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Saying “Yes” to Becoming a Director of Financial Aid

October 19, 2023

By: Heidi Goldsworthy, FAS Senior Consultant

Saying “yes” to becoming a Director of Financial Aid is a big step. Preparation is key.

Taking the opportunity to say “Yes” to moving up to a leadership position within Financial Aid can be both exciting and unnerving. What are the questions you should ask as you consider becoming a director? What does a management position as a director really entail? I have heard many Associate or Assistant Directors state that the responsibility as a director is too big, unsupported by administrators, and a major disruption to one’s personal life. I have also heard individuals state that becoming a Director of Financial Aid has been the best challenge ever. Personally, I wouldn’t change the Director opportunities that I have had over the 40 years in this profession. The opportunity to use my knowledge, critical thinking, and personnel management skills has had ups and downs but I wouldn’t change the director experiences of my career.

So, what experience or information does it require when becoming a director? Here’s a checklist to consider when navigating this important career decision:

1. Self-Reflection and Preparation:

Have you thoroughly considered the implications of taking on a leadership role in financial aid?
Are you emotionally and professionally prepared for the challenges and responsibilities that come with the position?

2. Institutional Research:

Review the institution’s mission, strategic vision, and organizational structure.
Assess whether you align with the institution’s values and goals.
Analyze the institution’s enrollment data, IPEDS reports, and cohort default rates to understand the financial aid landscape.

3. Questions for Institutional Leaders:

Prepare a list of questions to ask other leaders within the institution, such as:
- What is the institution’s commitment to financial aid management and support?
- How does the institution view the role of the Director of Financial Aid in achieving its goals?
- What resources and support will be available to you in this role?

4. Mentorship and Networking:

Seek out a mentor who is currently a Director of Financial Aid to gain insights and guidance.
Connect with professionals who have experienced the transition from assistant or associate director to director.

5. Opportunities for Advancement at Current Institution:

If you plan to stay at your current institution, work with your current director to explore opportunities for taking on management projects that will provide valuable experience.
Express your desire to advance and discuss your career goals with your current supervisor.

6. Continuous Learning:

Engage in ongoing training opportunities to expand your knowledge and skills.
Read relevant materials to stay updated on industry trends, regulations, and best practices.
Build a support network of colleagues and peers in the field.

7. Exploring the Possibility:

Take the initiative to apply or interview for Director of Financial Aid positions when you feel ready.
Consider the potential impact on your personal life and work-life balance.

8. Making the Decision:

Weigh the pros and cons based on the information you’ve gathered.
Evaluate your long-term career goals and aspirations.
Trust your knowledge, critical thinking, and personnel management skills to guide your decision.

9. Saying “Yes”:

Once you’ve made an informed decision, take the step forward toward leadership and embrace the opportunity.
Be open to the possibility of a rewarding and challenging career as a Director of Financial Aid.

10. Adaptability and Growth:

Understand that the role may have its ups and downs, but be committed to personal and professional growth.
Embrace the challenges as opportunities for learning and development.

Remember, saying “yes” to becoming a Director of Financial Aid is a significant career move, and the decision should not be taken lightly. Use this checklist as a guide to ensure you are well-prepared and equipped to excel in this role. The journey may have its challenges, but it can also be one of the most rewarding experiences of your professional life. Embrace the opportunity, take that step forward, and say “yes” to the directorship. Your future in financial aid leadership awaits!

Challenges Deserve Solutions Master Class Episode 4: ‘Just in Time’ to ‘2 Steps Ahead’ on Compliance

October 18, 2023

A single financial aid officer can be expected to handle up to 2,000 cases each year. Imagine the pressure and the immense responsibility that comes with ensuring each case is handled accurately and in compliance with frequently changing regulations. What’s more, looming on the horizon is the pending FAFSA Simplification, set to streamline the application process. While simplification holds promise, it also introduces new compliance considerations, adding to the challenges that financial aid officers face. The challenge is real, and it’s relentless.

Watch

Financial Aid Services, LLC (FAS) CEO Robert Heil decodes the complexities of regulatory challenges and offers expert insights on achieving compliance. For an even more comprehensive understanding, don’t miss the Challenges Deserve Solutions eBook. Click below to watch the full seven-part master class.

