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Education Must Verify Borrowers’ Information for Income-Driven Repayment Plans

Education Must Verify Borrowers’ Information for Income-Driven Repayment PlansFederal Student Education Loans:

Federal Figuratively Speaking:

GAO-19-347: Posted: Jun 25, 2019. Publicly Released: Jul 25, 2019.

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Seto J. Bagdoyan
(202) 512-6722
bagdoyans@gao.gov

Workplace of Public Affairs
(202) 512-4800
youngc1@gao.gov

To help relieve the responsibility of federal figuratively speaking, borrowers can use for Income-Driven Repayment plans. The plans utilize borrowers’ taxable earnings and household size to ascertain a reasonable repayment price. Monthly premiums is as low as $0 but still count toward prospective loan forgiveness following the payment duration.

Our guidelines are for the Department of Education to complete more to validate borrowers’ earnings and household size due to possible mistake or fraudulence:

A lot more than 76,000 borrowers making no monthly premiums may have had enough earnings to cover one thing

Significantly more than 35,000 borrowers had authorized plans with atypical household sizes of 9 or maybe more

Just just How family members size impacts re re payment quantities in a few Income-Driven Repayment plans for a borrower with $40,000 in taxable earnings

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