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B-164031(1) 1 (1974-10-15)

handle is hein.gao/gaobabknk0001 and id is 1 raw text is: COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON. D.C- 2CUB B-164031(l) RELEASED OCT 15 1974 The Honorable Patricia Schroeder House of Representatives Dear Mrs. Schroeder: Your letter of July 25, 1973, requested information on the -administration of the Federal Insured Student Loan program in Colorado. (See enc. I. ) Specifically, you expressed an interest in the practices of and relationships between the following pro- gram participants: Lenders Denver Automotive Institute Inc. Denver Industrial Bank Labor Finance Industrial Bank Parks School of Business, Lear Siegler, Inc. Educational institutions Airlines Training School, Inc. Denver Automotive Instittite, Inc. Parks School of Business, Lear Siegler, Inc. Our efforts to answer many of your questions concerning these participants were restricted either by the lack of necessary informa- tion or the manner in which it was compiled by the schools, lenders, and/or the Office of Education (OE), Department of Health, Educa- tion, and Welfare (HEW). With regard to the broader problems of program misuse and abuse cited in your letter, OE has indicated that the increase in in- sured student loan defaults in recent years can be attributed, in part, to certain program abuses. The largest increase in defaults has been by students attending vocational-technical schools. From November 1972 through April 1973 approximately 75 percent of the total default claims paid by OE were for students attending these schools. OE attributes the increase in defaults to several causes, including: --Lack of appropriate or timely refunds to students who with- draw before completing the course. --Indiscriminate recruitment and enrollment of students in courses not suited to their needs or abilities. v90-6-t 0Q 43

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