Watch Full Series

The Challenge: Dense, Ever-Changing Regulations

Federal and state financial aid regulations are complex at the best of times, with the federal student aid handbook as dense and challenging to read as the tax code. Yet, regulations aren’t set in stone. They are changing at a lightning pace, adding an extra layer of complexity to each case a student aid officer handles. In fact, in the FAS survey of financial aid professionals, regulatory change on the federal, state, and local levels was the second most common challenge, having been cited by nearly half of respondents. Additionally, federal and state-level requirements are often at odds, leading to confusion and uncertainty among professionals and students alike.

The Solution: Approaching Regulatory Demands With Teamwork

Financial Aid Solutions, LLC (FAS) offers tailored coaching and training, as well as advisory services, that can help teams become well-versed in the latest regulatory changes and ensure they are compliant in handling each case. Newly trained staff, armed with this information, can quickly access any detailed documentation they might need instead of having to go off in search. More readily available information frees them up to spend more time on the day-to-day operations of their specific role.

FAS’ team of experts also offers compliance reviews and training on policy and procedures that can help any institution prepare for both the expected and the unexpected. Put together, these offerings from FAS enable financial aid teams to operate more efficiently and steer far clear of any compliance issues, helping everyone work more confidently and effectively.

What’s Next

Whether you are a seasoned professional or an aspiring leader in higher education, this engaging and informative session provides a unique opportunity to gain a deeper understanding of the challenges facing higher education and discover innovative solutions to shape its future. Contact us to learn your options! Together, we can transform financial aid, empower students, and create a brighter future for higher education.

Watch Now

FAS Celebrates Financial Aid Day!

October 18, 2023

Join us in celebrating Financial Aid Day!

Today, we come together to celebrate and honor the incredible Financial Aid Professionals making dreams come true! Finaical Aid Services, LLC (FAS) wants to take a moment to acknowledge the passion, dedication, and unwavering commitment of financial aid experts like you who help students achieve their educational aspirations.

We encourage all Financial Aid offices to join in the festivities. Whether it’s an office party, a coffee or ice cream break, or a heartfelt toast with your colleagues, it’s time to kick back and enjoy each other’s company. Today is your day to pat yourself on the back and celebrate the remarkable work you do for students and their families. Your commitment to your students is nothing short of awe-inspiring. You stand strong even in the face of stress, always offering patience and kindness. You understand the immense importance of shaping your students’ futures and constantly stay updated with the ever-evolving rules and changes in loan and grant programs. Your math skills are rivaled only by your extraordinary ability to connect with people on a personal level.

On Financial Aid Day, we extend our heartfelt gratitude to all who tirelessly dedicate their time and energy to guide and support. Your work truly changes lives, increasing accessibility, reducing borrowing, driving completion, and making dreams a reality.

You CAN Handle the Truth

October 12, 2023

By: Sharon Hassan, FAS Senior Consultant

The title of this blog is a play on the famous line spoken by Jack Nicholson in the 1992 Tom Cruise movie A Few Good Men, “You Can’t Handle the Truth”. But you can. The FAS eBook launched during NASFAA highlighted 4 major themes as the top challenges for managing a financial aid operation.

Keeping up with the ever-changing environment of compliance.
Meeting student expectations for speed and customization.
Leveraging technology for efficiency and modernization and
Staff Vacancies and Hiring Challenges.

I think we all agree, that things have changed. “Everything new“ is the defining mantra for 2024-2025. “New, New, New, Everything New.”

These words, while simple, express what many institutions of higher learning, the college access community, families, and the department of ed on state and local levels are experiencing. Everything new. From the New FAFSA Simplification scheduled to be released December 2023 to the Student Aid Index (SAI) to How Budgets are developed, all new.

To say 2024-2025 is a year of transition or transformation is an understatement. So, what can you do to remain compliant during changing times, meet student expectations, leverage technology, and address staff vacancies and hiring challenges? How will institutions manage? So glad you asked.

If you are like many in the industry, your compliance, customer satisfaction, technology, and data are, at best- outdated…or-at worst, non-existent. This has been made more challenging with the rapid pace of transitions and staff shortages in higher education. We can help!

