It’s Time To Reform the Financial Arm of the Education Department, Report Says

"Minimal transparency and oversight of the Education Department’s financial arm has allowed a unit responsible for $1.1 trillion in federal loans and grants to operate with little accountability to students or taxpayers, according to a report released Tuesday by the National Association of Student Financial Aid Administrators," The Washington Post reports.
 
"The trade group, known as NASFAA, is urging Congress to review whether the Federal Student Aid office is subject to enough supervision by the education secretary, and whether the unit has been granted too much autonomy in setting goals, assessing its own success and awarding financial bonuses to employees. It is calling for the creation of an independent, seven-member oversight board at FSA that reports directly to the public, the secretary and Congress.
 
'We feel most people at FSA are in it for the right reasons and are trying to do the right thing,' said Justin Draeger, president of NASFAA. 'Structurally, there is no real entity holding the organization’s feet to the fire when it comes to developing strategic plans, operational objectives that align with those plans and assessing whether they’ve completed them.'"
 
NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

 

Publication Date: 5/17/2017

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