Finding Text
2022-001 Federal Agency: Department of Education Federal Program Title: Federal Direct Loan Program Assistance Listing Number: 84.268 Award Period: July 1, 2021, through June 30, 2022 Type of Finding: Significant Deficiency in Internal Control over Compliance Criteria or specific requirement: The Code of Federal Regulations, 34 CFR 685.203(a) outlines the maximum subsidized and unsubsidized loan amounts for students based on their dependency status, year of education, and other factors. Condition: We identified 1 student that received aid more than their respective cost of attendance. Questioned costs: Known costs of approximately $7,312. Context: Instances of noncompliance noted above in our sample of 60 students tested. Cause: Consistent turnover in the financial aid office within recent years had likely led to a disconnect with regard to controls in place to appropriately package and review students' financial aid during this period. Effect: Potential incorrect awarding and unfulfilled financial need of students in similar circumstances. Repeat Finding: Yes ? 2021-002. Recommendation: We recommend that the University ensures they have appropriate policies and procedures, as well as safeguards in place to ensure loan eligibility is correctly determined. Views of responsible officials: There is no disagreement with the audit finding. Management has addressed their corrective action plan in a separately issued letter.