Keeping Your Office and Organization Compliant
Did you know that you should annually review your financial aid policies and procedures? Like the Federal Student Aid Handbook, your policies and procedures (P&P) manual are equally important when attempting to remain in compliance with Title IV regulations. The recent changes in FASFA filing dates, year-round Pell and potential changes to gainful employment and a host of other pending laws and regulations affecting financial aid, could potentially mean that your manual is constantly out of date.
How does keeping my P&P manual up to date keep me compliant?
First, it is a time saver.
Financial aid administrators have many pressing demands that can make it difficult to keep your finger on all your policies. This usually means that updating the P&P manual ends up at the bottom of the list constantly. Even though the P&P manual is a resource to all of us, it is nonetheless a federal requirement to maintain. Keeping it up to date may save you time from repeatedly answering questions that can be found in the manual.
Improve Compliance
As financial aid experts, we tend to find three common violations: repeat findings, verification, and enrollment status confirmation updates to NSLDS. The procedures outlined in a manual can help ensure that all financial aid staff members are administering financial aid consistently and improve compliance. Sharing the financial aid policies and procedures manual with other departments and individuals at the college and providing training can also help improve compliance. When a professor understands their role in Satisfactory Academic Progress and student financial aid, especially with non-standard and non-term programs, you can work together to ensure compliance with Title IV.
Streamline Operations
Updating your policies and procedures manual will help your financial aid professionals identify how changing regulations will affect your operations. It can help to identify opportunities to streamline procedures with changes to staffing, use of technology and interaction with students and families.
Additionally, maintaining an updated policies and producers manual for your financial aid office will also streamline future audits and program reviews.
How can we help?
CAS’s team of higher education consultants can offer a comprehensive assessment of your financial aid operations as well as your financial aid policies and procedures. Our team of financial aid experts works with colleges and universities throughout the country. We are up to date on changing regulations, current technology and trends in student services. We can work with your financial aid leadership to update your policies and procedures manual as well as provide training programs. Contact Brenda Brown for more information: Brenda@collegeaidservices.net or (305) 815-1428.