AN audit has uncovered a $70 million discrepancy between the student subsidies the Federal Government is estimated to have paid education providers and the actual amount accessed by students.
The figure was revealed today in an Australian National Audit Office report examining the Higher Education Loan Program (HELP) - the government assistance provided to tertiary students, including HECS, which they eventually pay back once they earn above a certain salary.
The report said the education department had estimated an amount of $1.72 billion in HECS-HELP payments went to higher education providers in 2005, whereas the actual amount of student loan assistance accessed was $1.65 billion.
"The net reconciliation variance of approximately $70 million represents an amount that was receivable by the department," the report said.
The education department had accounted for the variance in December 2006 instead of earlier in the 2005-06 financial year, the audit office said.
The report warned the department had not documented its procedures for preparing and approving estimates of HECS-HELP spending, increasing the risk the figure could be inaccurate.
Despite this, the audit office found that overall, the education department was effectively monitoring the amount universities charged students under the HECS-HELP scheme.
The department has accepted the report's recommendations.Labels: academy awards, career training, education online, financial aid, free college, free education, high school |
