Finding Text
Aggregate Loan Limits Other Matter
DEPARTMENT OF EDUCATION
ALN #: 84.268
Federal Award Identification #: 22-23 Financial Aid Year
Condition: A student had received federal direct loans in excess of the undergraduate level aggregate limit and was disbursed graduate level federal direct loans by the University.
Criteria: 34 CFR 685.203 (d),(e)
Questioned Costs: $166
Context: Out of 60 tested for eligibility and disbursement, 1 student had been flagged on their ISIR for exceeding the subsidized loan limit but the student was still awarded subsidized loans in excess of $23,000. This has been corrected in August 2023 during the audit.
Cause: Turnover in staffing. The University failed to resolve the ISIR aggregate loan limit eligibility code prior to disbursing aid.
Effect: The student received $166 in subsidized loans that they were not eligible to receive.
Identification as repeat finding, if applicable 2022-002
Recommendation: We recommend that the University review all students flagged on their ISIR’s for being close to aggregate loan limits before disbursing federal loans to ensure the student is eligible.
Views of Responsible Officials and Planned Corrective Action: Management agrees with the finding. See corrective action plan.