Need for State-Funded Financial Aid Slows
In its latest survey, the National Association of State Student Grant and Aid Programs (“NASSGAP”) revealed that growth in the use of state-funded student financial aid slowed in 2015-16. The total state-funded aid amount that year – $12.5 billion – is an increase of less than one percent from the previous year. The percentage is a big drop from what the NASSGAP measured from 2013-14 to 2014-15, when the year-over-year growth for state aid was around six percent. A stronger economy and demographic declines in various high-population states are being attributed to the small increase in aid. Learn more about the NASSGAP’s survey on the Inside Higher Ed website.
State-Funded Student Aid on the Rise
State funding for student financial aid jumped six percent during the 2014-15 academic year, per the National Association of State Student Grant and Aid Programs’ (“NASSGAP”) latest survey. This year’s survey revealed that $12.4 billion in student aid was awarded by states in 2014-15. Other reported increases include rises in grant aid (up 5.7 percent; $10.5 billion) and non-grant aid (up seven percent; $1.9 billion). However, the breakdown between non-need-based (24 percent) and need-based (76 percent) grants remains the same from last year. A full recap of the NASSGAP survey is available on Inside Higher Ed.
OMB Releases 2014 Compliance Supplement
Earlier this week, the U.S. Office of Management (“OMB”) issued its 2014 OMB Circular A-133 Compliance Supplement (“the Supplement”). Viewed as essential guidance for performing single audits, the Supplement recognizes important compliance requirements the government expects to be considered for auditing. The Supplement is also seen as a source for auditors to better understand federal program objectives, procedures and other valuable information. Effective for fiscal year audits beginning after June 30, 2013, some of the changes to this year’s Compliance Supplement include: Changes to the Matrix of Compliance Requirements, which was revised to add and remove programs for consistency purposes;. Read More.