Then: Standing in line at the bank

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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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Then Directions
Now Directions
Weve been wandering for 40 years. But would he
ever ask for 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

Federal Student Aid Assessments
Tools for Schools
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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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Where to find the Federal Student Aid Assessments

• IFAP
• http//ifap.ed.gov

• School Portal
• http//Federal Student Aid4schools.ed.gov

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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
Its 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 cant use slang.

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Use the Team Building Tool
http//www.teambuildinginc.com
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
http//ifap.ed.gov

• 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?

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Finding 2 SAP Policy Not Adequately Developed /
Impaired Administrative Capability
http//ifap.ed.gov

• 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

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Finding 2 SAP Policy Not Adequately Developed /
Impaired Administrative Capability
http//ifap.ed.gov

• 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

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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

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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

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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-Evans617 289 0136
• Byron Scott312-886-8734

• Holly.Langer-Evans_at_ed.gov
• Byron.Scott_at_ed.gov