Finding Text
2024-003 – Student Financial Assistance Cluster – (a) Federal Supplemental Educational Opportunity Grants (b) Federal Work-Study Program (c) Federal Perkins Loan (d) Federal Pell Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College and Higher Education Grants (TEACH Grants) (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e) 84.268 (f) 84.379 – Year Ended June 30, 2024
Criteria: 34 CFR 685.203 states, "A first (second) (third) year student can receive up to $3,500 ($4,500) ($5,500) in subsidized loans in one academic year (34 CFR 685.203).”
Condition: We tested 40 files, 37 of which were Federal Direct Loan recipients, and 1 student did not receive the full amount of her Federal Direct Subsidized Loans. We consider this finding to be an instance of noncompliance relating to the Eligibility compliance requirement and is a repeat finding shown in the Summary Schedule of Prior Audit Findings as prior year finding 2023-003. Statistical sampling was not used in making sample selections. Questioned Costs: N/A
Cause and Effect: The result is a student received unsubsidized loans prior to receiving full subsidized loans.
Recommendation: We recommend the College evaluate policies and procedures to ensure students receive the proper amount of Title IV aid.
Views of Responsible Officials: Management agrees with this Single Audit Finding and response is included in the Corrective Action Plan.