Education Department Improperly Calculated Billions in Financial Aid

TIME FOR AN ACCOUNTING REFRESHER? The Department of Education announced its calculations of Pell grants were off for fiscal year 2016—by $2.2 billion. It attributes the 7.85 percent error rate to administrative and process snafus at colleges and government-contracted student loan servicers. At least the department was generous: it overpaid more than $2 billion and underpaid $187 million. For details, see page three of the financial report.

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