Finding Text
Finding ? Eligibility ? Student Financial Assistance Cluster, Assistance Listing #84.268, June 30, 2022 Award Year, U.S. Department of Education Criteria or Specific Requirement Annual Limits for Subsidized Loans: For an undergraduate student who has successfully completed the second year of study, but has not successfully completed the third year of an undergraduate program, the annual loan limit is $5,500 for a program of study at least an academic year in length. Condition Found We found one student out of our sample of forty who was awarded loan funds less than the student was eligible for. Questioned Costs Known questioned costs of $988; likely questioned costs determined to be approximately $91,000. Cause Admitted transfer students did not always have the full number of transfer credits recorded in the system at the time of acceptance and updates to credits were made after acceptance. Since aid is packaged quickly after acceptance, updates for the added credits were not considered for this select group which at times resulted in an under award. Identification as a Repeat Finding Not a repeat finding. Recommendation Management should consider a review of past students who may have been under awarded for potential adjustment. Added reviews over packaging associated with transfer students should be placed into operation and we understand management has already put that in place for these students. Views of Responsible Officials and Corrective Action See Corrective Action Plan.