Finding Text
Student Financial Assistance Cluster, CFDA Number 84.268 Federal Direct Student Loans, CFDA Number 84.063 Federal Pell Grant Program, U.S. Department of Education Program Year 2022-2023
Criteria or Specific Requirement – Special Tests: Return of Title IV Funds 34 CFR Section 668.22
Condition: Return of Title IV funds were not completed within the required time frame.
Questioned costs – None
Context – Out of a population of 115 official and unofficial withdrawals of students who received Student Financial Assistance, a sample of 19 students withdrawals were selected for testing. Our sample was not and was not intended to be statistically valid. For 4 of the student withdrawals tested the disbursements were not made back to the lender within the required time frame and the credits to accounts were not made within the required timeframe.
Effect – Funds were not returned within the required time frame.
Cause – The University’s Office of Financial Aid did not timely process the return of Title IV calculations.
Identification as a repeat finding – N/A
Recommendation – The University’s Office of Financial Aid should complete Return of Title IV calculations for all students who officially or unofficially withdrew during the semester and ensure that any returns due are returned in a timely manner.