By Dana Sanchez
Howard University has been placed on a “heightened cash monitoring” list by Education Secretary Betsy DeVos that embarrasses the historically Black university and affects its ability to award financial aid payments in advance to students, Washington Post reported.
The university has been mired in an embezzlement scandal. The embezzlement went on for nearly a decade, university President Wayne A.I. Frederick confirmed in March, according to Huffington Post. At least six employees in the financial aid office were fired.
DeVos’s staff told the school in an Aug. 13 letter that its federal financial aid funds status had been moved to “heightened cash monitoring” or HCM2. That means the school will no longer get millions of dollars in financial aid in advance to award to students. Instead, the school will have to give financial aid to students and then ask for reimbursement from the federal government.
More than $31 million in financial aid is affected, Howard officials said. The majority of students at Howard are on financial aid and almost half qualify for need-based Pell Grants.
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