 |
|
||
| |||
| |||
|
|
|
|
|
|
||||||||||
| Federal Student Loan Programs Data Book - FY 1997-FY 2000
|
|
| Part IV FFEL Program and FDLP Defaults and Collections | CONTENTS < BACK NEXT > |
Tables 53-58.
Federal Family Education Loan (FFEL) program default dollars paid to lenders for Stafford Subsidized, Stafford Unsubsidized, Parent Loans for Undergraduate Students (PLUS), Supplemental Loan for Students (SLS), and Consolidation loans, by guaranty agency: FY 1997-FY 2000
Effective October 7, 1998, a loan falls into default after 270 days of delinquency. Prior to this date, a loan fell into default after 180 days of delinquency. A lender must file its default claim with the guaranty agency within 90 days of the loan's default. The guaranty agency may request a reinsurance claim from the Department of Education within 45 days after a default claim is paid.
Table 58 shows default claims paid to lenders, by guaranty agency, in FY 1997-FY 2000. The summary includes the percent change from the prior year, the percent share of total, ranking for each guaranty agency, and total FFEL program default dollars paid to lenders during these years. This information is also summarized for each type of FFEL loan: Stafford Subsidized, Stafford Unsubsidized, PLUS, SLS, and Consolidation in tables 53-57, respectively.
The dollar amount guaranty agencies paid to lenders as a result of borrower defaults on FFEL program loans decreased between FY 1997 and FY 1999, from $3.0 billion to $2.0 billion, but then rose again slightly to $2.1 billion in FY 2000 (see table G for the default costs and percent change from prior year).
Defaults paid to lenders of Stafford Subsidized loans decreased annually from FY 1997 to FY 1998 (5.9 percent) and FY 1998 to FY 1999 (33.9 percent), but decreased only slightly from FY 1999 to FY 2000 (0.5 percent). Defaults paid to lenders decreased from $1.7 billion in FY 1997 to slightly less than $1.1 billion in FY 2000 (see table G).
To view the following table in an accessible format please go to http://www.ed.gov/finaid/prof/resources/data/fslpdata97-01/tables53to58.xls.
These files are in Microsoft Excel format. If you do not have Excel, you can access the files by downloading the free Excel viewer at: http://office.microsoft.com/downloads/2000/xlviewer.aspx.
|
Table G. - Total default dollar volume and percent change from prior years, by loan program: FY 1997-FY 2000 (subset of tables 53-58) |
||||
|
($ in 000's) |
||||
|
|
FY97 |
FY98 |
FY99 |
FY00 |
|---|---|---|---|---|
| Stafford Subsidized |
$1,733,986 |
$1,631,126 |
$1,078,962 |
$1,073,975 |
| Change from prior year |
- |
-5.90% |
-33.90% |
-0.50% |
| Stafford Unsubsidized |
$288,067 |
$423,315 |
$376,753 |
$512,626 |
| Change from prior year |
- |
47.00% |
-11.00% |
36.10% |
| PLUS |
$113,069 |
$100,971 |
$72,155 |
$66,223 |
| Change from prior year |
- |
-10.70% |
-28.50% |
-8.20% |
| SLS |
$316,677 |
$236,459 |
$127,783 |
$90,702 |
|
Change from prior year |
- |
-25.30% |
-46.00% |
-29.00% |
| Consolidation |
$538,044 |
$551,457 |
$371,720 |
$358,399 |
| Change from prior year |
- |
2.50% |
-32.60% |
-3.60% |
| FFEL program total |
$2,989,843 |
$2,943,419 |
$2,027,373 |
$2,101,924 |
| Change from prior year |
- |
-1.60% |
-31.10% |
3.70% |
| - Not applicable. |
||||
Because of the newness of the Stafford Unsubsidized program, default dollar volume was fluctuated between FY 1997-FY 2000. Guaranty agency default payments to lenders in the Stafford Unsubsidized program grew 47.0 percent in FY 1998, then fell 11.0 percent in FY 1999, and grew 36.1 percent in FY 2000. Default payments paid to lenders in FY 2000 stood at $513 million (see table G).
Guaranty agency default payments to lenders in the PLUS program decreased annually from FY 1997 to FY 2000. From FY 1997 to FY 1998, default payments decreased by 10.7 percent, then fell 28.5 percent in FY 1999, and fell again in FY 2000 by 8.2 percent. Default payments paid to lenders in FY 2000 stood at $66 million (see table G).
Guaranty agency default payments to lenders for SLS loans decreased considerably from $316 million in FY 1997 to $91 million in FY 2000 (see table G).
Default dollars paid to lenders for consolidated loans increased slightly between FY 1997 and FY 1998, but fell by nearly one-third in FY 1999. Guaranty agency default payments decreased by 3.6 percent in FY 2000 (see table G).
In FY 1997-FY 2000, USAF consistently paid between 27 and 28 percent of the total default payments paid to lenders participating in the FFEL program (see table 58).
