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Education Needs To Verify Borrowers’ Information For Income-Driven Repayment Plans.pdf

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Preview of Education Needs to Verify Borrowers’ Information for Income-Driven Repayment Plans
🔗 Source: getoutofdebt.org
📊 Size: 945 KB
👤 Author: U.S. Government Accountability Office, http://www.gao.gov
⬇️ Downloads: 82

Summary

The US Government Accountability Office (GAO) found indicators of potential fraud or error in income and family size information for borrowers with approved Income-Driven Repayment (IDR) plans. About 95,100 IDR plans were held by borrowers who reported zero income, yet potentially earned enough wages to make monthly student loan payments, with estimated annual wages of $45,000 or more. Additionally, about 40,900 IDR plans were approved based on family sizes of nine or more, which is atypical. These results indicate that some borrowers may have misrepresented or erroneously reported their income or family size, which can result in the Department of Education losing thousands of dollars of loan repayments per borrower each year. The GAO recommends that the Department of Education obtain data to verify income information, implement data analytic practices, and follow-up procedures to verify borrower reports of zero income and family size.

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Description

The US Government Accountability Office (GAO) found indicators of potential fraud or error in income and family size information for borrowers with approved...

Technical Information

  • File Format: PDF
  • File Size: 945 KB
  • Pages: 47
  • Language: EN
  • Author: U.S. Government Accountability Office, http://www.gao.gov
  • Total Downloads: 82
  • Last Updated: 1 week ago

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