Seacat says he can't audit student loan agencies

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By The Associated Press

Story Published: May 9, 2008 at 7:36 AM MDT

Story Updated: May 9, 2008 at 7:36 AM MDT

HELENA - Montana's legislative auditor says he cannot conduct a performance audit of two Montana student loan agencies, requested by the state Board of Regents.

Legislative Auditor Scott Seacat says his office lacks jurisdiction to audit the Student Assistance Corp. and Montana Higher Education Student Assistance.

In a letter to Montana's commissioner of higher education, Sheila Stearns, Seacat cited the defeat of a 2007 bill in the Legislature that would have specifically given the legislative auditor full access to records of the two agencies.

The two student loan agencies have hit some tough times financially because of the credit and liquidity crunch on Wall Street.

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