Audit Finds Education Dept. Lacks Plan to Fight Student-Loan Defaults

By Brock Read. The Education Department “does not have a comprehensive plan or strategy to prevent student-loan defaults,” an audit conducted by the department’s Office of Inspector General has concluded.
A report on the audit’s findings, released on Friday, argues that the department’s lack of a coherent strategy renders it ill equipped to find effective measures against default, identify risks that cause loan delinquency, and work effectively with companies that service student loans on the department’s behalf. More...