Finding Text
Finding ? Eligibility - Student Financial Assistance Cluster, all CFDA #'s included on Schedule of Expenditures of Federal Awards, June 30, 2022 Award Year; U.S. Department of Education Criteria or Specific Requirement The annual maximum loan amount an undergraduate student may receive must be prorated when the borrower is enrolled in a program that is shorter than a full academic year; or enrolled in a program that is one academic year or more in length, but is in a remaining period of study that is shorter than a full academic year. (2021 - 2022 Student Financial Aid Bank Book, Volume 3, Chapter 5, Page 3-160, 34 CFR 685.203(a),(b),(c)) The amount of a student's Pell Grant for an academic year is based upon the payment and disbursement schedules published by the Secretary for each award year. (2021 - 2022 Student Financial Aid Handbook, Volume 3, Chapter 3, Page 3-68, 34 CFR 690.62) Condition Of the 40 students selected for eligibility testing, two students within the sample were incorrectly awarded aid based upon their specific circumstances. This was not a statistically valid sample. Cause In one instance, a student was over awarded Direct Loans. The student's remaining period of study was less than one full academic year, as they graduated at the completion of the fall semester. As such, loan proration is required. The student received a full year's worth of Direct Loans. In one instance, a student was under awarded Pell Grant funds. An updated ISIR was issued following the award packaging process. The University did not correct the Pell Grant award following this correction. Effect The University's system of internal control did not prevent or detect these instances, thus, these students were either over or under awarded Title IV aid. Questioned Costs $3,324 Identification as a Repeat Finding This is not a repeat finding. Recommendation The University should implement periodic quality control reports to allow for further accuracy checks. Views of Responsible Officials and Corrective Actions See corrective action plan.