Menu Search Account

LegiStorm

Get LegiStorm App Visit Product Demo Website
» Get LegiStorm App
» Get LegiStorm Pro Free Demo

Supplemental Student Loans: Who Are the Largest Lenders?

  Premium   Download PDF Now (35 pages)
Report Type Reports and Testimonies
Report Date Feb. 21, 1990
Report No. HRD-90-72FS
Subject
Summary:

Pursuant to a congressional request, GAO reviewed loan volume and default data for lending institutions participating in the Supplemental Loans for Students (SLS) program.

GAO found that: (1) the annual volume of new SLS program loans was $711 million in fiscal year (FY) 1987, $2 billion in FY 1988, and $2.1 billion in FY 1989; (2) the 10 largest lenders had a cumulative total of about $250 million in loan defaults from FY 1987 through FY 1989; and (3) 5 of the 10 largest lenders accounted for 40 percent of the SLS loans made and 60 percent of the total amount in defaulted loans over the 3-year period.

« Return to search Government Accountability Office reports