Session 12

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Then: Standing in line at the bank

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Today: Drive Thru ATMs

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Then: The PC work environment

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Today: The PC on-the-go

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Then: “Portable Music”

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Today: As portable as a computer file

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Then: Printing Today: Printing

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“We’ve been wandering for 40 years. But would

he ever ask for directions?”

Then: Directions

Now: Directions

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Then: The FSA Assessments

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Now: The FSA Assessments

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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

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What are the Federal Student Aid Assessments?

• Tools to prevent and/or identify compliance issues

• A way to establish management enhancements to correct problems

Tools for Schools

Federal Student Aid Assessments

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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

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• IFAP

http://ifap.ed.gov

• School Portalhttp://Federal Student Aid4schools.ed.gov

Where to find the Federal Student Aid Assessments

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The Federal Student Aid Assessments – Re-Design

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Why would you use the Federal Student Aid Assessments?

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Learn to Navigate the AssessmentsInstructor Demonstration

http://ifap.ed.gov

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Importance of Team Building

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

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Team Activity

• When I say go, list 10 body parts that have only 3 letters in them. You can’t use slang.

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Use the Team Building Tool

www.teambuildinginc.com

http://www.teambuildinginc.com

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Case Study findings

1. Return of Funds Made Late to Title IV Account

2. Satisfactory Academic Progress Policy Not Adequately Developed / Impaired Administrative Capability

3. Verification Incomplete

4. Title IV Accounts Not Reconciled

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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

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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

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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

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Finding: 3 – Verification Incomplete

• 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

http://ifap.ed.gov

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Finding: 4 – Title IV Accounts Not Reconciled

• 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

http://ifap.ed.gov

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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

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We appreciate your feedback and comments.• Holly Langer-Evans

617 289 0136

• Byron Scott312-886-8734

• Holly.Langer-Evans@ed.gov

• Byron.Scott@ed.gov