Finding Text
Criteria
According to 34 CFR 668. 164(h)(2), A Title IV, HEA credit balance must be paid directly to the
student or
parent as soon as possible, but no later than-
(i) Fourteen (14) days after the balance occurred if the credit balance occurred after the first
day of
class of a payment period; or
(ii) Fourteen (14) days after the first day of class of a payment period if the credit balance
occurred on or before the first day of class of that payment period.
Condition
The University's refunded credit balances later than fourteen days after the date the
credit balance occurred.
Cause
Noncompliance was caused by an oversight by the responsible department and changes to the refund
process.
Effect
Credit balances were refunded more than fourteen days after the credit balance occurred.
Questioned Cost
There is no questioned cost related to this finding.
Context
During review of the University's refund of credit balances, we noted that 4 out of 40 students
selected for testing had credit balances refunded later than fourteen days after the date of the
credit balance occurred. After further review by the University, it was identified that a total of
32 students had credit balances refunded later than fourteen days after the date the credit balance
occurred. All late payments of credit balances identified by the University occurred within
the same three week period as the 4 identified from the testing selection.
Recommendation
We recommend the University take appropriate steps to ensure all credit balances are refunded
within the required fourteen days.
Views of Responsible Officials
We agree with the recommendation.