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HRD-90-72FS Supplemental Student Loans: Who Are the Largest Lenders?

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HRD-90-72FS Supplemental Student Loans: Who Are the Largest Lenders? Fact Sheet for Congressional GAO Reyuesters SUPPLEMENTAL STUDENT LOANS Who Are the Largest Lenders? United States General Accounting Office Washington, D.C. 20648 Human Resources Division B-237438 February 21,199O The Honorable Edward M. Kennedy Chairman, Committeeon Labor and Human Resources United StatesSenate The Honorable Pat Williams Chairman, Subcommitteeon Postsecondary Education Committeeon Education and Labor Houseof Representatives This report respondsto your request for information on lenders partici- pating in the SupplementalLoans for Students (SW) program. This pro- gram provides market-rate loans to postsecondarystudents in addition to, or in lieu of, other financial aid, such as Stafford loans (formerly called guaranteed student loans) and Pell grants. Specifically, you requestedSLS loan volume and default data for the 10 largest SLSlenders from each of the nine guaranty agencies’we reported on previously.2 You asked us to provide, for each lender, data on the volume of loans made to students attending proprietary (trade) schoolsand other post- secondaryeducation institutions, as well as information on the extent of borrowing by freshmen as comparedwith students in their secondor subsequentyears of schooling.In addition, you wanted to know the amount of SLSdefaulted loans. On December14 and 21,1989, we briefed your offices on the prelimi- nary results of our analysis, This fact sheet summarizesthe information provided. Baickground unions, or savings and loan associations.Before students can receive an SLSloan, their schoolsmust first determine their eligibility for a Stafford loan or Pell grant or both. Theseprograms have more stringent eligibil- ity requirements than the SLSprogram. If students are eligible for aid from either or both of these programs, they should first receive that lThere are 66 guaranty agenciesthat act as “middlemen” between the Department of Education and the lenders. As such, they insure the SLS loans made by the lenders to students. The guaranty agen- cies are in turn reinsured by the Department. 2Supplemental Student Loans: Who Borrows and Who Defaults (GAO/HRD-90-33FS, Oct. 17, 1989). Page 1 GAO/IIlUMO-72Fs Supplemental Student Loan Lenders , 0227438 assistance,which may reduce the amount they can borrow under the SLS program. Under the SLSprogram, graduate and certain undergraduate students- generally those responsiblefor their own financial support-may bor- row up to $4,000 per year, to a maximum of $20,000. Borrowers are eligible for SLSloans regardlessof their incomeor assets,in comparison with Stafford loans and Pell grants, which are basedon a borrower’s financial needsand resources. The OmnibusBudget ReconciliationAct of 1989 (Public Law 101-239) made several changesto the sr.sloan program that generally became effective on January 1, 1990. For example,beginning on January 1, 1990, no SLSloans can be made to undergraduate students (except those already enrolled and receiving loans on the date of enactment of the act) attending schoolsthat have default rates-as determined by the Depart- ment of Education-in excessof 30 percent. SLS loans have variable interest rates, adjusted annually to take into account changesin Department of Treasury borrowing rates. For the 1989-90award year, the interest rate was 12 percent. Repaymentof these loans must generally begin within 60 days of the last loan dis- bursement for each year a loan is received. The annual volume of new SLSloans was $711 million in fiscal year 1987, $2 billion in fiscal year 1988, and $2.1 billion in fiscal year 1989, resulting in a total of $4.8 billion during the 3 years. In discussionswith your offices we agreedto obtain the requestedinfor- Otijective,Scope, and mation for fiscal years 1987, 1988, and 1989 for the 10 largest SLSlend- M&hodology ers from the nine guaranty agenciesthat we previously reported on in October 1989. Eight of the nine agenciesprovided actual data for each fiscal year. The California Student Aid Commission,however, provided actual data through June 30, 1989, and estimated data for the remain- der of fiscal year 1989. We did not verify the accuracy of the data sub- mitted by the guaranty agencies. Defaults are listed by the lender originating the loan even though that lender may not have held the loan at the time of default. The lender may 1 have sold the loan to another financial institution prior to default. In addition, the lenders holding the loans may have exercisedproper care in servicing them prior to default. As such, loans that went into default Page 2 GAO/HRD90-72FB Supplemental Student Loan knders B-237438 do not indicate that lenders failed to adhere to any statutory or