I was taught to start with the end in mind. I was also taught that you must identify and address your challenges to be the best. Let’s be honest, even some of the biggest and best-funded institutions in the U.S. have challenges. A comprehensive assessment will provide data on customer satisfaction, staffing, technology use, and possible or potential compliance issues at your institution.

Need convincing? Read our latest report on administrative challenges. Financial Aid Services, LLC, (FAS) are a trusted source for higher-ed institutions, financial aid, and related businesses.

Challenges Deserve Solutions

If you’re ready to transform the way your institution handles federal student aid challenges and interim staffing shortages, take the first step with us Contact Us.

To get started on the path to success, you can reach out to us for a comprehensive assessment of your institution’s needs and challenges. Our trusted team has a track record of helping higher-ed institutions and businesses just like yours.

Don’t let these challenges hold you back. Join us in embracing change, improving compliance, enhancing student experiences, and leveraging technology. Together, we can handle the truth and find the best solutions for your financial aid operation. Contact us today and experience the difference.

Challenges Deserve Solutions Master Class Episode 2: Meeting Student Expectations

October 6, 2023

Higher Ed’s Landscape is changing. Students expect swift customer service, influenced by their experiences in the era of on-demand services. However, when it comes to financial aid in higher education, many institutions struggle to meet these expectations, causing frustration and anxiety among parents and students. The misalignment of expectations erodes trust in the institution, hampers enrollment contributing to low retention rates, and presents preventable challenges for the university. How can your institution meet the rising expectations?

Watch

Financial Aid Services, LLC (FAS) CEO Robert Heil’s Master Class episode on this topic and explore further insights in the Challenges Deserve Solutions eBook. Let’s work together to make higher education more accessible and student-friendly.

Watch Full Series

The Challenge

For students, a college degree represents a significant investment. They view it as a product that comes with a hefty price tag and expect to be treated as valued customers. In this context, speed is key. Unfortunately, the traditional financial aid process is often slow, methodical, and paper-intensive, failing to align with students’ need for efficiency.

Digital natives, today’s students want quick responses and 24/7 accessibility. Yet, many find it challenging to connect with financial aid professionals, with surveys showing that a significant portion of students have never met or interacted with aid administrators. This highlights a pressing need for more frequent and consistent touchpoints in the financial aid process.

Adding to students’ frustration is the fear of loans. Many have seen their parents and older siblings struggle with student loan repayment, making them acutely aware of the financial risks associated with higher education.

Financial challenges are a leading cause of dropout, with 42% of students citing them as the primary reason for leaving their studies. Furthermore, 38% of potential students decide not to enroll due to fears about student loans. Families often find the level of service provided by financial aid offices underwhelming compared to other customer service experiences.

The Solution

Financial Aid Services (FAS) offers a transformative partnership model that empowers financial aid teams. By strategically outsourcing processing and providing additional support, FAS ensures rapid responses to student queries, meeting their expectations for efficiency and accessibility.

This partnership doesn’t replace professionals but enhances their capabilities, allowing them to focus on counseling and advising students. It streamlines processes with online verification, freeing up staff time for personalized customer service and simplifying the experience for students and families.

What’s Next

Whether you are a seasoned professional or an aspiring leader in academia, this engaging and informative session provides a unique opportunity to gain a deeper understanding of the challenges facing higher education and discover innovative solutions to shape its future. Contact us to learn your options! Together, we can transform financial aid, empower students, and create a brighter future for higher education.

Watch Now

Temporary staff filing gaps in higher education; Temporary Staffing solutions, Importance of reention in higher education; retaining skilled professionals is crucial for success in higher education institutions

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Retention: When It’s Not Just About Students

October 5, 2023

By: Dr. Dawn M. Patak, Senior Consultant, FAS

When “retention” is mentioned in higher education circles, our thoughts turn directly to students, but should we be looking in more than one direction? What about the retention of employees? When should our thoughts turn to the retention of higher education professionals? It seems, given the large amount of higher education media on the topic, that it’s past time to turn our thoughts to our administrative professionals as often as we do our students, especially financial aid professionals.

