September 21, 2007
Audit Faults Oversight of Guarantee Agencies
Four years after promising to improve its oversight of the federal student-loan program, the U.S. Department of Education has received another failing grade from its inspector general.
The latest audit concerns guarantee agencies, which are nonprofit corporations entrusted with distributing and monitoring billions of taxpayer-backed dollars given to lenders that participate in the federally guaranteed student-loan program.
The department's Office of Inspector General issued an
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