Stronger Actions Needed to Recover $730 Million in Defaulted National Direct Student Loans. Report by the Comptroller General of the United States [microform]
- Bib ID:
- 5408353
- Format:
- Book and Microform
- Author:
- Comptroller General of the U.S., Washington, DC
- Online Version:
- https://eric.ed.gov/?id=ED212233
Broken link? let us search Trove , the Wayback Machine , or Google for you.
- Description:
-
- [Washington, D.C.] : Distributed by ERIC Clearinghouse, 1981
- 42 p.
- Summary:
-
The efforts of schools to administer and collect student loans and the actions of the U.S. Department of Education for collecting defaulted loans under the National Direct Student Loan program were investigated. The General Accounting Office visited seven schools in the midwest with default rates ranging from 5.9 to 63.1 percent and obtained information on 599 defaulted loans. Six of these schools had default rates exceeding 20 percent. Information also was obtained on defaults and collections for 33 other schools in the same geographical area with default rates exceeding 20 percent. It is concluded that the seven schools that were visited did not fully comply with the department's loan collection procedures, although they did an adequate job sending bills and collection letters. It is suggested that schools need to adopt a tougher attitude toward collecting defaulted loans, and the Department of Education should take stronger actions against those that fail to do so. Schools have forwarded to the department for collection about 240,000 loans with outstanding balances of $215 million. But various problems have slowed the department's collection efforts. The department plans to contract with private collection agencies for future loan collections. Also, to motivate defaulters to pay their debts, the Department of Education will allow credit bureaus to redisclose student loan default data to the general credit industry. Additional recommendations to the Department of Education are included. (SW)
- Notes:
-
- Availability: U.S. General Accounting Office, Washington, DC 20548.
- ERIC Note: For related document see HE 014 733.
- Educational level discussed: Higher Education.
- May also be available online. Address as at 14/8/18: https://eric.ed.gov/
- Reproduction:
- Microfiche. [Washington D.C.]: ERIC Clearinghouse microfiches : positive.
- Subject:
- Other authors/contributors:
- Comptroller General of the U.S., Washington, DC
- Available From:
- ERIC
- Copyright:
-
In Copyright
You may copy under some circumstances, for example you may copy a portion for research or study. Order a copy through Copies Direct to the extent allowed under fair dealing. Contact us for further information about copying.
- Reason for copyright status:
- Until 2051 [Created/Published Date + 70 Years]
Copyright status was determined using the following information:
- Material type:
- Literary Dramatic Musical
- Published status:
- Published
- Publication date:
- 1981
Copyright status may not be correct if data in the record is incomplete or inaccurate. Other access conditions may also apply. For more information please see: Copyright in library collections.
Request this item
Request this item to view in the Library’s reading room.
Feedback
Similar items
- Opportunity to Reduce Federal Interest Costs by Changing Loan Disbursement Procedures under the Guaranteed Student Loan Program. Report to the Congress by the Comptroller General of the United States [microform]
- Adverse Opinion on the Financial Statements of the Student Loan Insurance Fund for the Fiscal Year Ended September 30, 1980. Report to the Congress [microform]
- Examination of Financial Statements of Student Loan Insurance Fund Fiscal Year 1974. Office of Education, Department of Health, Education, and Welfare. Report to Congress [microform]
- Better Cash Management Can Reduce the Cost of the National Direct Student Loan Program. Report to the Congress by the Comptroller General of the United States [microform]
- Guaranteed Student Loans [microform] : GAO High Risk Series