In November 2021, Inside Higher Ed woke up the higher education world with the news that financial aid staffing shortages were on the rise. In the past three years, we have seen financial aid position openings double across the nation. Why is this so concerning? What makes financial aid staffing shortages alarming? Are upper administration officials of colleges and universities really understanding what can happen when a financial aid office goes understaffed for just weeks, let alone months or years?

Financial aid administrators shoulder the responsibility of awarding, disbursing, and reconciling federal, state, and institutional aid funds for their students. They must understand and strictly adhere to regulations, both state and federal and institutional policies. Their role significantly impacts enrollment and retention. The efficient functioning of the financial aid office is critical for students and the institution. 85% of students receive some form of financial aid, inadequate financial aid staffing can swiftly lead to disruption in aid processing and other regulatory complications.

The importance of financial aid administration cannot be overlooked. Staffing shortages result in neglecting tasks, a compromised level of customer service, and a decrease in administrative capability that will ultimately impact compliance with Title IV regulations. These shortages also directly affect student enrollment and retention, as losing experienced financial aid administrators means a decrease in the knowledge base that students, families, faculty, and staff depend on. Students who are confused and frustrated with the financial aid process and receive subpar customer service due to a lack of human resources within the financial aid office may choose to attend alternative institutions. Retention of students depends upon many factors, including the retention of financial aid staff.

What can colleges and universities do to retain their financial aid administrators? Here are a few ideas that may help:

Provide a seat at the table for your trusted voices in financial aid. This helps to facilitate communication around their jobs and what they need to be successful and allows them to assist in policy-making decisions that will ensure Title IV compliance for the institution.
Examine the reasons for staff departures as soon as they begin. Are staff leaving for something as common as moving to a better opportunity or is it indicative of an underlying issue? It’s never too early to find out.
Once a decrease in staffing begins, meet with the financial aid staff to assess staffing needs. Discuss ideas to determine if it’s feasible to shift workloads. It is also helpful to let everyone know what is expected of them during a time of staffing shortage.
If you determine shifting workloads is not feasible, do not delay in hiring interim staffing. Leaving a staff depleted for even a few months may have long-lasting effects on student customer service and Title IV compliance.

Financial aid administrators have been under intense pressure for years to keep up with changing regulations and conflicting information. They are the most regulated office on campus. The challenges they face while balancing federal and state regulations, decreasing enrollment, and the need for increased financial aid education while responding to student and parent needs and concerns can be overwhelming at best. Adding staffing shortages into an already stretched environment can create negative long-term issues for students, faculty, staff, and administration.

Prepare for the Enrollment Cliff:

It’s imperative that higher education institutions recognize the urgency of retaining financial aid administrators. Their administrative capability, expertise, and dedication are indispensable not only for students but for the entire institution’s success. By taking proactive steps to address staffing shortages and support these professionals, colleges and universities can ensure continued compliance, enhance student experiences, and bolster overall retention efforts.

Remember, retention is mission-critical. To understand how you can equip your institution for success, reach out to your Financial Aid Services, LLC (FAS) team today. Together, we can navigate the challenges, support retention, and secure a brighter future for both your institution and your students.

Contact Us

2023 HBCU Week Conference: Key Takeaways and Free President’s Guide Download

October 3, 2023

By: Nicole Verrett, FAS Vice President of Client Engagement

The annual National HBCU Week Conference is a pivotal event that brings together leaders nationwide to discuss and celebrate the enduring legacy of HBCUs. This year’s conference marked a significant milestone in the journey of these institutions that have played a crucial role in advancing educational equity, excellence, and opportunity. Here, we provide a recap of the HBCU Week Conference and the key sessions and takeaways from this week-long event.

Noteworthy Session: Enhancing Institutional Partnerships

“Enhancing Institutional Partnerships: A Pathway for Presidents/Senior Level Administrators” was a key session, led by Federal Student Aid’s Chief Operating Officer. This session highlighted opportunities for collaboration between HBCUs and federal programs. It provided updates on initiatives to assist student loan borrowers and improve loan servicing platforms. The session also emphasized the importance of feedback from President/Senior-level administrators in shaping future initiatives.

