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Stirct requirements meant that only trustworthy borrowers received government funds.
The remaining 195,000 borrowers received loan modifications.
Only 28,000 defaulting borrowers received permanent loan modifications in September, the Treasury Department said.
How much borrowers received had little to do with how much they repaid.
The committee added that participation in the V.I.P. program did not necessarily mean borrowers received the best financial deal available.
The report shows that from March through September, more than 300,000 borrowers received $26.11 billion in "consumer relief".
Similar(35)
Cornell borrowers receive the same borrowing privileges as their Columbia patron group counterparts (usually one semester for books; loan periods for other materials may vary — see Columbia's web page for details about borrowing privileges).
Meanwhile, real-estate firms typically borrow substantial amounts of money to finance their projects, and borrowers receive favorable treatment from the corporate tax system.
Treasury data shows that the median savings for borrowers receiving permanent modifications is $512 a month.
Even when borrowers receive modifications, their loans can still be unaffordable or problematic.
Prospective borrowers receive a booklet and must answer a certain number of questions correctlyto qualify.
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