Audit Fault Loan Agency

1 decade 1 year 2 months ago Thursday, October 11 2007 Oct 11, 2007 Thursday, October 11, 2007 8:14:26 AM CDT October 11, 2007 in News
Source: (Copyright 2007 The Associated Press All Rights Reserved.)
JEFFERSON CITY (AP) - An audit of Missouri's student loan authority depicts it as flush with cash and loose with its spending. State Auditor Susan Montee says the Missouri Higher Education Loan Authority has rewarded top executives with luxury perks and wasted money on buildings, parties and no-bid contracts.Student loan agency officials acknowledge most of the problems. But they say the troubles are in the past, and the agency has fixed itself for the future. The audit comes as the nonprofit loan authority is undergoing its largest mission change since it was created by a 1981. Under a new law championed by Governor Blunt, the loan authority is paying $350 million dollars to the state over several years to help finance college buildings.

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