United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2000-10-17 monographic deposited born digital 36 p. GA 1.13:GAO-01-68 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-01-68 P0b002ee180396138 f:d0168 DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-01-68 machine generated eng fdlp REPORT GAOREPORTS-GAO-01-68 GAO-01-68 Student loans Statistical data Government guaranteed loans Colleges and universities Loan defaults Loan repayments Comparative analysis Debt collection William D. Ford Federal Direct Loan Program Federal Family Education Loan Program Dept. of Education Parent Loans for Undergraduate Students Program Letter Report This document focuses on student loans, specifically direct loan default rates. Two major federal student loan programs, the Federal Direct Loan Program (FDLP) and the Federal Family Education Loan Program (FFELP), together provided student borrowers with about 9 million loans totaling about $42.9 billion in fiscal year 1999. The most recent student loan default rate statistics for schools showed that overall, the direct and guaranteed student loan programs had similar default rates at 6.6 percent for FDLP and 6.7 percent for FFELP. The two programs had similar default rates when the comparisons focused on the type of school. FDLP has two types of loans, consolidated and nonconsolidated. Generally, borrowers with consolidated loans who used the standard payment plan had a lower default rate than borrowers with nonconsolidated loans. However, when income contingent repayment plans were used, borrowers with consolidated loans had a higher default rate than those with nonconsolidated loans. The Department of Education has various procedures to ensure that loans are properly serviced and collected, including independent monitoring and external assessments of monitoring results. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-01-68/html/GAOREPORTS-GAO-01-68.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-01-68/pdf/GAOREPORTS-GAO-01-68.pdf GAO-01-68 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-01-68 Letter Report GAO-01-68; Student Loans: Direct Loan Default Rates; Student loans Statistical data Government guaranteed loans Colleges and universities Loan defaults Loan repayments Comparative analysis Debt collection William D. Ford Federal Direct Loan Program Federal Family Education Loan Program Dept. of Education Parent Loans for Undergraduate Students Program