March 9, 2018 | by Zandria Thomas
UL Neglects to Accurately Report Financial Aid Refunds

The University of Louisiana at Lafayette has failed to follow proper procedures involving financial aid for some students. A financial audit has been issued and reported that not only did the school fail to comply with federal regulations to the return of the Title IV funds, but they also did not report the students whose funds did not get returned.

Title IV financial aid is federally funded aid that includes: federal Pell Grant, federal Supplemental Educational Opportunity Grant (SEOG), federal Perkins Loan, federal Subsidized and Unsubsidized Direct Loans.

This report shows that the school did not perform the procedures to return these funds in a timely manner. In the graph below it shows that 40 students were tested to see if they received their refunds back on time. Out of those 40 students 7.5% (3 students) didn’t not receive their refunds on time. Although UL Lafayette did the determination and calculations for one of the three students affected funds, they didn’t return the funds to the U.S Department of Education (USDOE) until nine months after the procedures were performed.

In the second graph below two (5%) out of 40 students refunds were incorrect. UL Lafayette caused this to happen by taking $1,880 of the students’ loan money from both accounts and returned them to the USDOE for reasons we are not aware of. This action caused the students to have outstanding balances.

The reports UL Lafayette officials use to identify students who require a return of their financial money failed to report two students. As a result, those two students did not receive their semester refunds. This incident was not made known to the USDOE.

 

With all the findings of UL Lafayette’s errors, Executive Director of Student Aid & Scholarships Cindy Perez, sent a letter to the Louisiana Legislative Auditor. The letter below explains the plan of action Perez will be enforcing to fix the returns of the Title IV Funds and what they will do to prevent this from happening again.You can view the full audit report for more information here

Zandria Thomas, Mass Communication-Broadcasting, On Air Personality, 23, New Orleans

Leave a Reply

— required *

— required *

Theme by Theme Flames, powered by Wordpress.