Defaulted Student Loans. Guarantee Agencies' Collection Practices and Procedures. United States General Accounting Office Briefing Report to the Chairman, Subcommittee on Postsecondary Education, Committee on Education and Labor, House of Representatives [electronic resource]
A review was conducted of methods used by the U.S. Department of Education and by state or private nonprofit loan guarantee agencies to protect the federal government's interest when collecting defaulted student loans under the Guaranteed Student Loan Program. Questionnaires were sent to 58 gua...
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| Format: | Electronic eBook |
| Language: | English |
| Published: |
[S.l.] :
Distributed by ERIC Clearinghouse,
1986.
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| Summary: | A review was conducted of methods used by the U.S. Department of Education and by state or private nonprofit loan guarantee agencies to protect the federal government's interest when collecting defaulted student loans under the Guaranteed Student Loan Program. Questionnaires were sent to 58 guarantee agencies that administer the program to determine: functions performed by or on behalf of the guarantee agencies; use of standardized collection procedures; specific collection practices used; use of private collection agencies; litigation procedures used; extent to which administrative offsets, such as seizure of income tax refunds and wage garnishments are used; and guarantee agencies' opinions about their most successful collection techniques. It was found that 86% of the agencies use private collection contractors to assist in collection efforts, and 91% of the agencies contract out litigation to collect from defaulters. Included are the questionnaire and data on responses to each item. The questionnaire, which includes 126 questions, is divided into sections on organization, policies and procedures, bankruptcy, and studies/audits. A list of guarantee agencies by state is provided, along with definitions of 13 functions that may be performed by or on behalf of guarantee agencies. (SW) |
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| Item Description: | ERIC Document Number: ED273182. Availability: U.S. General Accounting Office, P.O. Box 6015, Gaithersburg, MD 20877 (first 5 copies free; additional copies, $2.00 each; 25% discount on orders for 100 or more copies mailed to a single address). ERIC Note: For a related document, see HE 019 574. Educational level discussed: Higher Education. |
| Physical Description: | 70 p. |