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Federal Student Loans: Oversight of Defaulted Loan Rehabilitation Needs Strengthening. Testimony before the Subcommittee on Higher Education and Workforce Training, Committee on Education and the Workforce, House of Representatives. GAO-14-426T
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Emrey-Arras, Melissa – US Government Accountability Office, 2014
As of September 2013 about $94 billion--over 11 percent of federal student loan volume in repayment--was in default. Loan rehabilitation allows borrowers who make nine on-time monthly payments within 10 months to have the default removed from their credit reports. Department of Education (Education) contracts with collection agencies to assist…
Descriptors: Federal Aid, Student Loan Programs, Student Financial Aid, Loan Default