Session 12
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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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Session 12

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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

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


Then: The FSA Assessments


Now: The FSA Assessments


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?

  • 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?

  • 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


  • IFAP

    http://ifap.ed.gov

  • School Portal

    http://Federal Student Aid4schools.ed.gov

Where to find the Federal Student Aid Assessments


The Federal Student Aid Assessments – Re-Design


Why would you use the Federal Student Aid Assessments?


Learn to Navigate the AssessmentsInstructor Demonstration

http://ifap.ed.gov


Importance of Team Building

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


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

http://www.teambuildinginc.com

www.teambuildinginc.com


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

  • 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

  • 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 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

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

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

  • 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.

Holly Langer-Evans617 289 0136

Byron Scott312-886-8734

[email protected]

[email protected]


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