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Latest from FSA: FSA Assessments Tool

July 7, 2014

Federal Student Aid (FSA) Assessments were designed to help financial aid professionals maintain compliance and improve office activities. The assessments mirror the code of federal regulations to ensure FSA is providing the best guidance possible. The assessments fall under three major topics that schools must understand,  including:

1. Students

  • Student Eligibility
  • Satisfactory Academic Progress
  • Verification

2. Schools

  • A Guide to Creating a Policies and Procedures Manual
  • Automation
  • Consumer Information
  • Default Prevention & Management
  • Direct Loans
  • Fiscal Management
  • Institutional Eligibility
  • Return of Title IV Funds

3. Campus-Based Programs

  • FSEOG
  • FWS
  • Perkins
    • Awarding & Disbursement
    • Cancellation
    • Due Diligence
    • Forbearance & Deferment
    • Repayment

Direct hyperlinks are provided to the electronic federal code of regulations to ensure financial aid administrators know the proper source for a specific requirement. FSA provides step-by-step tools to help schools determine their level of compliance. The activities are linked to action plans for starting corrective action in areas identified as weaknesses or areas needing improvement.

One useful tool is the Guide to Creating a Policies and Procedures Manual, which provides schools with templates and examples of good practices that align with the minimum requirements for FSA policies and procedures. Even schools creating their first policies and procedures manual can use this tool. Schools with existing manuals can use the tool to enhance and evolve their manuals into better tools to help them to stay in compliance.

Schools can find the assessments here: http://www.ifap.ed.gov/qahome/fsaassessment.html.

 

Pam King, Midwest Regional Director, Nelnet Partner Solutions

Pam King, Midwest Regional Director, Nelnet Partner Solutions

 

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