Friday, October 2, 2009

CollegeInvest Scandal in Colorado


Why is this story about CollegeInvest not being covered by any major media outlets? Tom McGhee, the reporter who wrote the piece in the Denver Post, explains, "CollegeInvest, the agency that runs Colorado's student-loan forgiveness and scholarship plans, lost track of many of the students it was supposed to help, managing to distribute only $91,000 of the $3.8 million [my emphasis] lawmakers expected it to hand out last year." 

Are those numbers correct? That is gross mishandling of funds, and seems pretty newsworthy. But apparently all the major media outlets don't seem to think so. It's safe to assume that the readers of Education Matters will find this story of great interest. 

What will happen to CollegeInvest? While this may not be a Ponzi Scheme, the remarks made by the representative of CollegeInvest failed to satisfy this reader. Perhaps there are more stories like this one, but no one is covering them or they aren't being audited?    

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