Excluding USAF, three guaranty agencies comprised a large portion of the total default payments paid to lenders in FY 1997-FY 1999. California, Texas, and Wisconsin, together, paid approximately 24 percent of the total default payments made to lenders during this period. In FY 2000, three guaranty agencies other than USAF that comprised a large portion of the total default payments were California, Pennsylvania, and New York. These three states paid 25.9 percent of the total default payments made to lenders in FY 2000 (see table 58).
Seven guaranty agencies (Florida, Maine, New Mexico, North Carolina, North Dakota, South Carolina, and South Dakota) made higher default payments to lenders in FY 2000 than in FY 1997. All other guaranty agencies had lower default payments to lenders in FY 2000 than in FY 1997 (see table 58).
| Table 53. - Federal Family Education Loan (FFEL) program default dollars paid to lenders for Stafford Subsidized loans, by guaranty agency: FY 1997-FY 2000 |
|||||||||||||||
| Guaranty agency |
Default dollars paid to lenders (000's) |
Percent change from: |
Percent share of total |
Rank |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY97 |
FY98 |
FY991 |
FY001 |
FY97-FY98 |
FY98-FY99 |
FY99-FY00 |
FY97 |
FY98 |
FY991 |
FY001 |
FY97 |
FY98 |
FY991 |
FY001 |
|
| Arkansas |
11,553 |
9,590 |
7,160 |
8,044 |
-17.0 |
-25.3 |
12.3 |
0.7 |
0.6 |
0.7 |
0.7 |
28 |
29 |
26 |
25 |
| California |
161,757 |
125,273 |
71,063 |
95,061 |
-22.6 |
-43.3 |
33.8 |
9.3 |
7.7 |
6.6 |
8.9 |
2 |
5 |
5 |
2 |
| Colorado |
14,513 |
16,109 |
11,870 |
11,092 |
11.0 |
-26.3 |
-6.6 |
0.8 |
1.0 |
1.1 |
1.0 |
23 |
20 |
23 |
20 |
| Connecticut |
14,919 |
13,192 |
6,517 |
6,858 |
-11.6 |
-50.6 |
5.2 |
0.9 |
0.8 |
0.6 |
0.6 |
22 |
25 |
28 |
29 |
| ECMC |
28,469 |
25,554 |
20,359 |
13,826 |
-10.2 |
-20.3 |
-32.1 |
1.6 |
1.6 |
1.9 |
1.3 |
17 |
17 |
12 |
18 |
| Florida |
46,528 |
47,506 |
38,997 |
47,529 |
2.1 |
-17.9 |
21.9 |
2.7 |
2.9 |
3.6 |
4.4 |
9 |
9 |
7 |
7 |
| Georgia |
23,106 |
18,972 |
13,340 |
19,774 |
-17.9 |
-29.7 |
48.2 |
1.3 |
1.2 |
1.2 |
1.8 |
19 |
19 |
21 |
11 |
| Illinois |
65,314 |
58,215 |
36,168 |
34,806 |
-10.9 |
-37.9 |
-3.8 |
3.8 |
3.6 |
3.4 |
3.2 |
7 |
8 |
9 |
9 |
| Iowa |
21,648 |
15,364 |
12,899 |
11,465 |
-29.0 |
-16.0 |
-11.1 |
1.2 |
0.9 |
1.2 |
1.1 |
20 |
23 |
22 |
19 |
| Kentucky |
39,632 |
28,619 |
15,958 |
10,237 |
-27.8 |
-44.2 |
-35.9 |
2.3 |
1.8 |
1.5 |
1.0 |
10 |
15 |
17 |
24 |
| Louisiana |
16,149 |
15,630 |
13,760 |
10,716 |
-3.2 |
-12.0 |
-22.1 |
0.9 |
1.0 |
1.3 |
1.0 |
21 |
22 |
20 |
22 |
| Maine |
6,851 |
6,549 |
4,010 |
6,933 |
-4.4 |
-38.8 |
72.9 |
0.4 |
0.4 |
0.4 |
0.6 |
32 |
31 |
32 |
28 |
| Massachusetts |
63,689 |
64,272 |
36,998 |
36,908 |
0.9 |
-42.4 |
-0.2 |
3.7 |
3.9 |
3.4 |
3.4 |
8 |
7 |
8 |
8 |
| Michigan |
38,631 |
34,607 |
21,685 |
21,382 |
-10.4 |
-37.3 |
-1.4 |
2.2 |
2.1 |
2.0 |
2.0 |
11 |
10 |
10 |
10 |
