There are a strict penalities involved when processing FA, so make sure everyone understands the guidelines and rules. Staff should be properly trained when setting up stuff with staff and hiring individuals!
The administration of Title IV fund correctly is very important. If a school does not stay in compliance, it can be subjected to heavy fines and or sanctions.
The sanctions for noncompliance are severe and can land you behind bars. This should be taken very seriously.
Attention to detail and dates is key when working in FA.
The fines are motivation to recheck twice all processes and ensure all directive are correct.
Financial Aid needs to be in the conversation for all program changes, additions, etc within the college as the impact of changes does affect compliance issues. This is often overlooked by school leadership
The FAO and the instutition as a whole have a fuduciary responsibility to be familiar with and uphold all regulatoins.
The FAO have a responsibility to stay on top of new regulations as well.
There are a strict penalities involved, so make sure everything is set up right! There should be some general precausion that need to be taken when setting up stuff with staff and hiring individuals!
I have learned that FAO's should be educating themselves on compliance issues and that knowledge is power
FAO's are trusted and should use that trust to direct students with integrity and in their best interest.
The handling of FA by a college/university could make or break the college/university. Care should be taken on the hiring of FAO's. Continuing Education is critical.
