your financial aid playbook: policies and procedures
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Your Financial Aid Playbook: Policies and Procedures. NCASFAA Fall 2011 Rose Mary Stelma. What We’ll Talk About. Definitions Requirements Purpose of Policies and Procedures Good Practices and Tips Challenges FSA Resources Suggested Topics Samples. Who Needs The Playbook?. - PowerPoint PPT PresentationTRANSCRIPT
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Your Financial Aid Playbook: Policies and Procedures
NCASFAA Fall 2011Rose Mary Stelma
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What We’ll Talk AboutDefinitionsRequirementsPurpose of Policies and ProceduresGood Practices and TipsChallengesFSA ResourcesSuggested TopicsSamples
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Who Needs The Playbook?The Team Owner
◦Dean, VP, Chancellor◦Approves polices
The Head Coach◦Responsible for everything that
happens before, during, and after the game
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Who Needs The Playbook?The Assistant Coaches
◦Support the Head Coach ◦May be assigned specific
responsibilities (like working on procedures!)
The Players◦Financial aid staff◦Other offices
The Officials◦Federal and State
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Important ReminderThis presentation provides guidance
only.The list of topics is NOT exhaustive –
just a guideAlways review statutes, regulations,
and other guidelines (like Dear Colleague letters, guidance issued by state agencies, etc.)
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Resources You NeedA commitment to “get it done”Willingness to use available
resourcesFinancial aid rules, regulations,
statutes, guidance (Dear Colleague, etc.)
Coffee, tea, chocolate – whatever gets and keeps you going
Writing tools
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Policy Definition Noun A definite course of action adopted
for the sake of expediency, facility, etc.
Action or procedure conforming to or considered with reference to prudence or expediency
Synonyms: strategy, principle, rule
Source: Dictionary.reference.com
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Procedure Definition Noun An act or a manner of proceeding in
any action or process; conduct A particular course or mode of action Synonyms: Management, operation,
maneuver, transaction
Source: Dictionary.reference.com
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Federal PerspectiveCampus needs to have written policies
and procedures for the administration of Title IV student assistance programs
Does not have to be a “manual”Tools to assist schools in being good
stewards in administration of programs and delivery of dollars and services
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The Purpose of PoliciesHelp an organization reach its long-
term goalsInfluence and determine all major
decisions and actionsAll activities take place within the
policy boundariesExplain the business of financial aid to
others on campusCentralize information
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The Purpose of ProceduresSpecific methods Policies in action Day-to-day operations of the
organizationPrevent an employee from holding
your operation hostageAssist with staff training
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Good PracticesReference applicable federal and state
statutes and regulationsAlign with organization’s vision,
strategic plan, and core processes, and goals
Review at least annually◦Peer review process that includes
cross-section of individuals◦Clearly defined approval process
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Good PracticesAssign the responsibility to maintainUse a standardized process and
formatEasy accessibility for staffDo periodic “reality checks”Version the document
◦Clearly identify current and previous versions
◦Clearly list effective dates
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The “Must Do” Items Say what you do and then
do what you say!Verify that everyone is following
the policies and procedures!
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Tips for Writing ProceduresAction orientedProperly describe the activity to be
performed. Consistency
◦Use references and terms the same way every time
◦Following the procedure must ensure consistent results
Complete◦No missing information or gaps in steps
or logic
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Tips for Writing ProceduresInternal Controls
◦ The document and its described actions demonstrate feedback and control.
◦Preventive◦Detective◦Should not be overly cumbersome
Clarity◦Easy to read and understand
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ChallengesNO TIME!!!! TOO MUCH
CHANGE!!!!