regula- tory provision. Sevenagencies provided data on default claimsthey paid to the lenders during each of the 3 fiscal years listed by the year the claim was paid, rather than the year the loan was made.The Colorado and Nebraska agencies,however, provided default data basedon the year that the loans were guaranteed.For example,the 1988 default data for these two agenciesrepresent the loans they guaranteed in 1988, which have subse- quently defaulted. Our review of the data collectedshowed that six lenders (Bank of Hor- ton, Citibank, First America SavingsBank, First Independent Trust Company,M id-AmericaHigher Education Loan Program, and Union Bank and Trust Company)with the samecity and state addresshad their SL$loans guaranteedby more than one agency.For example,SLS loans made by the First Independent Trust Companywere guaranteed by the California, Texas, and Higher Education AssistanceFoundation agencies.We combinedthe loan volumesand defauli statistics of these lenders for summarypurposes (see tables 1 and 2) in determining which lenders had the largest loan volumesand defaults. The nine guaranty agencies’10 largest lendersmade a cumulative total Lo&nVolu mes of about $2.6 billion-of the $4.8 billion in SLSloans madeby all lend- ers-during the 3-year period. The lender with the largest loan volume ($305 million) was the First Independent Trust Company,and the Dau- phin Deposit Bank and Trust Companyhad the smallestvolume ($429,368). Five lenders accountedfor about 40 percent ($1 billion) of the SLSloans madeby the 10 largest lenders for the nine agencies.(See table 1Q) Table 1: Five Largest Originating Lenders of SLS Loans (Fiscal Years 1987-89) Lender ____-I__.Loan volume First Independent Trust Company $304,678,302 ___-.Bank of Horton __I_- Norwest Bank of South Dakota 167,079,173 ___-..---.--Citibank ______________ 163,928,225 _____---.--Bank of America -.-- .~.___ 126,345,161 Total $999,971,925 Page 3 GAO/HRDM-72FS Supplemental Student Loan Lenders B-237433 Appendixes I and II present the amount of loans madeby the 10 largest lenders for the nine guaranty agenciesto students attending proprietary and nonproprietary schoolsand to freshmen and nonfreshmenstudents, respectively. Default Volumes $260 million in loan defaults during fiscal years 1987 through 1989. The five lenders with the largest amount of defaulted loans had an aggregate of almost $160 million in defaults, about 60 percent of the total, over the 3-year period. Theselenders are listed in table 2. Tab@ 2: Five Largest Originating Landers With/the Largest Amount of Defaulted Default SLS Loans (Fiscal Years 1987-89) Lenders volume Bank of Horton $66,829,820 I First Independent Trust Company ..-___ 27,924,764 The Chase Manhattan Bank 21,476,766 Trans World Insurance Company 18,023,800 Citibank 15,547,599 Total $149,802,746 Appendixes III and IV show the amount of defaulted SISloans for the nine guaranty agencieslargest’ 10 lenders. The information is presented for students who attended proprietary and nonproprietary schoolsand those who were freshmen and nonfreshmenstudents, respectively. As agreedwith your offices, we did not obtain written commentson this report from the Department of Education or other interested parties. We are sendingcopies of this report to other congressionalcommittees, the Department of Education, and other interested parties. Should you wish to discussits contents,please call me on (202) 276-1793.Major contribu- tors to this report are listed in appendix V. 3 u %mp Franklin Frazier Director, Education and Employment Issues Page 4 GAO/HRD-!W72F’S Supplemental Student LOan Lenders i Page B GAO/HRD-90-72PS Supplemental Student Loan Lenders , C(.mtents Letter 1 AapendixI NineGuaranty Ag ncies' lOLargest 0 J ginatorsof SLS Lo&ns:LoansMadeto StudentsAttending Proprietary and Nonproprietary S&ools(FiscalYears 1987-1989) Aipendix II 16 NineGuaranty Agencies'10Largest Originators0fSLS Lobs:LoansMadeto Freshmenand Nonfreshmenstudents (Fiscal Years 1987-1989) Page 6 GAO/HRWO-72F’S Supplemental Student Loan Lenders Contents Appendix III Nine Guaranty Agencies’10 Largest Originatorsof SLS Loans:Defaults From StubentsA ttending Proprietary and Nonproprietary Schools(Fiscal Years 19874989) Appendix IV 26 Nine Guaranty Agencies’10 Largest Originatorsof SLS Loans:Defaults F rom Freshmenand NonfreshmenS tudents FisicalYears 1987-1989) Appendix V 31 Major Contributorsto This Report RelatedGAO P roducts 32 I Tables Table 1: Five Largest Originating Lenders of SLSLoans 3 (Fiscal Years 1987-89) Table 2: Five Largest Originating Lenders With the 4 Largest Amount of Defaulted SLSLoans (Fiscal Years 1987-89) Table I. 1: California Student Aid Commission 10 Page 7 GAO/IiRD9O-72Fs Supplemental Student Loan Lenders r Content.8 Table 1.2:Colorado Student Loan Program 10 Table 1.3:Higher Education Assistance Foundation 11 Table 1.4:Massachusetts
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