Finding Text
Criteria or Specific Requirement – Eligibility, 34 CFR Section 685.200(a)(2)(i)
Condition – One student received need-based aid exceeding that student’s financial need
Questioned Costs – $2,069
Context – Out of the population of 1,301 students who received federal student financial assistance during the year, a sample of 25 students was selected for testing. One student was awarded need-based aid who did not have financial need. Our sample was not, and was not intended to be, statistically valid.
Effect – One student received aid for which they were not eligible
Cause – The student’s estimated family contribution (EFC) was not updated to reflect a change in the student’s attendance plan, and the student was awarded aid for the year using the student’s four-month EFC rather than the 12-month EFC.
Indication as a Repeat Finding – N/A
Recommendation – The University should review its procedures for ensuring appropriate EFC figures are used when awarding financial aid to ensure any changes in student information is accurately reflected in the information used to award student aid.
Views of Responsible Officials and Planned Corrective Actions – Management agrees with the finding and the Director of Student Financial Services and Assistant Director of Financial Aid will oversee the corrective action plan. University IT personnel are creating a Change Report to identify students whose SAI (Student Aid Index, formerly EFC) months do not match the attendance pattern. This will alert Financial Services
to adjust the budget to the appropriate timeframe that will prevent over awarding. The Student Financial Services team will review and retain on the proper procedure to assign SAI months.