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The government Accountability Workplace (GAO) create a study this week, as a result to help you a query of several Republican senators, showing the features from Grad Plus Loan individuals, plus the possible implications of instituting yearly and you may aggregate financing limits on Graduate Plus Loans.

When your authorities instituted a keen aggregate mortgage maximum off $fifty,100, GAO found that ED could have ounts by the $22

Handled to three people in new Mutual Economic Committee – Sens. Mike Lee (R-UT), vice-chairman of one’s committee, Bill Cassidy (R-LA), and you may Tom Thread (R-AR) – GAOs declaration found that at the time of , the Agency off Degree (ED) paid $71 million when you look at the Graduate In addition to Financing to 1.eight million individuals. GAO stated that ED paid normally $41,530 for every borrower and you will an average from $twenty six,863, and this borrowing from the bank wide variety varied away from $5,one hundred thousand at 10th percentile to $98,554 during the 90th percentile.

GAO including discovered that most Graduate In addition to Loan borrowers have been subscribed to a fundamental, 10-12 months payment bundle at the time of the end of June. While doing so, thirty six % of individuals got took part in a living-motivated repayment (IDR) package, and you may 11 % ones inside repayment condition had been formal given that qualified to receive the public Service Financing Forgiveness (PSLF) program. As of , 2 percent of borrowers defaulted on the a minumum of one Grad Plus Mortgage.

In response so you’re able to issues regarding lawmakers on what brand new introduction off financing constraints might impact the number of borrowers and also the amount of assistance ED disburses in the form of Grad Including Finance, GAO modeled yearly and you may aggregate financing limits within many different products and you may computed what the outcomes might have been from 2007 to 2017.