Finding Text
Federal Program: Student Financial Assistance Cluster (ALN: Various) Criteria or Specific Requirement (Including Statutory, Regulatory or Other Citation): N. Special Tests and Provisions ?Disbursements To or On Behalf of Students - If a student received financial aid while attending one or more other institutions, schools are required to request financial aid history using the National Student Loan Data System (?NSLDS?) Student Transfer Monitoring Process. Under this process, a school informs NSLDS about its transfer students. NSLDS will ?monitor? those students on the school?s ?inform? list and ?alert? the school of any relevant financial aid history changes. A school must wait 7 days after it ?informs? NSLDS about a transfer student before disbursing Title IV aid to that student (34 CFR section 668.19). Condition: During the year, a student who transferred to the University was disbursed Title IV aid prior to the required 7 day waiting period per NSLDS transfer monitoring guidelines. Cause: Insufficient administrative oversight with respect to disbursement of federal aid to students and transfer monitoring requirements. Effect: The University is not in compliance with federal regulations over disbursing federal funds. Questioned Costs: None. Context: For 1 of 4 students who transferred to the University during the year, the University did not wait at least 7 days after adding the student to the NSLDS alert list before disbursing Title IV funds. Identification of Repeat Finding: No similar findings noted in the prior year. Recommendation: We recommend that the University implement policies to ensure the University waits at least 7 days after adding students to the NSLDS alert list before disbursing Title IV funds as required.