Finding Text
Criteria: When Title IV funds are credited to a student account and they exceed the amount of tuition and fees, room and board, and other authorized charges assessed the student, a credit balance is created. The institution must pay the resulting credit balance directly to the student or parent borrower within 14 days after (1) the first day of class or a payment period if the credit balance occurred on or before that day, or (2) the balance occured that was after the first day of class. Condition: For two students out of twenty-five selected for testing, receipt of Title IV funds created an overpayment to the students' account which was returned to the students, but not in accordance with the criteria noted above. Cause: Manamement of the College has implemented procedures to ensure credit balances are returned within the required time frame. these students were identified and corrected after the procedures were implemented. Effect: The College was not in compliance with the requirements and students did not timely receive the Title IV funds to which they were entitled.