November 30, 2007
Audit: Pa. Loan Agency Improperly Received Money
A final audit report released last week by the U.S. Education Department found that the Pennsylvania Higher Education Assistance Agency has received at least $33-million in improper federal subsidy payments on student loans.
The student-loan agency, known as Pheaa, was one of several lenders that took advantage of a loophole in federal student-aid law that allowed it to receive guaranteed subsidies from the government at far above market-based interest rates.
The controversy
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