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Direct Student Loans: Analyses of Borrowers' Use of the Income Contingent Repayment Option

HEHS-97-155 Published: Aug 21, 1997. Publicly Released: Aug 21, 1997.
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Highlights

Pursuant to a congressional request, GAO reviewed borrowers' use of the William D. Ford Federal Direct Loan Program's (FDLP) income contingent repayment (ICR) plan, focusing on: (1) the extent to which borrowers are using ICR compared with other repayment plans available under FDLP; (2) how loan delinquencies and defaults under ICR compare with delinquencies and defaults under other FDLP repayment plans; (3) how loan payments under ICR compare with payments under other FDLP repayment plans; and (4) how the Department of Education, which administers the program, verifies the accuracy of income reported by borrowers using ICR.

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Debt collectionDelinquent loansDirect loansLoan defaultsLoan repaymentsStudent financial aidStudent loansStudent loan repayment programStudent loan defaultStudent loan repayment