Regents Want Legislative Audit of Student Loan Groups

By Beacon Staff

HELENA – The state Board of Regents is seeking a legislative performance audit of two financially struggling student loan groups.

Regent Todd Buchanan pushed for the audit Tuesday of the Student Assistance Foundation and the Montana Higher Education Assistance Corp.

SAF last week laid off 23 employees and quit consolidating future student loans because of financial problems.

Buchanan expressed irritation that SAF and MHESAC hadn’t responded to a task force recommendation seeking more accountability and openness by the two student loan groups. SAF President and CEO Jim Stipcich said he would respond to the regents by their meeting in late May.