| Description |
1 online resource (ii, 64 pages) : color illustrations |
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text txt rdacontent |
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computer c rdamedia |
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online resource cr rdacarrier |
| Note |
"November 2016." |
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"GAO-17-4." |
| Bibliography |
Includes bibliographical references. |
| Contents |
Background. -- Number of servicemembers who received the SCRA interest rate cap on student loans has increased. -- Servicemembers face challenges obtaining the SCRA interest rate cap for student loans. -- Federal agencies use various mechanisms to oversee application of the interest rate cap for student loans, but limitations exist. -- Conclusions. -- Recommendations for executive action. -- Agency comments and our evaluation. -- Appendices. |
| Summary |
SCRA helps servicemembers financially by capping interest rates on student loans during active duty. As of May 2016, about 1.3 million servicemembers were on active duty. The number of active duty servicemembers with student loans is unknown, as is the number eligible for the rate cap who may not have received it. GAO was asked to review implementation of the rate cap for servicemembers' student loans. This report examines: (1) the number of servicemembers who received the cap for student loans (2) challenges that servicemembers face in doing so, and (3) the extent to which federal agencies oversee implementation of the cap. GAO is making four recommendations, including that DOD improve the accuracy of SCRA information on student loans, and that CFPB and DOJ collaborate to ensure routine oversight of nonbank lenders and servicers, and seek additional authority, if needed. |
| Note |
Online resource; title from PDF cover page (GAO, viewed Dec. 10, 2016). |
| Subject |
United States. Servicemembers Civil Relief Act.
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Servicemembers Civil Relief Act (United States) (OCoLC)fst01401271
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Student loans -- United States.
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Soldiers -- Education, Non-military -- United States.
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Interest rates -- United States.
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Interest rates. (OCoLC)fst00976178
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Soldiers -- Education, Non-military.
(OCoLC)fst01125261
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Student loans. (OCoLC)fst01431545
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United States. (OCoLC)fst01204155
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| Genre/Form |
Online resources.
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Electronic books.
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Electronic government information.
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| Added Author |
Emrey-Arras, Melissa.
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United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs, sponsoring body.
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| Added Title |
Oversight of servicemembers' interest rate cap could be strengthened |
| Running Title |
GAO-17-4, federal student loans |
| Gpo Item No. |
0546-D (online) |
| Sudoc No. |
GA 1.13:GAO-17-4 |
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