Finding Text
Special Tests. Questioned Costs: $64. Condition: A student's first disbursement date was 10/25/24 but their award letter date appears to be 5/30/25. Upon further investigation, the student's unsubsidized loan needed to be prorated based on how many hours the student was taking as it was their last term before graduation. When the loan amount granted was prorated, the calculation was rounded instead of the required truncating which resulted in the loan amount awarded being too high by $64. Criteria: Per the Student Financial Assistance Program Compliance Supplement, November 2025, the Special Test compliance requirement "disbursements to or on behalf of students", the College must provide notification to the student of the amount and type of Title IV funds they are expected to receive and how and when disbursements will be made before the disbursement is made and that the disbursement amount complied with the requirements for allowable current year and prior year charges. Cause: The discrepancy was caused by an oversight during the percentage calculation process (rounding vs truncating). Effect: The College awarded a student $64 more in unsubsidized loans than was allowable. Recommendation: We recommend that supplemental training be provided to financial aid employees. View of Responsible Officials: Management acknowledges the finding and has prepared a corrective action plan. Anticipated Date of Completion: June 30, 2026