Develop a schedule Assign responsibilityto write, test, for keeping up withreview, and update statutory and
regulatory changes
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RiskNot complying with regulationsAudit findingsFinancial liability
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FSA ResourcesQuality Assurance Program home
pageTools for SchoolsA Guide to Creating a Policies and
Procedures Manual
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Administrative CapabilityQualified person(s) to administer Title IVChecks and balances/separation of dutiesSatisfactory academic progressConflicting dataFiscal reports and financial statementsFinancial aid counselingPurpose and philosophy of the Financial
Aid OfficeGeneral office administrationCalendar of activities
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Institutional EligibilityGeneral requirementsUpdating application informationAdmission policyState authorization
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General ProvisionsCertificationTitle IV refundsCompliance audits and audited
financial statementsConsumer informationVerificationProfessional judgment and
dependency overrides
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General ProvisionsMisrepresentationDocumentationSecondary confirmationAbility to benefit
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Federal Perkins LoanSelection and awarding of studentsMaster Promissory NoteLoan disclosureFiscal procedures and recordsForbearance and defermentContact with borrowersBillingCollectionLitigationCancellation
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Federal Work Study and Job Location and DevelopmentSelection and awarding of studentsAssigning FWS jobsJLD procedures and recordsWork Colleges
◦Program procedures and records
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FSEOGSelection and awarding of studentsFSEOG fiscal procedures and records
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ACG and National SMARTPrograms ended 6/30/2011Historical information
◦Student eligibility requirements◦Calculating awards◦Fiscal control and accounting for the
programs
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Federal Direct LoanPackaging policiesCounseling borrowersPayment of a refundPayment of a Return to Title IVAdministrative and fiscal control
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Federal Pell GrantCalculating awardsRequired and optional recalculationsFiscal records and disbursement
requirementsDisbursement for books and supplies
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TEACH GrantEligibility determinationCounselingFiscal control and fund accounting
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Other Federal ProgramsExample: Nursing Student LoanSelection and awarding of studentsFiscal procedures, accounting, and
fiscal recordsDisbursement requirementsPayment of a refund
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North Carolina Student Financial Assistance ProgramsSelection and awarding of studentsFiscal procedures, accounting, and
fiscal recordsDisbursement requirementsPayment of a refund
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Programs from Other StatesSelection and awarding of studentsFiscal procedures, accounting, and
fiscal recordsDisbursement requirementsPayment of a refund
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Institutional Student Financial Assistance ProgramsSelection and awarding of studentsFiscal procedures, accounting, and
fiscal recordsDisbursement requirementsPayment of a refund
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AppendicesAcronymsTerms Forms Charts
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Sample Purpose StatementThis manual is intended for the use of
Student Financial Aid staff, University administration, auditors, and others reviewing the financial aid operation at this University.
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Sample Philosophy StatementsThis Community College will be the
“preferred choice” for quality education and training. This Community College is dedicated to fulfilling the educational, training, and cultural needs of the community.
The Financial Aid Office supports the Community College in fulfilling its vision and mission by providing assistance to students who would otherwise be unable to pursue a postsecondary education because of finances.
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Sample Cost of Attendance PolicyGenerally, cost of attendance budgets are standardized, based on housing status, enrollment status, and dependency status. Exceptions are made on an individual basis for the following reasons:1. Book & supply expenses in excess of the standard allowance.2. Study abroad expenses3. Etc.
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Sample Cost of Attendance Professional Judgment Procedure for Book & Supply Expenses in Excess of the Standard Allowance
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1. Collect documentation A. Course Syllabus that lists required
supplies with estimated costs.B. List of required books & supplies from
student. List much include estimated costs.
C. Receipts, or list of items from bookstore. 2. Compare student’s cost to the standard
books & supplies allowance A. If student’s cost is < standard, no
adjustment is requiredB. If student’s cost is > standard, then
continue
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3. Add excess amount to books & supplies line item in student’s cost of attendance
4. Add comments to student’s record, explaining why there is an increase – initial & date
5. Award additional aid if applicable (Follow applicable policies and procedures)
6. File paper documentation in student folder – initial & date w action noted.
Internal Control: Director periodically reviews a report listing students who have “nonstandard” cost of attendance
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Is Your Playbook Up To Date?Gainful EmploymentCredit hour definitionState AuthorizationRepeating coursework impact on full
time student definitionWritten agreements between schools
NOT an exhaustive list – just a guide!
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Is Your Playbook Up To Date?Incentive compensationHigh School diploma validityR2T4MisrepresentationAbility to BenefitDisbursement of Title IV aid
NOT an exhaustive list – just a guide!
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Is Your Playbook Up To Date?Net Price CalculatorVerification changesSatisfactory Academic ProgressNew State Aid ProgramsPreventing Fraud
NOT an exhaustive list – just a guide!
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Resources for YouIFAP.ED.GOVIFAP.ED.GOV/QAHOMENASFAA.ORG
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Resources used for this presentationIFAP.ED.GOV/QAHOMEDictionary.comBusinessdictionary.comTechnibble.comBtiworld.comChiff.com