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Audit Reveals Problems with Colorado Scholarship Program


Sep 30, 2009
Colorado's CollegeInvest agency, an organization in charge of state loan forgiveness and scholarship programs, is facing criticism and increased scrutiny from the state's legislature after an audit revealed conflicts of interest and a surprisingly low number of scholarship awards being made by the board. The state legislature will now require the agency to report to them monthly to ensure proper oversight of the state's scholarship and student loan funds. The audit found that the CollegeInvest Early Achievers Scholarship, a fund that awards high-achieving high school students with college financial aid, had only given out a tiny fraction of the awards it was expected to since it was established in 2005. Students opt into the scholarship program as 7th, 8th or 9th graders and pledge to [...]
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87 months ago 0 comments

Student veterans still waiting on their financial aid this fall have finally gotten a bit of relief from the Department of Veterans Affairs.  The VA announced Friday that due to delays in processing requests for veterans' education benefits under the new post-9/11 GI Bill, they will be issuing emergency checks of up to $3,000 available to students whose benefits are still pending. These advances [...]

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The global economic recession of 2008-2009 has had an impact on seemingly every aspect of life, especially large expenses like college tuition. There has been much speculation about the economy's effect on college financial aid, and as the fall semester gets underway at colleges across the nation, information is starting to emerge that helps paint a picture of paying for school in a recession. So [...]

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A new study out today shows that it literally pays off to ask for help if you're feeling lost while filling out your FAFSA. The National Bureau of Economic Research has found that low- and moderate-income financial aid applicants who received help from professional tax preparers when filling out their FAFSAs not only received more generous aid packages, but were more likely to apply for aid [...]

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For-profit career colleges have had a rocky history, being met with skepticism and criticism from traditional academic institutions, as well as undergoing a great degree of government scrutiny over the years, as some institutions have been revealed to engage in a variety of questionable practices. So, when the Government Accountability Office announced an investigation of proprietary institutions [...]

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The House of Representatives is poised to vote today on legislation to eliminate the Federal Family Education Loan Program and increase funding for Federal Pell Grants. The bill, currently known as the Student Aid and Fiscal Responsibility Act of 2009, is widely expected to be approved by the House, possibly with some amount of bipartisan support.  While most of the provisions in the bill have [...]

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Penn State University's Schreyer Honors College offers admitted students $3,500 per year merit scholarships, a common practice among state colleges that want to entice the best students to attend. Students at Penn State and their parents are doing something unique with these scholarship awards, though: they're giving them to other Schreyer students. Parents of scholarship recipients who did not [...]

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The new Post-9/11 GI Bill went into effect on August 1, bringing expanded educational benefits for students who have served in the military since 2001. These benefits are supposed to be available to students for the fall semester, but a mounting backlog of applications has the Department of Veterans Affairs saying recipients should expect processing delays of up to 8 weeks. This means that many [...]

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The Obama health plan isn't the only hotly debated controversy in which the of the social good is currently being invoked. College rankings also fall into this category with the release of Washington Monthly's annual rankings this month, which differ sharply from the better-known U.S. News and World Report rankings, and focus primarily on universities' contributions to the "social [...]

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The University of Texas has announced plans to withdraw as a sponsor of National Merit, a popular national scholarship program that students qualify for based on standardized test scores. In an effort to focus on providing need-based financial aid, the university will no longer offer scholarships specifically for National Merit Scholars. The University of Texas, which was second only to Harvard [...]

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Sen. Edward Kennedy, a U.S. Congressman for more than 40 years, has left behind a long history of higher education programming, including the passage of an act last summer that expanded grant funding for low income students. Kennedy died late Tuesday from the cancerous brain tumor he was diagnosed with in May of last year. One of his most recent efforts was working to pass the Higher Education [...]

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A new study offers surprising news in an uncertain economy: families are actually borrowing less money to cover college costs. The study, titled "How America Pays for College," shows that about 58 percent of families did not borrow money for college for the 2008-2009 school year. Despite rising tuition prices of up to 5 percent over the last year, according to the College Board, [...]

