IU to pay state for excess aid
The implementation of the PeopleSoft student information software system at the start of the 2004-2005 academic year resulted in the distribution of approximately $274,000 in excess financial aid, according to an audit report. An internal financial aid program written by the University and run on the PeopleSoft system did not recognize situations in which the awarded aid should have been reduced, IU Director of Media Relations Larry MacIntyre said in an e-mail. The excess awards resulted from students receiving too much in federal student loans. IU returned the excess money although students did not have to repay the University. The noncompliance with federal regulations was found during an annual audit, said Paul Joyce, deputy state examiner for the Indiana State Board of Accounts.

