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B-117604(7) 1 (1973-02-26)

handle is hein.gao/gaobaaegw0001 and id is 1 raw text is: by the Office of Cogressiol Relations, a recor Pofrwhich Is kept by the 20s d WASHINGTON, D.C. 20549! RELEASED O'?O S9~S~~ /4 BE ST DOCUMENT A!AUL sLE B-117604 (7) The Honorable Samuel L. Devine House of Representatives !K Dear Mr. Devine: In your letter of October 11, 1972, you requested information con- cerning the Officef4¢ w=¢tion's (OE's) progress in resolving the problems pointed out in our report entitled Office of Education Should Improve Procnres._tqReeer.efaultdLoans dUnder the Guaranteed StudentLoan P,,apm (B-117604(7), Dec. 30, 1971). Our-present review, as did our pre- vious review, covers only those loans insured by the Federal Government. We found that progress has been made. The following table shows, for fiscal year 1968 through the first quarter of fiscal year 1973, the dollar volume and the number of commit- ments for these loans. Fiscal year 1968 1969 1970 1971 1972 1973 (3 mos.) Dollar volume $ 66,555,455 217,606,700 353,788,310 483,898,839 708,163,745 187,428,859a Number of commitments 82,549 248,489 365,388 487,135 691,874 167,824a aPreliminary data based on oral reports; subject to change when OE- prepared figures are received. STATUS OF LOANS IN DEFAULT In December 1971 we reported that, of the 5,169 loans in default as of January 1971, 3,049--or 59 percent--were unprocessed, i.e., OE had not attempted to collect these debts. On October 31, 1972, there were 38,837 defaulted loans for which the United States had paid $35,819,494. The table below shows these figures by fiscal years. 00m 416

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