LIST OF MOST FREQUENTLY REPORTED FINDINGS
                            FROM NON-FEDERAL AUDITS
                     REGIONS 5,7,8 & 10 -  20 STATE AREA
                           OCTOBER 1992 - MARCH 1995

                        GSL PROGRAM    
 # OF
AUDITS     COMPLIANCE AREA                 AMOUNT QUESTIONED
------   -----------------------           -----------------
  40     DIL. IN DISBURSE LN                     261,998
  49     DISB. OF FUNDS                           50,106
  30     DEFAULT RATE                                  0
  42     DIL. IN SERVICE LOAN                  1,518,886
  88     ENTRANCE INTERVIEW                      143,288
  67     LOAN APPLICATION                        198,197
 108     NOTIF. TO LENDER                          3,188
  36     OVERAWARD                                56,714
 135     REFUND TO LENDER                        106,794
  47     STNDS OF ADMIN CAPAB                    157,560
  94     STUDENT CONFIRMATION                     26,573
  57     STUDENT ELIGIBILITY                     343,438
  38     STUDENT FILES                            60,785
  38     STUDENT TRANSCRIPTS                   1,346,105
                                               ---------
                       TOTAL GSL              $4,273,632

                  COLLEGE WORK STUDY        
 # OF
AUDITS     COMPLIANCE AREA                 AMOUNT QUESTIONED
------   -----------------------           -----------------
  47     TIME/ATTEND RECORDS                     $19,602
    
                 PERKINS LOAN PROGRAM    
 # OF
AUDITS     COMPLIANCE AREA                 AMOUNT QUESTIONED
------   -----------------------           -----------------
  47     DIL. IN DISBURSE LN                      52,567
  42     DEFAULT RATE                                  0
 109     DIL. IN SERVICE LOAN                    168,062
  33     EXCESS CASH                             371,793
  35     INTEREST BEAR ACCOUNT                     1,299
                                               ---------
                 TOTAL PERKINS LOAN PROGRAM   $  593,721
        
                    PELL GRANT PROGRAM
 # OF
AUDITS     COMPLIANCE AREA                 AMOUNT QUESTIONED
------   -----------------------           -----------------
  30     AWARD DETERMINATION                      15,229
  58     DISB. OF FUNDS                          145,117
  76     EXCESS CASH                               3,022
  86     FINANCIAL REPORTING                      44,771
  67     OVERAWARD                                69,287
  50     REFUND/OTHER                             12,218
  59     STNDS OF ADMIN CAPAB                    178,325
  60     STUDENT ELIGIBILITY                     150,962
  43     STUDENT AID REPORT                       22,651
  27     STUDENT TRANSCRIPTS                      83,054
                                              ----------
                TOTAL PELL GRANT PROGRAM      $  724,636

                  SFA PROGRAMS IN GENERAL 
 # OF
AUDITS     COMPLIANCE AREA                 AMOUNT QUESTIONED
------   -----------------------           -----------------
  47     ABILITY TO BENEFIT                      869,617
  37     CASH MANAGEMENT                          34,969
  48     DISB. OF FUNDS                           67,939
  85     DRUG-FREE WORKPLACE                       8,115
 146     EXCESS CASH                             189,265
  40     FISCAL PROCEDURES                        21,964
 134     FINANCIAL REPORTING                      51,028
 133     FISAP                                    14,670
  55     INTERNAL CONTROLS                        47,910
  27     INSTITUTIONAL ELIG.                   3,063,210
  55     IMPROP RECORDKEEPING                          0
  28     MAINT. OF EFFORT                              0
  25     MATCHING                                 27,039
  32     OVERAWARD                                41,197
  26     REFUND TO LENDER                        187,346
 159     REFUND/OTHER                            615,506
 199     STNDS OF ADMIN CAPAB                    889,923
 119     STUDENT ELIGIBILITY                     623,069
  80     STUDENT FILES                           525,369
  89     SATISFACTORY PROGRESS                   683,679
  47     STUDENT AID REPORT                      305,965
 200     STUDENT TRANSCRIPTS                   2,169,990
 139     STUDENT WITHDRAWAL                       57,309
                                              ----------
            TOTAL SFA PROGRAMS IN GENERAL    $10,495,079
                                             ===========
            TOTAL OF ALL PROGRAMS            $16,106,670