Student Financial Aid Audits | Origin: FA110
This is a general discussion forum for the following learning topic:
Developing an Efficient Financial Aid Office --> Student Financial Aid Audits
Post what you've learned about this topic and how you intend to apply it. Feel free to post questions and comments too.
Ways to get fined and the cost and consequences for the school.
Oversight and accountability are to be taken seriously. As such, we must be detailed and timely in all that we do.
A termination ends a school's participation in the FSA programs.
Make sure to do everythng correctly. Because the fines are big!
Accountability is to be taken seriously because the consequence is having to pay huge fines and possible jail time!
Huges fines and jail time for fraud.
Ensuring all reporting is accurate and correct is criticle, the fines can cause a shut down of a school.
This highlighted the need to two audits per year to ensure accuracy.
Most schools never regain eligibility after loosing it
Consequenses of dishonest behavior
Administering Title IV is a big responsibility and as Financial Aid Managers we need to make sure that our team is properly train to avoid any violations due to ignorance of the rules and regulations established by the Department of Education.
The sanctions listed should certainly be a deterrent for anyone who knowingly or willingly commits a violation.
Defrauding is a serious offense and has different consequences depending on the severity.
The fines listed should deter most if not all potential suspects.
Avoid getting to get fined at all cost
