Finding Text
Information on the Federal Program: Student Financial Aid Cluster (CFDA Numbers 84.268, 84.063, 84.033, 84.379, 84.038, and 84.007) – U.S. Department of Education
Criteria: 34 CFR 668.164(h)
If a credit balance occurred on or before the first day of class of a payment period, it must be paid directly to the student or parent within 14 days of the first day of class. If a credit balance occurred after the first day of class of a payment period, it must be paid directly to the student or parent within 14 days of the occurrence.
Condition and context: Out of a population of 1,425 students, we sampled 40. Out of this sample, the Institution failed to reimburse student account credit balances timely for 5 students.
Questioned Cost: $3,987
Cause: The University did not have a control in place to ensure credit balances were refunded timely.
Effect: The University is not in compliance with Title 34, Section CFR 668.164 with respect to the referenced students.
Recommendation: We recommend that the University establish controls to ensure that credit balances are paid directly to the student or parent within 14 days of the first day of class or within 14 days of the occurrence of a credit balance.