Finding Text
Student Financial Assistance Cluster
Federal Pell Grants, ALN 84.063
Federal Direct Student Loans, ALN 84.268
U.S. Department of Education Program Year 2023 - 2024
Criteria or Specific Requirement - Special Tests: Return of Title IV Funds 34 CFR 668.22
Condition - Return of Title IV funds were not calculated correctly and funds were not returned within the required time frame.
Questioned costs - $1,104
Context - Out of a population of 423 official and unofficial withdrawals of students who received Student Financial Assistance, a sample of 25 students were selected for testing. Our sample was not, and was not intended to be statistically valid. For one of the student withdrawals tested, the calculation of funds to be returned by the University was calculated incorrectly. For another student withdrawal tested, the funds were not returned to the lender within the required time frame and the credit to the student's account was not made within the required time frame.
Effect - The incorrect amount of funds were returned, funds were not returned within the required time frame, and a student's account was not credited within the required timeframe.
Cause - The University did not use the correct amount of institutional charges when calculating the required return for one student. The University did not return funds within the required time frame for one student.
Identification as a repeat finding - N/A
Recommendation - The University should update their controls to ensure inputs used to calculate the return are accurate and agree to instututional records. The University should review its processes for ensuring return of funds are returned in a timely manner.