Finding Text
Aggregate Federal Direct Loan Limits DEPARTMENT OF EDUCATION
ALN #: 84.268
Federal Award Identification #: 2022-2023 Financial Aid Year
Condition: The University did not properly award a student based on their aggregate subsidized federal direct loan limit and disbursed them subsidized loans in excess of this limit.
Criteria: 34 CFR 665.203 (d)
Questioned Costs: $4,250
Context: During our audit we noted 1 student had received their annual max subsidized federal direct loan of $5,500 which this amount put the student over their aggregate subsidized federal direct loan limit by $4,250.
Cause: Management oversight.
Effect: The student is not eligible for Title IV federal aid if over award is not corrected.
Identification as repeat finding, if applicable: N/A
Recommendation: We recommend that the when students have an ISIR code which indicates the student may have received loans in excess of aggregate limits, the University resolve that issue prior to disbursing loans to ensure that the student isn't over awarded.
Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.