Key Takeaway 1: Historic Investments in HBCUs

The HBCU Week Conference also served as a platform to celebrate the historic investments made by the current Administration to HBCUs. These investments include over $7 billion allocated to support HBCUs, with specific initiatives such as:

COVID Relief: $3.6 billion in funding through the American Rescue Plan and other COVID relief measures.
Debt Relief: $1.6 billion in capital finance debt relief for 45 public and private HBCUs.
Grant Funding: $1.7 billion in grant funding to expand academic capacity and support low-income students.
Pell Grants: A significant increase in Pell Grants, bringing the maximum award to $7,395, benefiting approximately 75% of HBCU students.
Research and Development: A new $50 million grant program to support research and development infrastructure.
Institutional Development: A $758 million investment for HBCU institutional development.

These investments reflect a commitment to addressing funding disparities and ensuring that HBCUs have the resources they need to excel.

Key Takeaway 2: Pioneering Initiatives in Support of HBCUs

The HBCU Week Conference also showcased pioneering initiatives aimed at strengthening HBCUs, including:

The U.S. Air Force’s HBCU-led University Affiliated Research Center, funded at $90 million over five years.
The Department of Commerce’s Connecting-Minority-Communities program funds 43 HBCUs to improve internet access.
Prairie View A&M University in Texas became the first-ever HBCU to lead a University Transportation Center.
The Department of Energy’s Funding for Accelerated, Inclusive Research (FAIR) Program, offers over $35 million to build research capacity at historically excluded institutions.
National Science Foundation programs aimed at breaking down barriers in STEM fields.

These initiatives demonstrate a commitment to innovation, research, and diversity within HBCUs and the broader academic community.

Key Takeaway 3: Connecting with FAS Clients

The conference also provided an opportunity to celebrate the accomplishments of our clients. It was truly a wonderful experience to connect and listen to the inspiring success stories of their teams and the remarkable achievements they are accomplishing. Throughout our 30+ years of service, Financial Aid Services, LLC (FAS) is proud to have collaborated with 41 HBCUs.

FAS Releases updated President’s Guide

The President’s Guide is a comprehensive resource that provides valuable insights and actionable strategies for Higher Education Presidents, leaders, and administrators. It offers a roadmap for strengthening an institution’s confidence in federal compliance and regulatory standards. We are excited to introduce the updated guide, it is a vital resource designed to assist university presidents in identifying and addressing potential compliance issues related to institutional administration of federal student financial aid.

Download the President's Guide

Are you confident that your institution’s compliance needs align with current federal regulations and exceed standard requirements? Contact us today to ensure you’re on the right track and to explore how our resources can help you excel in compliance.

The Names Behind the Aid

September 28, 2023

By: Sean Hudson, FAS Senior Consultant

Financial Aid uses a lot of acronyms, but we also have a few programs named after people. Some financial aid administrators don’t even realize they are “real” people. So, I thought it would be fun to introduce people to the faces behind the names of three Federal aid programs and one New York State program that we have worked with for years: the Stafford Loan Program, the William D. Ford Loan Program, and the Pell Grant. Then because I’m from NY and love my city of Buffalo, I added the Arthur O. Eve HEOP Program.

Robert T. Stafford (August 8, 1913 – December 23, 2006)

The Stafford Loan Program is named after Senator Robert Stafford from Vermont. He served as Attorney General of Vermont from 1955-1957, Lieutenant Governor of Vermont from 1957-1959, Governor of Vermont from 1959-1961, US House of Representatives from 1961-1971, and US Senator from 1971-1989. He was also a Navy Veteran from WWII and Korea.

Stafford was an environmentalist, a strong advocate of higher education, and even gave his support for the 2000 Vermont law legalizing civil unions for gay couples. Early in his career, he voted for the Civil Rights Acts of 1964 & 1968 and the Voting Rights Act of 1965.

Senator Stafford also helped pass a law, now known as the Robert T. Stafford Disaster Relief and Emergency Assistance Act, or Stafford Act, to coordinate federal natural disaster assistance.

In 1988, Congress renamed the Federal Guaranteed Student Loan program the Robert T. Stafford Student Loan program, in honor of his work on higher education.

William David Ford (August 6, 1927 – August 14, 2004)

William D. Ford served in the Michigan State Senate from 1962-1964, then in the US House of Representatives from 1965-1995.

He is best known for his support of workers and education opportunities. He authored the Workers Adjustment and Retraining Notification Act (the “WARN Act” or “Plant Closing Act”) and the Middle-Income Student Assistance Act. He also played a key role in passing the Family and Medical Leave Act of 1993. In 1994, the Federal Direct Student Loan Program was named in his honor.

Like Senator Stafford, Representative Ford served in the Navy in WWII. He was also an Air Force reservist from 1950-1958.

Interesting facts: He is buried in Arlington National Cemetery and is not related to Henry Ford or Gerald Ford, although all three are from Michigan.

Claiborne Pell (November 22, 1918 – January 1, 2009)

Claiborne Pell is one of the most interesting politicians I have ever read about. He was a US Senator who served Rhode Island from 1961-1997. He was the main sponsor of the 1972 bill that reformed the Basic Educational Opportunity Grant (BEOG). In 1980, the BEOG was renamed the Pell Grant in honor of his work on education legislation. Foreign to us now, in the early days of the Pell Grant there would be more money available than applied for!

Earlier in life, at the start of WWII, he was with his father, who was then United States Ambassador to Hungary. He drove trucks carrying emergency supplies to prisoners of war in Germany and was detained several times by the Nazis.

During WWII, Senator Pell enlisted in the US Coast Guard. His ships took part in the Allied invasion of Sicily and then the Italian mainland. After WWII, he remained in the US Coast Guard Reserve until 1978.

After WWII he served in the United States Department of State as a Foreign Service Officer in Czechoslovakia, Italy, and Washington, D.C. He was fluent in French, Italian, and Portuguese. In 1945 Senator Pell helped draft the charter that created the United Nations.

Observers thought Senator Pell was eccentric because he would wear old suits, use public transportation, and buy cheap used cars despite being very wealthy. He was also open about his belief in the paranormal which drew skepticism. Pell also wore his father’s belt as a memento, but his father was much larger, and the belt would wrap around his waist twice.

Throughout his long career, Pell supported some of the major legislation of our time. He had a wide range of interests from the Arts to environmental causes. Early in his senate career, Pell was a major legislative sponsor of the National Sea Grant College Program in 1965 and 1966 serving to support marine research and develop maritime industries. This sparked the growth of the fields of oceanography and marine science. He was the main sponsor of the bill that created the National Endowment for the Arts and the National Endowment for the Humanities. Pell also advocated for support of mass transportation to help reduce pollution from cars. To recognize his years of service, Rhode Island renamed the Newport Bridge the Claiborne Pell Bridge.

Arthur O. Eve (March 23, 1933 – Present)
Assemblyman Arthur O. Eve served in the New York State Assembly from 1967- 2003 and Deputy Speaker of the Assembly (1979–2003) representing districts in Buffalo, New York.

During his first term in the Assembly in 1967, Eve was able to secure the funding to start the Equal Opportunity Program (EOP) to provide opportunity, access, and support for underserved populations within the State University of New York (SUNY) System. The first class started at the State University College in Buffalo in 1969. He then led the effort to pass legislation to expand the program to private institutions, creating the Higher Education Opportunity Program (HEOP) in 1969. The first class started in the 1070-71 school year.

The Arthur O. Eve Higher Education Opportunity Program (HEOP) provides a broad range of services to New York State residents who, because of educational and economic circumstances, would otherwise be unable to attend a postsecondary educational institution.” Downloaded from www.nysed.gov 5/17/23. The program is now at over 50 colleges across New York State.

Students across the country and in my home, state have benefited from the hard work of these political figures. We use their names every day, but do most people know why their name is attached? The fight to provide affordable education and opportunity for all Americans transcends partisan boundaries. They all came from what has been called “The Greatest Generation.” The question I have is who will the next Financial Aid Program be renamed after? Maybe Lamar Alexander?

Prepare for the Approaching FISAP Deadline

September 27, 2023

By: Gary Byers, FAS Sr. Consultant

The 2022-23 FISAP is due Sept. 29, 2023. Does your institution scramble to reconcile funds to meet the annual deadline? Wouldn’t it be nice to submit an accurate report instead of data that hasn’t been adequately reconciled? By following the advice below, you can have a panic-free experience without having to make corrections after that date. Although the FINAL FISAP edit corrections are not due until Dec. 15, 2023, don’t you have better things to do?

