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Education Must Verify Borrowers’ Information for Income-Driven Repayment Plans

Education Must Verify Borrowers’ Information for Income-Driven Repayment PlansFederal Figuratively Speaking:

Federal Student Education Loans:

GAO-19-347: Posted: Jun 25, 2019. Publicly Released: Jul 25, 2019.

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Extra Materials:

  • Features Web Page:
    • (PDF, 1 web web web page)
  • Complete Report:
    • View Report (PDF, 47 pages)
  • Available Variation:
    • (PDF, 50 pages)

Seto J. Bagdoyan
(202) 512-6722
bagdoyans@gao.gov

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

To help ease the responsibility of federal figuratively speaking, borrowers can put on for Income-Driven Repayment plans. The plans utilize borrowers’ taxable earnings and household size to ascertain a payment rate that is affordable. Monthly obligations is often as low as $0 but still count toward prospective loan forgiveness following the payment duration.

Our suggestions are when it comes to Department of Education to accomplish more to validate borrowers’ earnings and household size due to possible mistake or fraudulence:

Significantly more than 76,000 borrowers making no monthly premiums may have had enough earnings to pay for one thing

Significantly more than 35,000 borrowers had authorized plans with atypical family members sizes of 9 or maybe more

Exactly just How family members size affects re payment quantities in some Income-Driven Repayment plans for the debtor with $40,000 in taxable earnings

Graphic showing that a single debtor’s re re payment will be $182 but decreases to $74 with a household of 3 and $0 with a family group of 5

Extra Materials:

  • Shows Web Page:
    • (PDF, 1 web web page)
  • Comprehensive Report:
    • View Report (PDF, 47 pages)
  • Available Variation:
    • (PDF, 50 pages)

Seto J. Bagdoyan
(202) 512-6722
bagdoyans@gao.gov

Workplace of Public Affairs
(202) 512-4800
youngc1@gao.gov

Exactly Exactly What GAO Found

GAO identified indicators of prospective fraudulence or mistake in earnings and family size information for borrowers with authorized Income-Driven Repayment (IDR) plans.

 
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