ST. PAUL, Minn. (AP) — The amount of financial aid flowing to students in the Minnesota State Colleges and Universities system shot up 25 percent from 2009 to 2010 to $1.2 billion.
The system’s auditors are scheduled to present an audit of major federal financial assistance programs to the MnSCU trustees during their regular meeting Wednesday.
The auditors found four minor problems, such as a $1,050 calculating mistake, but they also documented the surge in federal funds flowing to the system as its enrollment rises.
MnSCU received over $361 million in federal grants and students borrowed nearly $651 million of federal loans in fiscal year 2010, up 16 percent from 2009.
Among the fastest growing programs were Pell Grants for low-income undergraduates, which increased $102 million, or 67 percent, since 2009 to $255 million.
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