Finding Text
34 CFR 668.22 requires that when a recipient of Title IV grant or loan assistance withdraws from an institution during a payment period or period of enrollment in which the recipient began attendance, the institution must determine the amount of Title IV grant or loan assistance that the student earned as of the student's withdrawal date in accordance with federal regulations and return the unearned portion of the grant or loan funds to the Title IV programs as soon as possible, but no later than 45 days after the withdrawal date. Condition: For one student out of five selected for testing, the amount of the Title IV refund was calculated incorrectly, resuling in an underpayment of PELL funds of $124. Cause: The College did not apply the correct end date for the semester when performing the calculations. Effect: The College did not refund the correct amount of PELL funds to the Title IV program.