED) (2018 Edition) The Law Library presents the complete text of the Student Assistance General Provisions, Federal Perkins Loan Program, Federal Family Education Loan Program (US Department of Education Regulation) (ED) (2018 Edition). Updated as of May 29, 2018 The Secretary amends the Student Assistance General Provisions, Federal Perkins Loan (Perkins Loan) Program, Federal Family Education Loan (FFEL) Program, and William D. Ford Federal Direct Loan (Direct Loan) Program regulations. These final regulations will: Amend the FFEL and Direct Loan program regulations to reflect changes made to the Higher Education Act of 1965, as amended (HEA), by the SAFRA Act included in the Health Care and Education Reconciliation Act of 2010; incorporate statutory changes to interest rates and other recent statutory changes in the Direct Loan Program regulations; update, strengthen, and clarify various areas of the Student Assistance General Provisions, Perkins Loan, FFEL, and Direct Loan program regulations; and provide for greater consistency in the regulations governing the title IV, HEA student loan programs. These final regulations will ensure that the title IV, HEA Federal student aid programs operate as efficiently as possible. This book contains: - The complete text of the Student Assistance General Provisions, Federal Perkins Loan Program, Federal Family Education Loan Program (US Department of Education Regulation) (ED) (2018 Edition) - A table of contents with the page number of each section
Download or read book Financial Regulation written by Orice M. Williams and published by DIANE Publishing. This book was released on 2009 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. and other countries are in the midst of the worst financial crisis in more than 75 years. While much of the attention of policymakers has been focused on taking short-term steps to address the immediate nature of the crisis, these events have served to strikingly demonstrate that the current U.S. financial regulatory system is in need of significant reform. This report: (1) describes the origins of the current financial regulatory system; (2) describes various market developments and changes that have created challenges for the current system; and (3) presents an evaluation framework that can be used to shape potential regulatory reform efforts. An important and thorough review of the issues related to regulatory reform. Charts and tables.
