Gheac mardi gras parade of service 2003 gheac annual conference march 4 5 2003
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GHEAC Mardi Gras: Parade of Service 2003 GHEAC Annual Conference March 4 - 5, 2003 PowerPoint PPT Presentation


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GHEAC Mardi Gras: Parade of Service 2003 GHEAC Annual Conference March 4 - 5, 2003. Program Reviews Regenia Jarrett, School Client Relations & Compliance Specialist Sarah Ergle, Lender Client Relations & Compliance Specialist. Purpose of a guarantor program review

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GHEAC Mardi Gras: Parade of Service 2003 GHEAC Annual Conference March 4 - 5, 2003

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Gheac mardi gras parade of service 2003 gheac annual conference march 4 5 2003

GHEAC Mardi Gras:Parade of Service2003 GHEAC Annual ConferenceMarch 4 - 5, 2003

Program Reviews

Regenia Jarrett, School Client Relations & Compliance Specialist Sarah Ergle, Lender Client Relations & Compliance Specialist


Program reviews

Purpose of a guarantor program review

Selection Process for reviews

Preparation for the review

The Program Review

Specifics for Lender Reviews

Specifics for School Reviews

Program Reviews

2003 GHEAC Annual Conference


Purpose of a guarantor program review

Department of Education mandates program reviews

Protection for Students

Protects federal fiscal interest

Reduces risks

Purpose of a Guarantor Program Review

2003 GHEAC Annual Conference


Selection process

How schools/lenders are chosen

Type of review

Survey

Focused

Concentrated

Selection Process

2003 GHEAC Annual Conference


Preparation for the review

Have requested documentation ready

Designate contact person for each office involved

Make sure servicer/consultant is available

Preparation for the Review

2003 GHEAC Annual Conference


The program review

Entrance Conference

Records review

Findings/comments

Exit conference

Written report, if applicable

The Program Review

2003 GHEAC Annual Conference


Review procedures lender servicer

Loan origination

Loan sales and transfers

Loan servicing

Due diligence

Consolidation loans

Deferments and forbearances

ED Form 799 (LARS Reporting)

NSLDS Reporting

Record Retention

Review Procedures Lender/Servicer

2003 GHEAC Annual Conference


Report procedures

Report is issued

Response is due within 30 days

If all issues resolved, report is closed

If not, follow up will be conducted with lender until all issues are resolved and report is closed

Department of Education receives copies of all reports

Report Procedures

2003 GHEAC Annual Conference


Common findings for lenders

Improper 799 billing

Due diligence violations

Incorrect conversion to repayment

NSLDS error report not processed

Unreconciled loan sales

Common Findings for Lenders

2003 GHEAC Annual Conference


Specifics for school reviews

Institutional eligibility

File review, student eligibility

Review of internal procedures

Review of RT4 calculations

Review of cash management

Review of financial statements

Record retention

Specifics for School Reviews

2003 GHEAC Annual Conference


Common findings for schools

Incorrect RT4 calculations

Late return of refunds

Credit balances not paid

Overlapping academic years

Verification not complete

Late release of proceeds

Exit counseling not performed

Common Findings for Schools

2003 GHEAC Annual Conference


Report procedures1

Report is issued

Response due within 30 days

Report is closed if all issues resolved

If not, follow up will be conducted with school until all issues are resolved and report is closed

Department of Education receives copies of all reports

Report Procedures

2003 GHEAC Annual Conference


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