Roundup: News You Need to Know, Wed., Nov. 15th

New Missouri Auditor to Investigate MOHELA

The incoming state auditor in Missouri has said that she will audit the Missouri Higher Education Authority (MOHELA) upon entering office next year. Susan Montee believes that MOHELA has not been transparent enough and that external oversight is necessary to provide more information to the public on its activities. She mentioned that her audit will investigate the $830,000 severance package given to Michael Cummins, the former MOHELA director who was fired in January. In addition, Montee will investigate MOHELAs finances: "I dont think anyone wouldve considered that the entity MOHELA was amassing the type of assets that it was. You would assume the money would be lent out and there wouldnt be a large buildup of cash."

Northwestern to Provide Full Tuition to Low-Income Students

Northwestern University is starting a new financial aid program for low-income undergraduates that will replace loans with grants and cover full tuition costs. Initial funding for the program was donated by Chicago businessman Patrick Ryan. Under the program, students with family incomes less than $40,000 will graduate debt-free. The average debt of a Northwestern graduate is more than $18,000. Before, Northwestern scholarship grants for students with family incomes less than $45,000about 10% of the classonly covered 57% of their education costs. Northwestern joins Harvard, Princeton, UNC Chapel Hill, Stanford, and Penn, which have similar programs.

New Report Describes African-American Enrollment and Completion Rates in Higher Ed

A report just released by the American Council on Education details minority representation in higher education. While enrollment of African-Americans in higher education increased dramatically by 43% from 1993 to 2003, they still do not enroll at the same rate as their white peers. In addition, the college completion rate for African-Americans lags far behind any other minority group. Of the students who began college in 1995-1996, only 36% of African-Americans attained a bachelors degree, compared to 58% of white students. The study finds that the leading cause of African-American drop-out is financial aid burden.