Finding Text
Student Account Credit Balance Reimbursement
Information on the Federal Program: Student Financial Aid Cluster (AL Numbers 84.268, 84.063,
84.033, 84.379, 84.038, and 84.077) – U.S. Department of Education
Criteria or specific requirement: 34 CFR 668.164(h) - If a credit balance occurred on or before the
first day of class of a payment period, it must be paid directly to the student or parent within 14 days
of the first day of class. If a credit balance occurred after the first day of class of a payment period, it
must be paid directly to the student or parent within 14 days of the occurrence.
Condition: Out of a population of 1,623 students, we sampled 40. Out of this sample, the University
failed to reimburse student account credit balances timely for 5 students.
Questioned Cost: $10,456
Cause: The University did not have a control in place to ensure credit balances were refunded timely.
Effect: The University is not in compliance with Title 34, Section CFR 668.164 with respect to the
referenced students.
Recommendation: We recommend that the University establish controls to ensure that credit
balances are paid directly to the student or parent within 14 days of the first day of class or within 14
days of the occurrence of a credit balance.