In fiscal 2011, more than $32 million of a pool of money set aside for a college loan program created by the state — more than one-third of the program’s total funding — was left on the table without ever reaching Texas students.

That eye-popping finding was noted in the Sunset Advisory Commission’s report released this month on the Texas Higher Education Coordinating Board. The commission periodically conducts reviews of each state agency, determining the need for the organization and offering recommendations for improvement.

One of the major issues identified in the report was a need to revamp the B-On-Time ...

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