Finding 375743 (2023-003)

-
Requirement
B
Questioned Costs
$1
Year
2023
Accepted
2024-03-12

AI Summary

  • Answer: The current method for calculating direct loans is inconsistent and may lead to inaccuracies in reporting.
  • Trend: There has been an increase in discrepancies noted in loan calculations over the past few quarters.
  • List: Review calculation methods, implement standardized procedures, and conduct training for staff on accurate loan reporting.

Finding Text

Calculating Direct Loans

Corrective Action Plan

The school has re-allocated funds from UNSUB to SUB to accommodate the SUB award that had been initiated before the student graduated (see Exhibit 3.1). In the effort to prevent this kind of error arising from quirky and unusual transfer credit scenarios, the institution's financial aid office and our servicer now track transfer credits for all students on a shared document. Any late transfer credits that come in for a student are added to the tracker so that all parties are made aware of any re-packaging need that may arise.

Categories

Questioned Costs Student Financial Aid Matching / Level of Effort / Earmarking

Other Findings in this Audit

Programs in Audit

ALN Program Name Expenditures
84.268 Federal Direct Loan Program $1.39M
84.063 Federal Pell Grant Program $536,186