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

Federal Student Education Loans:

Federal Figuratively Speaking:

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

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

Office of Public Affairs
(202) 512-4800
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To help ease the responsibility of federal student education loans, borrowers can use for Income-Driven Repayment plans. The plans utilize borrowers’ taxable earnings and household size to ascertain an inexpensive repayment rate. Monthly premiums is as low as $0 but still count toward prospective loan forgiveness following the repayment duration.

Our suggestions are when it comes to Department of Education to complete more to confirm borrowers’ income and household size due to possible mistake or fraud:

A lot more than 76,000 borrowers making no payments that are monthly have had enough earnings to pay for one thing

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

Exactly exactly exactly How family members size impacts re payment quantities in a few Income-Driven Repayment plans for a borrower with $40,000 in taxable earnings

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

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