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Board Report #99-13

WHEAL Program Status and Audit Report for Fiscal Year 1998

 

During the FY98, WHEAL borrowers paid HEAB a total of $2,291,174. Of this amount $423,138 was the resulting interest payment on loans and $1,868,036 on the principal.

The legal services provided to HEAB by the Wisconsin Department of Justice in pursuing judgments against defaulting borrowers continues to be excellent. Judgments are required by Health & Human Services (HHS) before they will purchase the defaulted accounts. Through FY98, all defaulted accounts have been purchased by HHS.

12-31-92 12-31-93 12-31-94 12-31-95 12-31-96 12-31-97 12-31-98
Borrowers Deferred* 282 165 55 33 23 20 12
Borrowers in Repayment 696 641 411 365 212 166 120
978 806 466 398 235 186 132

* Includes hospital residency; institutional enrollment; military service; grace period; unemployment and forbearance.

The annual WHEAL audit was satisfactory and no accounting or collection errors occurred.

 

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