The Higher Education Opportunity Act of 2008, Pub. L. No. 110-315, mandated GAO to study the financial and compliance audits and reviews required or conducted for the Federal Family Education Loan (FFEL) program and the Federal Direct Student Loan (DL) program. The Department of Educations (Education) Office of Federal Student Aid is responsible for administering these programs. This report focuses on(1) identifying differences and similarities in audit requirements and oversight procedures for the FFEL and DL programs, including anticipated changes to selected oversight activities and(2) describing how the Office of Federal Student Aids policies and procedures are designed to monitor audits and reviews. To do so, GAO interviewed Education and inspector general officials and reviewed numerous audit guides, agency procedures, checklists, and audit tracking systems.

Federal Student Loan Programs: Opportunities Exist to Improve Audit Requirements and Oversight Procedures

Contains an inventory of evaluation reports produced by and for selected Federal agencies, including GAO evaluation reports that relate to the programs of those agencies.

Catalog of reports, decisions and opinions, testimonies and speeches.

These are the briefing slides in response to section 1119 of the Higher Educ. Opportunity Act. This act mandated a study of the financial and compliance audits and reviews required or conducted for the Fed. Family Educ. Loan and Fed. Direct Loan Programs. On August 6 and 7, 2009, the author briefed the staff of congressional committees on the types of audits, reviews, agreed-upon procedures, and reconciliations that are required or conducted for these programs. The author has incorporated additional information on the agreed-upon procedures engagements required by the Ensuring Continued Access to Student Loans Act and the reconciliations performed by the Dept. of Education's Office of Federal Student Aid. Charts and tables.

Concerns have been raised about the Dept. of Education¿s role in overseeing the lenders & schools that participate in the largest of the Federal government¿s student loan programs, the Federal Family Education Loan Program (FFELP). The author was asked to analyze the Dept. of Education¿s use of its oversight, guidance, & enforcement authorities under FFELP. To do this, the author reviewed departmental documents & Federal laws, regulations, & cases & interviewed officials from the Dept. of Education & the student loan industry. Includes recommendations. Charts & tables.