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HRD-93-21R 1 (1993-06-18)

handle is hein.gao/gaobackir0001 and id is 1 raw text is: United States (3 O ~-~j General Accounting Office Washington, D.C. 20548 Human Resources Division B-249252 June 18, 1993 lB 1111 ii Ill 149437 The Honorable Edward M. Kennedy Chairman, Committee on Labor and Human Resources United States Senate Dear Mr. Chairman: In November 1992, we reported that the Department of Education's agreement to liquidate the Higher Education Assistance Foundation (HEAF) cost the federal government $212.4 million during fiscal year 1991.1 This letter responds to your request for information on the federal costs for liquidation activities in fiscal year 1992, the second year of the liquidation agreement. We are including information about factors that have and will affect HEAF's financial position in 1993, as well as the government's ability to recover its costs after the HEAF liquidation is completed on December 31, 1993. It will be several years, however, before the net federal costs or income resulting from the HEAF liquidation can be finally determined. BACKGROUND The Federal Family Education Loan Program helps students obtain financial assistance to pay for their postsecondary education. Loans are made by entities such as commercial lenders and savings and loan institutions. Each state establishes a guaranty agency or designates another entity to carry out guaranty agency functions on behalf of the state. These functions include, among other things, guaranteeing repayment of student loans to participating lenders in the event of default or other circumstances described in the statute. HEAF was the designated guarantor in the District of Columbia, Kansas, Minnesota, Nebraska, West Virginia, and Wyoming. In 'Guaranty Agency Solvency: Can the Government Recover HEAF's First-Year Liquidation Costs of $212 Million? (GAO/HRD-93-12BR, Nov. 13, 1992). GAO/HRD-93-21R, HEAF 1992 Financial Condition 00 13 #// 9 Y 7

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