Finding Text
2024-003 – NSL Exit Interview Documentation Assistance Listing Number: 93.364 Nursing Student Loan program Criteria According to 42 CFR Part 57 § 57.310 (b), the regulations require a school to conduct and document an exit interview with its borrowers. If a borrower fails to appear for an exit interview, the school must attempt to conduct the exit interview by mailing the exit interview information to the borrower. If the borrower fails to return the information, the school must maintain in the borrower’s file a copy of the repayment terms sent to the borrower and the date the exit interview information was mailed as documentation of the contact. Condition/Context The University did not properly maintain documentation of exit interviews and did not have signed Truth in Lending Statements on file for 5 of the 7 students selected for testing. Effect Documentation was not maintained and as such students may not have received appropriate repayment and other information related to their loans outstanding. Questioned Costs There were no questioned costs related to this finding. Recommendation The University should update policies, procedures, and guidelines around handling of exit interviews and related documentation if a student does not appear in person for the interview. Regulations should be reviewed to create a list of the necessary documents to be maintained by the school. Responsible Personnel Tony Baraghimian Deputy CFO & Controller