I've learned that it is very important to know what can trigger a review from the Department of Education. reporting and keeping records are the highest priority and a great responsibility. It's important to maintain separate accounts for ease of reconditions of Federal Pell/Campus Based Funds and Direct Loans, and there are penalties for not keeping up with required records.

Every institution needs to have an expert in compliance besides the Director of Financial Aid so every decision could be evaluated by more than one person based on the current changes on laws and regulations.

The importance to manage Title IV funds and the institution obligation to make sure that all operations stay in compliance with the Department of Education. From Corrective Actions to Suspension, this is a very delicate matter that every financial aid staff must diligently monitor to prevent the school from losing Title IV eligibility. 

always listen to the student's needs and strive to find resolution 

I was unaware that Exit Counseling must be conducted for outside loans, there is a process for distribution of funds to a school to be giving to the students, all steps of the process must be followed, there is a new R2T4 process related to programs taught in modules, and Making sure that all deadlines are met when it comes to reporting, processing, and returning of funds is one of the most important roles that a Finacial Aid Manager must monitor to stay in compliance.

$67 thousand in fines AND imprisonment is insane. Just do right the first time, to avoid being fined in the first place!!

Audits are to be taken seriously.  Stay in compliance.

The importance of record keeping and maintaining and meeting the requirements of all state agencies, accrediting agencies and DOE.

I have learned the importance of an exit counseling; however, I was unaware that I can mail it out to a withdraw student.  I will definitely start doing that.

I now see that the financial aid process involves several of steps, rules, and regulations. I now see why the process can take a while, especially if thousands of individuals are applying for it. The status of getting accepted, rejected or having errors can take time.