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

Education Must Verify Borrowers’ Information for Income-Driven Repayment PlansFederal Figuratively Speaking:

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 relieve the duty of federal student education loans, borrowers can use for Income-Driven Repayment plans. The plans utilize borrowers’ taxable earnings and household size to ascertain a payment rate that is affordable. Monthly premiums is as low as $0 but still count toward prospective loan forgiveness following the payment duration.

Our suggestions are when it comes to Department of Education to complete more to confirm borrowers’ family and income size due to possible mistake or fraud: