Don't Get Distracted: Top Audit Issues in Financial Aid - Education Articles - The Diigo Meta page

• 09 Sep 08
  

  Philip Guth

  jlearning financial aid Title IV Compliance

  • An institution's eligibility to participate in FSA programs does not automatically include separate locations and extensions.
  • The Eligibility and Certification Approval Report (ECAR) that the U.S. Department of Education sends to the institution lists the locations that are approved under the Program Participation Agreement (PPA).
  • At a minimum, institutions must separate the tasks of authorizing payment and disbursing funds so that no one person or office is responsible for both activities.
  • Institutions are required to identify a person or people responsible for oversight of financial aid awarding as well as development of appropriate policies and procedures to coordinate all information received by any office (business office, dean's office, registrar's office, etc.) that bears on a student's eligibility for Title IV aid. Any conflicting information involved in the student's application, or suspicion of incorrect data, must be resolved before the disbursement of FSA funds.

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