All FFEL Program lenders that hold more than $5 million in FFEL Program loans and school lenders that hold any amount of FFEL Program loans are required to submit annual compliance audits, performed in accordance with the Lender Audit Guide.
Servicers that enter into contracts to administer any aspect of a participating lender’s or guaranty agency’s FFEL Program are required to submit annual audited financial statements and annual compliance audits, performed in accordance with the Lender Servicer Audit Guide or Guaranty Agency Servicer Audit Guide, as applicable.
All FFEL audits are submitted to the Department of Education’s eZ-Audit system.
Audit Guides and Dear CPA Letters
See below for links to the most recent audit guides and amendments communicated through Dear CPA Letters. For copies of superseded audit guides, send a request to OIGNon-FederalAudit@ed.gov.
2020 Lender Audit Guide
Guide for Compliance Attestation Engagements of Lenders Holding Federal Family Education Loan Program Loans (September 2020) and Transmittal Letter
- Dear CPA Letter CPA-21-04: Lender Federal Family Education Loan Program Compliance Engagement Example Practitioner’s Reports Reflecting Changes for SSAE Nos. 19 and 21 (Issued October 26, 2021)
2020 Lender Servicer Audit Guide
Guide for Financial Statement Audits and Compliance Attestation Engagements of Lender Servicers Administering Federal Family Education Loan Program Loans (September 2020) and Transmittal Letter
- Dear CPA Letter CPA-21-07: Lender Servicer Federal Family Education Loan Program Compliance Engagement Example Practitioner’s Reports Reflecting Changes for SSAE No. 21 (Issued October 26, 2021)
2020 Guaranty Agency Servicer Audit Guide
Guide for Financial Statement Audits and Compliance Attestation Engagements of Guaranty Agency Servicers Administering the Federal Family Education Loan Program (April 2020) and Transmittal Letter
- Dear CPA Letter CPA-21-05: Guaranty Agency Servicer Federal Family Education Loan Program Financial Statement Audit and Compliance Engagement Example Auditor’s and Practitioner’s Reports Reflecting Changes for 2018 Government Auditing Standards revision, SAS Nos. 134 140, and SSAE No. 21 (Issued October 26, 2021)
Available Resources
The following resources are available to assist auditors that perform FFEL audits: