Student loan programs as federal costs of loan consolidation rise, other options should be examined. PDF Download
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Author:
Publisher: DIANE Publishing
ISBN: 142894334X
Category :
Languages : en
Pages : 45
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Book Description
Author:
Publisher: DIANE Publishing
ISBN: 142894334X
Category :
Languages : en
Pages : 45
Get Book Here
Book Description
Author: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
ISBN: 9781978461000
Category :
Languages : en
Pages : 46
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Book Description
Student Loan Programs: As Federal Costs of Loan Consolidation Rise, Other Options Should Be Examined
Author:
Publisher:
ISBN:
Category : Student aid
Languages : en
Pages : 39
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Book Description
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Student aid
Languages : en
Pages : 0
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Book Description
Author: General Accounting Office, Washington, DC.
Publisher:
ISBN:
Category :
Languages : en
Pages : 15
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Book Description
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.
Author: United States. Congress. House. Committee on Education and the Workforce
Publisher:
ISBN:
Category : Education
Languages : en
Pages : 96
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Book Description
Author: Deborah Lucas
Publisher: DIANE Publishing
ISBN: 1437931588
Category : Education
Languages : en
Pages : 36
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Book Description
Author:
Publisher:
ISBN:
Category : Student loans
Languages : en
Pages : 24
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Book Description
Author:
Publisher: DIANE Publishing
ISBN: 1428938222
Category :
Languages : en
Pages : 56
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Book Description
Author: Cornelia M. Ashby
Publisher:
ISBN:
Category :
Languages : en
Pages : 56
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Book Description
This study investigated: (1) differences between the Federal Family Education Loan Program (FFELP) and William D. Ford Federal Direct Loan Program (FDLP) consolidation loans and borrowers; (2) the extent to which borrowers with student loans under one program obtain consolidation loans under the other; and (3) how FFELP and FDLP borrower and loan characteristics and the movement of loans between the two programs are incorporated into the Department of Education's (Education's) budgetary cost estimates for consolidation loans. Researchers analyzed a representative sample of borrowers from Education's National Student Loan Data System who originated consolidation loans from 1995-June 2003. On average, FFELP consolidation loan borrowers had higher levels of consolidation loan debt than did FDLP consolidation loan borrowers, were more likely to have attended a four-year versus two-year or proprietary school, and were less likely to default on a student loan prior to consolidation. In both groups, those who had defaulted prior to consolidation were more likely to default on their consolidation loan than were those who did not default prior to consolidation. From 1998-2002, an increasing share of both FFELP and FDLP underlying loan volume was consolidated into FFELP, while a decreasing share was consolidated into FDLP. Defaulted loans overall were much more likely to be consolidated into FDLP. Education incorporates borrower and loan characteristics and movement of loans between programs into its budgetary cost estimates by grouping loans with similar characteristics into risk categories, forecasting loan volume for each risk category, and applying various assumptions to each risk category based on historical and other economic data. It incorporates borrower default history into its cost estimates by grouping consolidation loans with underlying defaulted loans in a risk category and applying higher default rate assumptions to loans in this category. Education has notes based on type of school attended. Comments from Education are appended.
