Condition: Cottey College did not report the correct loan disbursement dates to the Common Origination and Disbursement (COD) system for 2 of the 37 students in the sample (5.4%). We consider this condition to be an instance of noncompliance relating to the Eligibility compliance requirement and is a repeat finding shown in Section IV of this report as prior year finding 2023-004. Statistical sampling was not used in making sample selections.
Corrective Action Plan: During the month of October 2024, a financial aid consultant met with Cottey staff to discuss and plan better procedures related to awarding and reviewing Federal Loans. Throughout the 2024-25 school year, we have implemented quarterly internal audits where students are randomly selected and processed through an internal review of their federal awards. Through this new process, we are reviewing loan eligibility, disbursement dates, and documentation for each student. By completing this process quarterly, we will be able to do an additional review of each student in detail while the school year is still in session and corrections can be made.
Responsible Person for Correction Action Plan: Hannah Masters (Executive Director of Financial Aid and Student Accounts)
Implementation Date for Corrective Action Plan: 01/30/2025