University awarded Subsidized Federal Direct Loans to one student in excess of their Subsidized Federal Direct Loan eligibility, and therefore did not comply with all requirements associated with excess loan proceeds.
Corrective Actions Taken or Planned: This finding is considered an isolated occurrence and is not indicative of Roosevelt University’s standard administrative practices or institutional policies. The University has taken the following corrective actions to address the issue and prevent recurrence
Student Account Adjustment: A reallocation of $2,900 from the Federal Direct Subsidized Loan to the Federal Direct Unsubsidized Loan was completed to correct the student’s account. All necessary updates were submitted to the U.S. Department of Education on May 16, 2025.
Root Cause Analysis and System Improvements: The University will conduct a thorough root cause analysis to determine the underlying factors that led to the overaward. This analysis will be completed within 30 days.
Preventative Measure and On-going Monitoring: Based upon the outcome of the root cause analysis, Roosevelt will implement appropriate system controls and develop an on-going monitoring plan to prevent similar issues in the future. These preventative measures will be established within 45 days.
Roosevelt University remains committed to maintaining compliance with federal regulations and to continuously strengthening its internal controls to ensure accurate administration of Title IV funds.
Anticipated Completion Date: July 15, 2025
Contact Person: Michelle Hayes, Senior Director, Financial Aid and Compliance // Michelle Stipp, Associate
Vice President, Enrollment Management