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Session 12

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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  1. Session 12

  2. Then: Standing in line at the bank

  3. Today: Drive Thru ATMs

  4. Then: The PC work environment

  5. Today: The PC on-the-go

  6. Then: “Portable Music”

  7. Today: As portable as a computer file

  8. Then: Printing Today: Printing

  9. Then: Directions Now: Directions “We’ve been wandering for 40 years. But would he ever ask for directions?”

  10. Then: The FSA Assessments

  11. Now: The FSA Assessments

  12. 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

  13. 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

  14. 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

  15. IFAP http://ifap.ed.gov • School Portal http://Federal Student Aid4schools.ed.gov Where to find the Federal Student Aid Assessments

  16. The Federal Student Aid Assessments – Re-Design

  17. Why would you use the Federal Student Aid Assessments?

  18. Learn to Navigate the AssessmentsInstructor Demonstration http://ifap.ed.gov

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

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

  21. Use the Team Building Tool http://www.teambuildinginc.com www.teambuildinginc.com

  22. 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

  23. 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

  24. 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

  25. 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

  26. 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

  27. 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

  28. 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

  29. We appreciate your feedback and comments. Holly Langer-Evans617 289 0136 Byron Scott312-886-8734 Holly.Langer-Evans@ed.gov Byron.Scott@ed.gov

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