|Financial Audit Division Report 04-22||Released May 20, 2004|
The Minnesota Higher Education Services Office (MHESO) properly allocated and monitored state financial aid paid to post-secondary institutions and trade schools and had appropriate oversight of the contractor hired to manage its student loan program. However, we identified some isolated concerns with contracting practices.
Finding and Recommendation:
The MHESO administers state financial aid grant and loan programs. The office issued over $133 million of state grants in fiscal year 2003. Outstanding loan balances totaled $433 million at June 30, 2003.