Finding Text
Finding 2024-003: Policies and Procedures Related to Packaging Student Financial Aid – SFA
Cluster (significant deficiency)
Statement of Condition: From our testing sample of twenty-five (25) students, we found three (3) instances where student financial aid was incorrectly packaged. One (1) student was under-awarded federal direct subsidized loan and pell grant, one (1) student was under-awarded federal direct subsidized loan, and one (1) student was under-awarded a pell grant.
Criteria: Federal direct loans should be disbursed in accordance with the Federal Student Aid Handbook,
Volume 3.
Effect of Condition: We found three (3) instances where student financial aid was incorrectly packaged; all three (3) students were under-awarded need-based aid.
Cause of Condition: The University does not consistently follow its policy to review the packaging of student financial aid.
Recommendation: We recommend the University develop policies and procedures to address these issues.
Management’s Response: Management agrees and will submit a Corrective Action Plan to implement
these recommendations immediately.