Finding Text
U.S Department of Education ? Student Financial Assistance Cluster CFDA No. 84.007, Federal Supplemental Educational Opportunity Grant Program CFDA No. 84.033, Federal Work Study Program CFDA No. 84.038, Federal Perkins Loan Program CFDA No. 84.379, Teacher Educational Assistance for College and Higher Education Grants CFDA No. 93.264, Nursing Faculty Loan Program CFDA No. 84.268, Federal Direct Student Loan Program CFDA No. 84.063, Federal Pell Grant Program Program Year 2021-2022 Criteria or specific requirement ? Special Tests and Provisions ? Return of Title IV Funding (34 CFR 668.22) Condition ?Upon a student?s withdrawal from the program, the University is required to determine whether student financial aid should be refunded to the Department of Education. Questioned Costs ? There were no questioned costs as a result of this finding. Context ? From a sample of 40 return of Title IV funds tested (population of 406 students with return of title IV funds), two students had funds that were not timely returned. Our sampling method was not, and was not intended to be, statistically valid. Effect ? Amounts of Title IV funds to be returned to the Department of Education were not returned timely. Cause ? Delayed notification of student withdrawal dates to the parties responsible for the completion of the Return to Title IV calculation hindered the timely return of funds. Identification as a repeat finding ? No. Recommendation ? We recommend further training of individuals responsible for Title IV refunds to decrease the lag time between official withdrawal notification and the return of funds.