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The rise of the online auction service eBay has prompted people to attempt to sell just about anything they can affix a price to. So while it's not surprising to find some pretty out there listings from time to time, it's still not every day you see a student auctioning off a stake in his future. A college student in Georgia attempted this week to fund the last 18 credits of his Master of [...]

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Over the course of the last year, a number of colleges and universities have begun to offer scholarship opportunities for people who have found themselves out of work and in need of further education or job training. Yesterday, U.S. News profiled several newer community college programs, including several full-tuition scholarships, but even more awards are out there. Here's a run-down of some of [...]

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As the start of the fall semester approaches, students across the country are finding themselves in a precarious position when it comes to financial aid. As we've previously mentioned, several states have been forced to make deep budget cuts this year, canceling or reducing funding for scholarships and grants, in some cases after award notices have already been sent to students. This has left [...]

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Rising unemployment rates and other symptoms of the ongoing recession continue to drive more people to attend college and look for ways to pay their bills, causing an uptick in state and federal financial aid applications. However, states are also hurting for money to meet financial aid requests and other budget demands. According to the Associated Press, 12 states have made significant cuts to [...]

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Following the lead of U.S. News, several other publications have entered the college rankings game in recent years. Yesterday, Forbes revealed its second annual list of America's best colleges. Ranking first was the U.S. Military Academy in West Point, NY, followed by Princeton University. While Princeton typically does well in college rankings, the appearance of West Point in first place is [...]

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We're nearly a week into August, and for many students, that means that back-to-school preparations have begun. Whether you're picking out notebooks and extra-long twin sheets, or trying to squeeze one last trip or a few more hours of work into your calendar, now is a good time to start looking ahead to the fall term if you're in college. This includes thinking about financial aid. One of the [...]

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While it may be grabbing most of the headlines, the federal "Cash for Clunkers" program is not the only government grant program to run out of money well ahead of schedule this year.  The state funding allocated to Illinois Monetary Awards Program (MAP) grants, college financial aid awards for needy students, was slashed during state budget cuts this year. As a result, awards have been cut in [...]

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Princeton Review released its annual college rankings yesterday, based on a survey of 122,000 students at colleges nationwide. The purpose of the list is to help students choose colleges based on what current undergraduate students at each school say, and rankings include such categories as best and worst dorm food, most politically engaged students, and most GLBT-friendly schools. The most [...]

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After New York Attorney General Andrew Cuomo brought to light questionable practices some college financial aid offices engaged in when creating preferred lender lists for private loans, the fallout was felt nationwide. While colleges and lenders have reformed their practices in the face of new regulations, lawsuits against colleges and lenders are still being addressed. Yesterday, Emerson [...]

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Yesterday, the House of Representatives formally introduced legislation to reshape federal student loans, federal Pell Grants, and other aspects of student financial aid. The Student Aid and Fiscal Responsibility Act of 2009 builds on presidential budget recommendations and features several substantial changes to student aid. A preliminary breakdown of the bill provided by the National [...]

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On August 1, the new GI Bill will kick in, bringing with it increased education benefits for people who have served in the military since 2001. At least in theory. The new GI Bill covers an undergraduate student's full tuition and fees at any four-year state college anywhere in the country, which is a more generous benefit than the veteran aid students received under the old GI Bill. Eligible [...]

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We've previously blogged about the increase in student borrowing shown by the latest data from the National Center for Education Statistics. As more think tanks and other groups begin to analyze this information, additional reports are emerging to provide more details on who is borrowing the most. The latest report comes from Education Sector and bears the title, "Drowning in Debt: The Emerging [...]

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Congress has passed and President Obama has signed a bill that provides "technical corrections" to the Higher Education Act, which Congress renewed last year. In addition to offering clarification on several points and correcting minor errors, the Technical Corrections bill also makes some useful changes to federal student financial aid. Minor clarifications include: Updating the list of [...]

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While it falls in the middle of summer on most academic calendars, July 1 marks an important date for financial aid each year.  On July 1, the Education Department switches from the 2008-2009 academic year to the 2009-2010 one, and new federal rules for financial aid go into effect. This means new loan consolidation and repayment options, lower interest rates on some federal student loans, among [...]

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