About half of the more than $1 trillion in outstanding federal student Direct Loans are being repaid by borrowers using IDR plans. Some borrowers in IDR plans are now potentially eligible for forgiveness of their remaining loan balances after 20 or 25 years of payments. GAO was asked to review IDR forgiveness. This report examines: (1) how many…

Today, approximately 43 million Americans hold a federal student loan. When these borrowers fall behind on payments, they become delinquent on their loans; once the loans reach 270 days past due, borrowers are in default. As of March 2021, roughly 1 in 5 borrowers was in default, according to data from the U.S. Department of Education. Failing to…

This brief examines the impact of using a system based on multiple metrics that requires institutions to pass three out of four thresholds for student loan default, student loan repayment, program completion, and postcollege earnings. Currently, a very high loan default rate is the only student outcome that disqualifies institutions from the…

All students deserve to attend programs and institutions that meet high quality standards. But different program goals, investments of time, and eligibility criteria make it difficult to set specific standards that will apply equally well to all types of programs and institutions. This report sets out principles for developing an accountability…

The federal government's Direct Loan program dominates the student-loan market today, issuing 90 percent of all loans made across the country each year. Students pursuing everything from short-term certificates to master's degrees qualify for nearly $100 billion in loans every year at terms more generous than most private lenders would offer.…

This paper provides a brief overview of the current state of federal accountability and the need for change, and a summary of the landscape of state accountability reforms through funding structures for public colleges and universities. It explores key questions or decision points that must be addressed in designing a federal accountability system…

As part of a series of hearings on the reauthorization of the Higher Education Act of 1965, testimony was heard over 3 days on the integrity of the federal student financial assistance programs. In the course of addressing this issue witnesses testified the first day about public confidence in the programs, accreditation of schools and their…