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Higher Ed in the News

CollegeInvest audit raises concerns, legislature action

September 29, 2009

Colorado lawmakers have ordered the CollegeInvest, the agency that runs the state's college loan forgiveness and scholarship plans, to report to them monthly after auditors found expensive gifts to financial advisers, conflicts of interest, and scholarships not being used.

Since 2005, CollegeInvest has given out only 235 of 565 service scholarships for students who volunteer in the community, and only 11 nursing teachers have gotten their loans forgiven since 2007.

Auditors said for the past two years, CollegeInvest incurred over $12 million in administrative expenses, not including salaries and benefits for 37 employees.

Legislators pointed out that it cost colleges $10 in administrative costs for every $1 awarded in scholarships to students.

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Read more from the Denver Post.