Finding Text
Finding 2022-002 Federal Program: Student Financial Assistance Cluster, Federal Direct Student Loans Federal Agency: U.S. Department of Education Assistance Listing Number: 84.268 Federal Award Year: June 30, 2022 Criteria: Title IV regulations (34 CFR 668.22) require the University to return the unearned portion of grants or loans to the Title IV program within 45 days after a student withdraws. Condition/Context: 1 refund in a sample of 4 was returned at the incorrect amount and resulted in the University returning excess funds. The sample was not a statistically valid sample. Questioned Costs: There are no questioned costs associated with this finding. Cause: The calculation of the unearned portion of the grant or loan to be returned was completed correctly but the incorrect amount was returned. Effect: The University processed incorrect refunds. Recommendation: The University should modify its procedures for processing the returns to ensure the correct amount is returned. Management Response: Calculations to determine the unearned portion of the grant or loan to be returned will be completed with applicable dates and required aid adjustments. Evaluation of procedures will be on-going as a best practice.