| 06/04/09 |
Our 9.5% Floor Loan Statement - The USDE Office of Inspector General (OIG) released
an electronic copy of its audit report on the 9.50% floor billing issue on
May 28, 2009. We disagree with the OIG’s “findings” that KHESLC received improper
special allowance payments from the federal government on 9.5% floor loans, primarily
because the findings are based on new interpretations of the law being applied
retroactively. These objections have been included in our responses to the OIG
during the course of this audit. We have begun working on our response to the
latest report, which is due in 30 days to USDE. See Our 9.5% Floor Loan Statement.
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