ERIC Number: ED427640
Record Type: Non-Journal
Publication Date: 1999-Jan
Reference Count: N/A
Credit Reform. Key Credit Agencies Had Difficulty Making Reasonable Loan Program Cost Estimates. Report to Congressional Requesters.
General Accounting Office, Washington, DC. Accounting and Information Management Div.
This report finds problems in the ability of the five major federal credit agencies to reasonably estimate subsidy costs related to the $216.6 billion in direct loans and $712.4 billion in loan guarantees issued by the federal government. The five agencies are the Small Business Administration (SBA) and the departments of Education, Housing and Urban Development, Veterans Affairs, and Agriculture. Although both SBA and Education did provide reasonable estimates on their fiscal year 1997 financial statements, the Education Department's data from the National Student Loan Data System had not been validated, and SBA made errors in the reestimate it submitted for budget purposes. Specific problems found in the audits of each agency's financial statements are explained. Also included are recommendations for each agency, each agency's responses to the draft findings, and the General Accounting Office's final evaluations. (DB)
Descriptors: Accounting, Budgeting, Data Collection, Federal Aid, Higher Education, Public Agencies, Student Loan Programs, Validity
U.S. General Accounting Office, P.O. Box 37050, Washington, DC 20013; Tel: 202-512-6000; Fax: 202-512-6061; Web site: www.gao.gov (first copy free, additional copies $2 each).
Publication Type: Reports - Evaluative
Education Level: N/A
Authoring Institution: General Accounting Office, Washington, DC. Accounting and Information Management Div.