Finding Text
Criteria: When Title IV funds are credited to a student account and they exceed the amount of tuition and fees, room and board, and other authroized charges assessed to the student, a credit balance is created. The institution must pay the resulting credit balance directly to the student or parent borrower within 14 days after (1) the first day of class or a payment period if the credit balance occurred on or before that day, or (2) the balance occured if that was after the first day of class. Condition: For four students out of forty tested, receipt of Title IV funds created an over payment to the students' account which was not returned to the student in accordance with the criteria noted above. Cause: Management of the College incorrectly interpreted the requirements. Effect: The College was not in compliance with the requirements and students did not timely receive the Title IV funds to which they were entitled.