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FGMSD-80-5 1 (1979-11-27)

handle is hein.gao/gaobaazyq0001 and id is 1 raw text is: BY THE COMPTROLLER GENERAL iio - Report To The Congress OF THE UNITED STATES Better Cash Management Can Reduce The Cost Of The National Direct Student Loan Program Because the Department of Health, Educa- tion, and Welfare has not emphasized cash management, schools participating in the National Direct Student Loan program are holding more than an annual average of $63 million in Federal funds in excess of their 30-day needs. GAO estimates that the Government could save as much as $4 mil- lion annually in interest costs on its borrow- ings if the Treasury could use the $63 million until schools needed it for loans. The amount of interest savings would depend upon the Treasury's borrowing requirements and re- lated factors. Immediate action should be taken to have the excess Federal funds returned and to prevent future accumulations. Congressional advice should be sought on how funds needed in future years will be provided so that schools can continue making student loans. \~$DS7'~110945 0.V FGMSD-80-5 '1c'CCT T NOVEMBER 27, 1979