Identification and Review
• Conduct an internal audit of all financial aid awards for the affected students to determine the extent of the overaward
• Identify the sources of aid contributing to the excess amount and whether any adjustments can be made within the same academic year.
• Review packaging procedures to pinpoint the cause of the discrepancy (e.g., late outside scholarships, system errors, or manual adjustments
Student Award Adjustments
• Reduce or cancel institutional or federal aid (such as loans, Federal Work-Study, or certain grants) in accordance with federal regulations and institutional policies.
• Notify students of any changes to their financial aid package and provide guidance on alternative funding options if needed.
Process and Policy Improvements
• Implement a cross-check system for all financial aid components and strengthen internal controls to ensure total aid does not exceed COA before disbursement
• Implement additional system checks and alerts in the financial aid management system to flag overawards automatically.
• Require timely reporting of external scholarships and third-party payments to prevent adjustments after disbursement
Monitoring and Compliance
• Conduct periodic reconciliation of student aid packages throughout the academic year to prevent overawards
• Train financial aid staff on COA regulations and best practices for awarding aid Responsible Person for Correction Action Plan: Alexis Brown, Director of Financial Aid
Implementation Date for Corrective Action Plan: 2/25/25