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Learn about the new Federal Student Aid Assessments, their benefits for financial aid operations, audits, and program reviews, and how to navigate and use them to improve policies and procedures. Discover tools to prevent non-compliance and manage enhancements effectively.
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Federal Student Aid Assessments Holly Langer-Evans and Michael Cagle
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 • How a school can use the Assessments to resolve Title IV deficiencies and improve its policies and procedures manual • A Team Building Tool
What are the Federal Student Aid Assessments Tools to: Prevent non-compliance Identify compliance issues Establish management enhancements to correct problems
Why use the Federal Student Aid Assessments? • Ensure compliance • Prepare for an Audit • Prepare for a program review • Correct deficiencies and to ensure findings do not recur • Develop or update policies and procedures manual • Train new staff
IFAP http://ifap.ed.gov Where to find the Federal Student Aid Assessments
School Portal http://Federal Student Aid4schools.ed.gov Where to find the Federal Student Aid Assessments
HERA The Redesign of the Assessments New Look and Feel • Introduce the New Policy and Procedure Assessment
Policies & Procedures Assessment • Policies and Procedures At A Glance • Minimum Requirements • Regulations • Activities
Potential Audit Findings • Satisfactory Academic Progress Policy Not Adequately Developed / Impaired Administrative Capability • Verification Incomplete • Title IV Accounts Not Reconciled
Learn to Navigate the AssessmentsInstructor Demonstration http://ifap.ed.gov Finding 1: SAP Policy Not Adequately Developed / Impaired Administrative Capability • Review SAP Assessment – Students • Policies and Procedures Assessment • SAP At a Glance • Activity 1 and Activity 2
Finding 1: SAP Policy Not Adequately Developed / Impaired Administrative Capability • File Review ActivitiesSAP Activity 1: SAP Not Met File Review WorksheetSAP Activity 2: SAP Met File Review Worksheet
Learn to Navigate the AssessmentsInstructor Demonstration Finding: 2 – Verification Incomplete • Review Verification Assessment - Students • Policies and Procedures • Activity 4: Resolving Conflicting Data • Activity 5: Professional Judgment • Verification Comparison Charts http://ifap.ed.gov
Learn to Navigate the AssessmentsInstructor Demonstration http://ifap.ed.gov Finding: 3 – Title IV Accounts Not Reconciled • Select Managing Funds – Fiscal Management • Select Activity 1 – Reconciliation Worksheets • Review Year End and Monthly Worksheet
Management Enhancement An Action Plan To: Identify compliance issues Assign the issue for correction Design a Corrective Action Plan
Effective Practices • Innovation – Effective Practices • Opportunity to review a successful practice reported by one of your colleagues • Opportunity to report a successful practice to the Department.
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.
Answer Key Lip Jaw Hip Rib Gum Leg Ear Arm Eye Toe
Use the Team Building Tool http://www.teambuildinginc.com www.teambuildinginc.com
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