Finding Text
Untimely Returns of Title IV Funds (R2T4) Significant Deficiency
DEPARTMENT OF EDUCATION
ALN #: ALN #: 84.268, 84.063
Federal Award Identification #: 2023-2024 Award Year
Condition: The College did not always return unearned Title IV aid timely.
Criteria: 34 CFR 668.22
Questioned Costs: $0
Context: Out of 14 students tested for timely and accurate R2T4’s, 1 student had their unearned Title IV aid totaling $390 returned 23 days late. The College reviewed all student withdrawals and identified 5 other students with late returns totaling to the amount of $12,199 ranging from 5 to 62 days late.
Cause: Even though the initial calculations were performed timely, the financial aid office’s internal review process and adjustment of the student account was late for 4 students. There was a lack of communication from the registrar's office for 1 student, but once the financial aid office discovered this student, the return was promptly calculated and made. 1 student had a calculation performed late due to an employee transition in the financial aid office.
Effect: Noncompliance with R2T4 regulations regarding timely returns and withdrawals.
Identification as repeat finding, if applicable: Not applicable.
Recommendation: We recommend that the College works to reduce the time between a student's initial R2T4 calculation and its internal review in the financial aid office. We also recommend the College continue to work with the registrar's office to provide timely notification of student withdrawals so that the return of Title IV funds can be complete within the timeframe required by the Department of Education.
Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.