Finding Text
Federal Program: Student Financial Assistance Cluster Federal Assistance Listing Number: 84.063 and 84.268 Federal Agency: Various Award Year: 2024 Criteria: According to 34 CFR 685.301(a)(8), institutions must certify that the information provided to the Secretary is accurate and supported by institutional records. Additionally, 34 CFR 685.309(b) requires institutions to report to the Secretary accurate and complete information necessary for the administration of the Direct Loan Program, including student eligibility, loan amounts, and disbursement data. Condition: During the review of Direct Loan records, it was noted that 4 out of 36 students tested had discrepancies between the underlying support for Cost of Attendance (COA) and/or grade level and the information reported in the Common Origination and Disbursement (COD) system. Cause: The University did not have adequate internal controls or monitoring procedures in place to accurately report student data. Context: Controls did operate properly for the University to properly report student data to COD. Effect: The University has not complied with certain requirements of FSA Handbook and Federal Code of Regulations to properly report student data. Questioned Costs: None Repeat Finding: No Recommendations: The University should implement and document an overall quality assurance process including adequate controls to prevent overall noncompliance. Management's Response: Management agrees with the finding. See corrective action plan.