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 “We’ve been wandering for 40 years. But would he ever ask for directions?” Then: Directions Now: 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 Tools for Schools Federal Student Aid Assessments

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 School Portal 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 Assessments Instructor Demonstration

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

22 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

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?

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

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

26 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

27 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

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-Evans Byron Scott