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Session 12. Then: Standing in line at the bank. Today: Drive Thru ATMs. Then: The PC work environment. Today: The PC on-the-go. Then: “Portable Music”. Today: As portable as a computer file. Then: Printing Today: Printing. Then: Directions. Now: Directions.

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Presentation Transcript
slide9

Then: Directions

Now: Directions

“We’ve been wandering for 40 years. But would he ever ask for directions?”

session objectives to demonstrate
Session Objectives – To Demonstrate:
  • The new Federal Student Aid Assessments
  • How the Assessments can assist with financial aid operations, audits and program reviews
  • How to navigate the Assessments
  • A Team Building Tool
  • How a school can use the Assessments to resolve Title IV deficiencies and improve its policies and procedures manual
what are the federal student aid assessments
What are the Federal Student Aid Assessments?
  • Tools to prevent and/or identify compliance issues
  • A way to establish management enhancements to correct problems

Federal Student Aid Assessments

Tools for Schools

why would you use the federal student aid assessments
Why would you use the Federal Student Aid Assessments?
  • To ensure compliance
  • To prepare for an Audit
  • To prepare for a program review
  • To correct deficiencies and to ensure findings do not recur
  • To develop or update policies and procedures manual
  • Train new staff
where to find the federal student aid assessments

IFAP

http://ifap.ed.gov

  • School Portal

http://Federal Student Aid4schools.ed.gov

Where to find the Federal Student Aid Assessments
importance of team building
Importance of Team Building

“It’s a fact that people working as a team can achieve better results than individuals working alone.”

team activity
Team Activity
  • When I say go, list 10 body parts that have only 3 letters in them. You can’t use slang.
use the team building tool
Use the Team Building Tool

http://www.teambuildinginc.com

www.teambuildinginc.com

case study findings
Case Study findings
  • Return of Funds Made Late to Title IV Account
  • Satisfactory Academic Progress Policy Not Adequately Developed / Impaired Administrative Capability
  • Verification Incomplete
  • Title IV Accounts Not Reconciled
finding 1 refund errors incorrect calculation refunds made late or refunds not made
Finding 1 : Refund errors – incorrect calculation; refunds made late; or refunds not made
  • Incorrect calculation
    • Aid that could have been disbursed
    • Pro-rated institutional charges
    • Payment period or period of enrollment
  • Late determination of student withdrawal
    • No shows: students who never start
    • Students who vanish: no earned grades at the end of the term. Did the student finish the term?

http://ifap.ed.gov

finding 2 sap policy not adequately developed impaired administrative capability
Finding 2: SAP Policy Not Adequately Developed / Impaired Administrative Capability
  • Qualitative component
  • Quantitative component
    • How much work needs to be completed in each increment
      • Percentage of work attempted (credit hours)
      • Based on calendar time
    • Relates to maximum time to complete

http://ifap.ed.gov

finding 2 sap policy not adequately developed impaired administrative capability1
Finding 2: SAP Policy Not Adequately Developed / Impaired Administrative Capability
  • Maximum time to complete
  • Must evaluate all periods of attendance
  • Stopping out does not restore progress
  • Complete records of all academic work attempted must be maintained
  • Document implementation

http://ifap.ed.gov

finding 3 verification incomplete
Finding: 3 – Verification Incomplete

http://ifap.ed.gov

  • Verification requirements specified in regulation
  • Verification documentation may reveal conflicting data. This may not be a required verification item, but must be resolved
  • Mind the details
  • If you have a verification finding, try to figure out why
  • Review requirements regularly
finding 4 title iv accounts not reconciled
Finding: 4 – Title IV Accounts Not Reconciled

http://ifap.ed.gov

  • Reconciling the federal funds bank account does not complete the reconciliation process
  • Compare Financial Aid Office, Business Office and ED (COD) records
  • Role of servicers
summary
Summary
  • If we can find it – so can you
  • Use the Assessments to fix problems before they are identified through an audit or a program review
  • Team Approach to the assessments is critical
  • Use the Management Enhancement as a corrective action plan and track progress
we appreciate your feedback and comments
We appreciate your feedback and comments.

Holly Langer-Evans617 289 0136

Byron Scott312-886-8734

[email protected]

[email protected]

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