Student Loans: Borrower Default, Rehabilitation, Federal Terms and Conditions

Crystal Rollins (Editor)

Series: Education in a Competitive and Globalizing World
BISAC: EDU013000

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The Department of Education (Education) relies on collection agencies to assist borrowers in rehabilitating defaulted student loans, which allows borrowers who make nine on-time monthly payments within 10 months to have the default removed from their credit reports. Education works with 22 collection agencies to locate borrowers and explain repayment options, including rehabilitation.

From fiscal years 2011 to 2013, Education collected about $9 billion on over 1.5 million loans through rehabilitation, most of which was recovered by collection agencies. This book examines how Education assists borrowers in rehabilitating defaulted student loans; the upgrade of its defaulted loan information system affected loan rehabilitation; and Education oversees private collection agencies in implementing loan rehabilitation. (Imprint: Nova)

Preface

Chapter 1 - Federal Student Loans: Better Oversight Could Improve Defaulted Loan Rehabilitation (pp. 1-26)
United States Government Accountability Office

Chapter 2 - Testimony of James W. Runcie, Chief Operating Officer, Federal Student Aid, U.S. Department of Education. Hearing on ''Examining the Mismanagement of the Student Loan Rehabilitation Process'' (pp. 27-34)
James W. Runcie

Chapter 3 - Testimony of Kathleen S. Tighe, Inspector General, U.S. Department of Education. Hearing on ''Examining the Mismanagement of the Student Loan Rehabilitation Process" (pp. 35-42)
Kathleen S. Tighe

Chapter 4 - Statement of Peg Julius, Member of the Executive Council of the National Direct Student Loan Coalition. Hearing on ''Examining the Mismanagement of the Student Loan Rehabilitation Process'' (pp. 43-46)
Peg Julius

Chapter 5 - Federal Student Loans Made Under the Federal Family Education Loan Program and the William D. Ford Federal Direct Loan Program: Terms and Conditions for Borrowers (pp. 47-130)
David P. Smole

Index

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