Reports and Notifications | Origin: FA110
This is a general discussion forum for the following learning topic:
Developing an Efficient Financial Aid Office --> Reports and Notifications
Post what you've learned about this topic and how you intend to apply it. Feel free to post questions and comments too.
There various responsibilities in connections with maintaining a good standing with the US Department of Education when managing Title IV funding for an institution.
The information that is needed to be reported to the Department of Education and the the types of reviews that the Department of Education conducts.
Reporting and keeping records is highest priority.
I have gained an awareness of what will trigger a DOE review i.e., change of owner, high default rate, etc.
I have learned that it is important to know the rules and regulations of the approprate agencies on change of ownership reporting in order to stay in compliance with FSA Funding and that there are penalties for not keeping up with required records. This information is helpful knowing that I need to be careful with records and timelines.
It is considered “best practices” to maintain separate accounts for ease of reconciliation of Federal Pell/Campus Based Funds and Direct Loans.
When working with or starting a insitutiton reporting is very important and that is exactly what is going on here. Reporting is the utmost importance all the time because trasnparency between agencies and the government, will result in a successful fincicial aid office for students and staff. That is what I have gathered in terms of implementation, it has run smooth and effective.
Reporting and keeping records is higest priority and a great responsability. Is important maintain separate accounts for ease a reconciations of Federal Pell/ Campus Based Funds and Direct Loans.
I learned that Cohort Default Rates can trigger a program review. It's very important to express and walk students through the repayment of any Federal Loans.
It's very important to learn what triggers a DOE review, the importance of reporting and keeping records to achieve accuracy in everything.
I have learned how GAPS is used to provide balances, and access to report expenditures.
This explained the process needed to change ownership of an institution. Or changes to the instituion such as location or name.
Much of the financial aid responsibility is also within the accounting department
I have learned what information should be sent to DOE.
I have learned how crucial is the involvement of all departments to make sure a program will not be selected for a Department of Education Review.
It was very helpful to review the program review triggers. I wasn't aware that withdrawal rates could trigger a program review.
Maintaining separate accounts deems as a very sound advice for ease of reconciliation of Federal Pell/Campus Based Funds and Direct Loans.
The best practices in maintaining different accounts
