Finding Text
Return of Title IV Funds
Federal Program – U.S. Department of Education (ED), Student Financial Assistance Cluster, Federal Supplemental Educational Opportunity Grant Program,
#84.007; Federal Work-Study Program, #84.033; Federal Pell Grant Program, #84.063; Federal Direct Student Loan Program, #84.268.
Program Year – July 1, 2022 - June 30, 2023
Criteria or Specific Requirement – Special Tests and Provisions – Return of Title IV Funds – When a recipient of Title IV grant or loan assistance withdraws from an institution during a payment period or period of enrollment in which the recipient began attendance, the institution must determine the amount of Title IV aid earned by the student as of the student’s withdrawal date. If the total amount of Title IV assistance earned by the student is less than the amount that was disbursed to the student or on his or her behalf as of the date of the institution’s determination that the student withdrew, the difference must be returned to the Title IV programs as outlined in this section and no additional disbursements may be made to the student for the payment period or period of enrollment. If the amount the student earned is greater than the amount disbursed, the difference between the amounts must be treated as a post-withdrawal disbursement (34 CFR 668.22(a)(1) through (a)(5)).
Condition – The College utilized an incorrect academic start date for use in its Return to Title IV calculations.
Questions Costs – The utilization of an incorrect start date within the College’s Colleague system resulted in overpayments of the institutional portion of the amount to return of $99 and underpayments of the institutional portion of the amount to return of $31 – net difference of an overpayment in the amount of $68.
Context – A sample of 31 was selected from a population of 209 recipients that were subject to return of Title IV funds calculation. The College incorrectly calculated the number of days in the academic term for five recipients. The start date utilized was off by one day and this resulted in a difference in the amount calculated of $68 for the five recipients.
Effect – Due to the incorrect number of days used in the academic term for the return of funds calculation, the College did not calculate correctly the return of Title IV funds calculations for five students.
Cause – The College incorrectly calculated the days that should be included in the academic term used in the return of Title IV calculation.
Identification as a Repeat Finding – Not a repeat finding.
Recommendation – We recommend the College implement policies and procedures to review, update, and verify academic term information used for the return of Title IV funds calculations.
Views of Responsible Officials and Planned Corrective Actions – Concur. The College will review and update current written policies and procedures to ensure the correct amount of days are used for the academic term in the return of Title IV funds calculation.