Stafford Student Loan Program: Correspondence Schools' Loan Volume Declines Sharply

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Report Type	Reports and Testimonies
Report Date	March 13, 1992
Report No.	HRD-92-62FS
Subject	Aid for education Government guaranteed loans Higher education Loan defaults Loan repayments Student financial aid Student loans Vocational schools Dept. of Education Parent Loans for Undergraduate Students Program Dept. of Education Stafford Student Loan Program Dept. of Education Supplemental Loans for Students Program Delinquent loans

Summary:

Correspondence schools participating in the Stafford Student Loan Program are generally for-profit trade schools that offer postsecondary education through home study. GAO found that the average borrower default rate for students in correspondence schools was more than double the rate--42.2 percent versus 18.3 percent--for all schools participating in the Stafford program during fiscal years 1987-89. Thirty correspondence schools were eligible to participate during this period, and their students received about $743 million in student loans. However, 16 of these schools, accounting for more than 90 percent of the loan volume, no longer participate in the program. If these 16 schools are excluded, the average default rate for correspondence schools drops to 27.8 percent.

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Stafford Student Loan Program: Correspondence Schools' Loan Volume Declines Sharply