Audit  Audit of the Massachusetts Educational Financing Authority

The audit examined whether MEFA processed Consumer Financial Protection Bureau complaints and ensured that its student loan servicer sent high-profile complaints within the required timeframes, as well as whether, before it disbursed student loan funds, MEFA ensured that the associated institutions of higher education had certified loan documents. The audit examined the period of July 1, 2019 through December 31, 2020.

Organization: Office of the State Auditor
Date published: April 14, 2022

Executive Summary

In accordance with Section 12 of Chapter 11 of the Massachusetts General Laws, the Office of the State Auditor has conducted a performance audit of the Massachusetts Educational Financing Authority (MEFA) for the period July 1, 2019 through December 31, 2020. The purpose of this audit was to determine whether MEFA processed Consumer Financial Protection Bureau1 complaints and ensured that its student loan servicer sent high-profile complaints within the required timeframes, as well as whether, before it disbursed student loan funds, MEFA ensured that the associated institutions of higher education had certified loan documents.

Our audit revealed no significant instances of noncompliance by MEFA that must be reported under generally accepted government auditing standards.

 

1.    The Consumer Financial Protection Bureau is a federal agency intended to oversee consumer financial institutions such as banks, debt collectors, and lenders. Consumers can file complaints with the bureau for issues they experience with such institutions.

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