According to an article by Denise Smith Amos posted in June on jacksonville.com, Florida State College at Jacksonville (FSCJ) was chastised by the U.S. Department of Education for deficiencies in how they handle student financial assistance.
The latest findings required the school to return $3,000 in student loan proceeds, much better than the findings in 2014 that caused FSCJ to repay $3.4 million to the federal government for incorrect financial aid awards. According to the report, at least three FSCJ students got federal loans which were $1,000 more than they were entitled to receive.
However, the three were part of only 27 loans the report randomly reviewed — a 9% error rate.
Obviously FSCJ had put in a great deal of time and effort to improve their audit results from a $3.4 million repayment in 2014 to a $3,000 repayment in 2016. But the question is how much did it cost FSCJ to achieve those results? And, how much more are they willing to commit to reduce the 9% error rate they are still seeing?
Is there a point at which it is no longer cost-effective to achieve better results?
What do you think, has your institution come close to reaching that tipping point?