Finding Text
MATERIAL WEAKNESS, Documentation of Cost of Attendance, Information on the federal program: U.S. Department of Education, Assistance Listing No. 84.268; Federal Direct Student Loan Program, Criteria: Students awarded financial aid must meet eligibility requirements including having financial need and total awards that do not exceed that need. Condition: The Seminary did not maintain documentation of accurate cost of attendance used to calculate financial need. Context: Out of a population of 50 students who received aid under the student financial aid cluster, we sampled 10. Within this sample, three of these students were less than full-time. Within their student record, their cost of attendance was noted at the full-time student rate. None of these students received aid in excess of need based on a reduced cost of attendance. Questioned Costs: None Cause: Manual calculations of need are being performed but are not documented within the student management software. Effect: Documentation of cost of attendance within student records is not accurate which could lead to incorrect calculation of need and award of funding. Recommendation: We recommend that management adjust its procedures to document within the student management software the cost of attendance for students who attend less than full-time. Views of responsible officials and planned corrective actions: Management acknowledges this finding and is working on documenting the review of students once they change their status. The calculations are occurring but are not being documented in the system of record.