Finding Text
Student Financial Aid Cluster Finding 2025-001: Disbursement of Title IV Credit Balance Criteria and Condition: According to federal regulations, student refunds of credit balances caused by disbursement of a Title IV award (Title IV credit balance) must be returned to the borrower within 14 days. Three of the credit balances selected was not disbursed within the 14 day requirement. Context: The students were owed a refund for the Fall 2024 term, but the disbursement was delayed beyond the required timeframe. Cause: The University did not have adequate processes in place to ensure timely disbursements to students owed a Title IV refund. Effect: The University did not comply with the requirement to disburse funds for Title IV credit balances within 14 days, resulting in a delayed refund to the students. Recommendation: We recommend the University review its refund procedures and implement controls to ensure Title IV credit balances are disbursed timely. Views of Responsible Officials: The University will review and update its internal procedures and controls for handling credit balances to ensure that future Title IV credit balances are disbursed to students within the 14 day window. Questioned Costs: $0