2024-003 – Student Financial Assistance Cluster – (a) Federal Supplemental Educational
Opportunity Grants (b) Federal Work-Study Program (c) Federal Perkins Loan (d) Federal Pell
Grant Program (e) Federal Direct Student Loans (f) Teacher Education Assistance for College
and Higher Education Grants (TEACH Grants) (a) 84.007 (b) 84.033 (c) 84.038 (d) 84.063 (e)
84.268 (f) 84.379 – Year Ended June 30, 2024
Criteria: 34 CFR 685.203 states, "A first (second) (third) year student can receive up to $3,500
($4,500) ($5,500) in subsidized loans in one academic year (34 CFR 685.203).”
Condition: We tested 40 files, 37 of which were Federal Direct Loan recipients, and 1 student
did not receive the full amount of her Federal Direct Subsidized Loans.
Questioned Costs: $1,375
Cause and Effect: The result is a student received unsubsidized loans prior to receiving full
subsidized loans.
Recommendation: We recommend the College evaluate policies and procedures to ensure
students receive the proper amount of Title IV aid.
Views of Responsible Officials: Management agrees with this Single Audit Finding. All members of the Financial Aid Office staff will complete the loan learning track on the FSA training site. There will also be a refresher on steps to take prior to awarding a student to ensure the right credit hours are being used for Direct Loan recipients.