I've learned it's not rules and regulations, but have to have organization, attention and listening skills to build a strong school.  Also, fees add up quickly!

The FA department needs to be supported by other departments in order to maintain best compliance.  The chair of the FA department is responsible for ensuring all appropriate staff and faculty have a basic understanding of what that support looks like. 

Mandatory consumer disclosures include: FA available and eligibility requirements, graduation and transfer out rates, employment information, school costs and information about the facilities.  

I've learned that need-based aid originated from WWII veterans needing to re-enter the workforce. Over time, this evolved into the federal student aid program. Institutional compliance is important, and the FAO must operate with the highest level of care in managing how TIV is administered. 

I learned that default prevention does not end when a student leaves the school. Students need to understand the options available to them if they are having difficulty making their loan payments. This includes understanding loan consolidation, lower payment options, deferment, and forbearance. These options can help borrowers manage their payments and avoid falling into default.

I learned that exit counseling is an important part of helping students understand their loan responsibilities when they leave school or experience a change in enrollment. I also learned the importance of providing students with timely notifications regarding changes in enrollment and disbursements so they are aware of how these changes may affect their financial aid and loan obligations.

I learned that effective borrower communication is important in helping students understand their loan responsibilities and take ownership of their financial obligations.

I learned that building financial literacy should start when a student first arrives at the school. It is important to help students understand their financial aid, budgeting, loan responsibilities, and how their decisions can affect them financially in the future.

Audits are important in keeping the school in compliance and students funded properly. 

I learned that the three reporting entities play an important role in financial aid reporting and that it is important to understand when changes need to be reported on the ECAR. I also learned that keeping the information current helps ensure the school’s eligibility and reporting remain accurate and compliant with federal requirements.