JACKSONVILLE, Fla. -- The Board of Trustees of Florida State College at Jacksonville voted today to retire debt owed by students related to ineligible federal financial aid awards.
An audit review found overpayments of $4.2 million in Pell grants and $0.8 million in ineligible loans to students.
The agenda item was approved unanimously by the board. Students will be notified in writing. This does not affect the college's standard policy on loan repayment.
The funds that will be used to cover the debt come from existing quasi-endowment funds, not from taxpayer funds or student tuition and fees.