| Missouri |
27,861 |
31,766 |
17,893 |
14,519 |
14.0 |
-43.7 |
-18.9 |
1.6 |
1.9 |
1.7 |
1.4 |
18 |
11 |
14 |
15 |
| Montana |
11,581 |
8,340 |
6,417 |
6,518 |
-28.0 |
-23.1 |
1.6 |
0.7 |
0.5 |
0.6 |
0.6 |
27 |
30 |
29 |
30 |
| Nebraska |
31,751 |
30,635 |
14,970 |
16,546 |
-3.5 |
-51.1 |
10.5 |
1.8 |
1.9 |
1.4 |
1.5 |
14 |
13 |
18 |
14 |
| New Hampshire |
9,431 |
5,168 |
1,272 |
2,678 |
-45.2 |
-75.4 |
110.5 |
0.5 |
0.3 |
0.1 |
0.2 |
30 |
33 |
36 |
35 |
| New Jersey |
32,694 |
30,416 |
14,620 |
10,682 |
-7.0 |
-51.9 |
-26.9 |
1.9 |
1.9 |
1.4 |
1.0 |
12 |
14 |
19 |
23 |
| New Mexico |
7,634 |
9,656 |
7,937 |
10,739 |
26.5 |
-17.8 |
35.3 |
0.4 |
0.6 |
0.7 |
1.0 |
31 |
28 |
24 |
21 |
| New York |
134,385 |
131,214 |
70,656 |
64,347 |
-2.4 |
-46.2 |
-8.9 |
7.8 |
8.0 |
6.5 |
6.0 |
4 |
3 |
6 |
6 |
| North Carolina |
10,546 |
14,797 |
16,163 |
14,438 |
40.3 |
9.2 |
-10.7 |
0.6 |
0.9 |
1.5 |
1.3 |
29 |
24 |
16 |
17 |
| North Dakota |
2,358 |
2,126 |
4,552 |
4,249 |
-9.8 |
114.1 |
-6.7 |
0.1 |
0.1 |
0.4 |
0.4 |
35 |
36 |
31 |
31 |
| Oklahoma |
29,196 |
20,274 |
17,436 |
17,476 |
-30.6 |
-14.0 |
0.2 |
1.7 |
1.2 |
1.6 |
1.6 |
16 |
18 |
15 |
13 |
| Oregon |
14,250 |
10,220 |
6,045 |
3,312 |
-28.3 |
-40.9 |
-45.2 |
0.8 |
0.6 |
0.6 |
0.3 |
24 |
27 |
30 |
32 |
| Pennsylvania |
108,019 |
128,387 |
82,591 |
88,074 |
18.9 |
-35.7 |
6.6 |
6.2 |
7.9 |
7.7 |
8.2 |
6 |
4 |
4 |
3 |
| Rhode Island |
11,618 |
12,634 |
7,644 |
7,959 |
8.8 |
-39.5 |
4.1 |
0.7 |
0.8 |
0.7 |
0.7 |
26 |
26 |
25 |
26 |
| South Carolina |
5,051 |
5,700 |
7,131 |
6,980 |
12.8 |
25.1 |
-2.1 |
0.3 |
0.3 |
0.7 |
0.6 |
33 |
32 |
27 |
27 |
| South Dakota |
1,985 |
3,131 |
2,300 |
2,522 |
57.7 |
-26.5 |
9.6 |
0.1 |
0.2 |
0.2 |
0.2 |
36 |
35 |
35 |
36 |
| Tennessee |
30,968 |
31,247 |
20,330 |
18,385 |
0.9 |
-34.9 |
-9.6 |
1.8 |
1.9 |
1.9 |
1.7 |
15 |
12 |
13 |
12 |
| Texas |
127,389 |
113,694 |
86,875 |
80,658 |
-10.8 |
-23.6 |
-7.2 |
7.3 |
7.0 |
8.1 |
7.5 |
5 |
6 |
3 |
4 |
| USAF |
393,440 |
369,878 |
260,276 |
270,325 |
-6.0 |
-29.6 |
3.9 |
22.7 |
22.7 |
24.1 |
25.2 |
1 |
1 |
1 |
1 |
| Utah |
12,739 |
15,935 |
3,670 |
3,108 |
25.1 |
-77.0 |
-15.3 |
0.7 |
1.0 |
0.3 |
0.3 |
25 |
21 |
33 |
33 |
| Vermont |
3,510 |
3,720 |
3,071 |
2,902 |
6.0 |
-17.4 |
-5.5 |
0.2 |
0.2 |
0.3 |
0.3 |
34 |
34 |
34 |
34 |
| Washington |
32,339 |
27,433 |
20,582 |
14,447 |
-15.2 |
-25.0 |
-29.8 |
1.9 |
1.7 |
1.9 |
1.3 |
13 |
16 |
11 |
16 |
| Wisconsin |
142,485 |
145,300 |
95,746 |
78,478 |
2.0 |
-34.1 |
-18.0 |
8.2 |
8.9 |
8.9 |
7.3 |
3 |
2 |
2 |
5 |
| Total |
1,733,986 |
1,631,126 |
1,078,962 |
1,073,975 |
-5.9 |
-33.9 |
-0.5 |
100.0 |
100.0 |
100.0 |
100.0 |
|
|||
| NOTES: Details may not add to totals due to rounding. Calculations are based on numbers before rounding. |
|||||||||||||||
| Part IV FFEL Program and FDLP Defaults and Collections | CONTENTS < BACK NEXT > |
| Federal Student Loan Programs Data Book - FY 1997-FY 2000 |
|