FY94-FY96 Collections are repayments on defaulted loans. Once the guaranty agency pays off a default claim, the lender transfers the account to that guaranty agency. If the guaranty agency is unable to collect from the borrower, it may turn the account over to the Department of Education. Table 60 shows collections on defaulted loans, by guaranty agency, in FY94-FY96.
All tables report the percent change, percent share of total, and guaranty agency rank.
Dollars in thousands. Details may not add to totals due to rounding. U.S. Department of Education, Office of Postsecondary Education, ED Form 1130. From the table above, it can be noted that FFEL program collections on defaulted loans increased by 14.0 and 22.1 percent between FY95 and FY96, respectively. This trend is similar to that reported for the Stafford Subsidized program collections but differs from that reported for the PLUS, SLS and Consolidation collections activity.