Finding Text
Monthly Reconciliations of Pell Grant and Federal Direct Loans Significant Deficiency DEPARTMENT OF EDUCATION ALN #: 84.268, 84.063 Federal Award Identification #: 2021-22 Financial Aid Year Condition: Under Federal Financial Responsibility regulations and Federal Direct Loan regulations, the College is required to reconcile the Pell grants and Direct Loans disbursed between Common Origination and Disbursement (COD), the student information system, and student accounts on a monthly basis. This reconciliation should be on a student-by-student basis to identify any discrepancies between systems. Additionally, any discrepancies that arise during the reconciliation process should be resolved at that time. Criteria: 34 CFR 685.300(b)(5) and 34 CFR 668 Subpart L Questioned Costs:$0 Context: During the fiscal year-end, the University did not complete any monthly reconciliations on a student-by-student basis. Cause: This was an oversight by the University. Effect: There could be discrepancies between systems that could impact student eligibility and institutional eligibility for Federal Student Aid. Identification as repeat finding, if applicable: Not applicable. Recommendation: We recommend that the University implement monthly reconciliations and resolve any discrepancies as outlined in the regulations. Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.