Education Department Improperly Calculated Billions in Financial Aid

Higher Education

Education Department Improperly Calculated Billions in Financial Aid

Nov 16, 2016

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.

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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