Per the U.S. Department of Education, schools should reconcile FSA financial records monthly (34 CFR 668.166). They recommend reconciling on a more frequent basis during periods of high transaction volume. Some programs require monthly reconciliation (William D. Ford Direct Loan, FSEOG, FWS, and Federal Perkins programs). The more frequently reconciliation is performed, the more likely issues/discrepancies will be identified and can be resolved promptly.

Why do so many institutions procrastinate in reconciling federal funds?

Understaffed
Not properly trained
Not a priority with other pressing issues
Lack of knowledge in the Financial Aid Office and school administration

Schools should work with their administrative software systems specialists to create a program that compares COD student-level data to:

Student Title IV award information is maintained separately by the Financial Aid office;
Title IV funds are posted to each student’s account; and
Report exceptions found during the comparison process.

Common discrepancies that may be identified using COD reports in your institution’s reconciliation process include:

The recipient’s disbursement data appears in the school’s records for an award amount less than or greater than the amount shown in the COD system, and
Recipient disbursement data appears on the school’s records but does not appear in the COD system

Per an ED review, schools, where financial aid and business office staff meet monthly when the reports are generated to resolve discrepancies, take hours instead of days to reconcile.

Reconciling federal funds can be a daunting task for educational institutions, but it is a crucial one. By addressing common challenges, implementing best practices, and starting early, you can significantly reduce stress during the fall term and ensure a smoother FISAP submission process. Ultimately, this proactive approach allows you to focus on more important tasks and priorities within your institution.

For more information click here.

What YOU need to know about FAFSA Simplification: A Guide for Financial Aid Administrators and Leaders

September 20, 2023

By Sharon Hassan, FAS Senior Consultant

Upcoming changes represent a significant shift in financial aid, with the good-intentioned hope of streamlining the application process and making aid more accessible to students. The modifications are poised to reshape students’ eligibility for financial aid and the extent of these changes will depend on varying factors, including the student’s family financial situation, choice of institution, and the number of students concurrently enrolled in college. Let’s break down the key changes you need to know and care about as colleges and university administrators anticipate the rollout.

Forget everything you thought you knew about the FAFSA process. New FAFSA. New Calculation. New Opportunities.
2024-2025 FAFSA is delayed until December 2023. Communications to incoming and returning students should emphasize the importance of completing their FAFSA by October 1st.
Automatic Zero EFC for Some Families: Students from families with an adjusted gross income (AGI) at or below a certain threshold automatically receive an EFC of zero, making them eligible for maximum federal aid.
Elimination of the Expected Family Contribution (EFC): The FAFSA Simplification Act replaces the Expected Family Contribution (EFC) with the Student Aid Index (SAI). The SAI is used to determine a student’s eligibility for federal financial aid programs.
Elimination of Verification for Some Applicants: The act reduces the number of students selected for the verification process, which requires them to provide additional documentation to verify their FAFSA information.
Simplified FAFSA Form: The FAFSA form has been simplified, making it shorter and more user-friendly. It reduces the number of questions and eliminates some redundant or complex inquiries.
Simplified Income and Asset Reporting: There are fewer questions about assets and untaxed income on the FAFSA form, making it easier for students and parents to complete.
Increased Pell Grant Eligibility: The FAFSA Simplification Act increases the maximum Pell Grant award and expands eligibility to more students, including those with incarcerated parents, and will link eligibility to family size and the federal poverty level.
Revised Dependency Overrides: The FAFSA Simplification Act provides more flexibility for financial aid administrators to grant dependency overrides for students with extenuating circumstances, such as abandonment by parents or abusive family situations.

As we prepare for the FAFSA changes, administrators must stay informed and adapt to the new rules. By understanding these key changes and utilizing available resources, you can effectively assist students in navigating the FAFSA process and accessing the financial aid they need for their education.

Are you fully staffed for the federal challenges coming to your institution? Prepare for the upcoming FAFSA changes with FAS. Contact us today!