Little bit of whoopsie

From Banknet 360:

The California Student Aid Commission, which processed $6.5 billion in student loans last year, needs more oversight, according to a recent audit performed by the state. EdFund, a unit of the commission that administers the Federal Family Education Loan Program, is at the heart of the audit concerns. Despite an $8.3 million operating deficit in 2005, EdFund spent $187,500 on executive bonuses and $700,000 on 14 events such as holiday parties. That operating deficit should only worsen since, effective Oct. 1, the agency will begin charging borrowers a new-loan fee, which other lenders have said they would waive.
I’d say someone’s getting canned….

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