Submitting OIG:
Report Description:
We found that the Department should have enhanced its communications regarding cost information related to the Federal student loan programs’ income-driven repayment (IDR) plans and loan forgiveness programs to make it more informative and easier to understand. Specifically, the Department could have provided more detailed information on specific IDR plans, such as Pay as You Earn and Revised Pay as You Earn, and its loan forgiveness programs to fully inform decision makers and the public (including advocacy groups) about current and future program management and financial implications of these plans and programs. Decision makers and others may not be aware of the growth in the participation in these IDR plans and loan forgiveness programs and the resulting additional costs. They also may not be aware of the risk that, for future loan cohorts, the Federal government and taxpayers may lend more money overall than is repaid from borrowers.
Date Issued:
Wednesday, January 31, 2018
Agency Reviewed / Investigated:
Submitting OIG-Specific Report Number:
A09Q0003
Component, if applicable:
Office of Deputy Secretary
Location(s):
Washington, DC
United StatesType of Report:
Audit
Questioned Costs:
$0
Funds for Better Use:
$0
Number of Recommendations:
3
Report updated under NDAA 5274:
No
View Document:
Attachment | Size |
---|---|
FY18A09Q0003031224v100SECURED.pdf | 3.87 MB |
Additional Details Link: