Criteria or Specific Requirement - Eligibility, 34 CFR Section 685.200(a)(2)(i)
Condition - One student received need-based aid exceeding that student's financial need
Questioned Costs - $2,069
Context - Out of the population of 1,301 students who received federal student financial assistance during the year, a sample of 25 students was selected for testing. One student was awarded need-based aid who did not have financial need. Our sample was not, and was not intended to be, statistically valid.
Effect - One student received aid for which they were not eligible
Cause - The student's estimated family contribution (EFC) was not updated to reflect a change in the student's attendance plan, and the student was awarded aid for the year using the student's four-month EFC rather than the twelve-month EFC.
Indication as a Repeat Finding - N/A
Recommendation - The University should review its procedures for ensuring appropriate EFC figures are used when awarding financial aid to ensure any changes in student information is accurately reflected in the information used to award student aid.
Views of Responsible Officials and Planned Corrective Actions - Amy Schlup, Director of Student Financial Services, and Carrie Hamilton, Assistant Director of Financial Aid, will oversee the corrective action plan. University IT personnel are creating a Change Report to identify students whose SAi (Student Aid Index, formerly EFC) months do not match the attendance pattern. This will alert Financial Services to adjust the budget to the appropriate timeframe that
will prevent overawarding. The Student Financial Services team will review and retrain on the proper procedure to assign SAi months. The corrective action has begun and will be completed as of November 1, 2024.
Contact information for responsible officials: Office of Financial Services Box 11000 Oklahoma City, OK 73136 405.425.5190 financialservices@oc.edu