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Financial Aid Software: Let’s Assess the Situation

By: Tiffany W. Motyka, EdD, Senior Consultant

Before the years of FAFSA Simplification, there were still those moments in a Financial Aid Office that made seasoned financial aid administrators doubt efficiency, acumen, and purpose.

Every financial aid administrator has spoken to a student or parent and heard:

“You are the third person I have spoken to, and I still don’t have my questions answered.”

“My account shows that my scholarship was removed, and I don’t know why.”

“Someone told me I’m no longer eligible for my Pell Grant. How is that calculated? Where do I see that on my account?”

“I’m going to call the President if my account is not updated soon.”

These interactions diminish the good work of a Financial Aid Office, and the institution, if not handled correctly and with confident communication. In addition to enhancing the student experience, there are external pressures. Reporting must be maintained for an institution to complete fiscal reports and successfully complete annual audits and budgetary forecasting. Financial aid administrators and Student Business Service officers are required to understand the funds being awarded, the funds being disbursed, and the understanding that the recipient is indeed eligible for the funding at the time of disbursement. When awards are not disbursed and a student refund is late, if aid is reduced, or if late requirements prevent awarding overall, the employees must be able to identify the issue and assist the student. This opportunity to provide excellent customer service is imperative to a successful institution.

A successful institution may have a plethora of internal technologies to process aid and conduct these daily operations.

These platforms include instant messaging, sharing documents, containing student information, accepting admissions applications, queuing walk-in students, creating and pulling data and reports, and many others.  Using these platforms collaboratively to assist students, process aid, remain in compliance, and enforce confidence in a staff of financial aid administrators requires training and periodic assessment of success metrics.

Does your institution have documentation and process maps to the questions below? Do you know how to leverage your technology to address these questions? 

“Is the federal Pell Grant and the Direct Loan Program reconciled and are we able to successfully close-out for the year?”

“What updates are needed on the FISAP after we submit due to grant and work-study award changes and how are we tracking these changes?”

“Are we going to lose funding in our annual federal work-study or SEOG allocation due to an underuse penalty? How do we prevent this in the future?”

“What does a “free tuition” program mean from our state aid office and how do we ensure we are accurately awarding institutional aid?”

“How do we implement our new student discounting schema this year and process remaining packaging accurately to remain within budgetary guidelines?”

“Should our student information system not allow reporting of Gainful Employment data or Federal Work-study wages, is there a workaround for ensuring we still meet the regulatory deadlines?

“How will we update our E-App, PPA, or ED portal user authorizations now that our financial aid director has retired?

“We complete this regulatory process manually but is there a way to use our SIS to complete this more efficiently?”

“How do we bring more technology understanding back to the Financial Aid Office?”

“How do we use the customer service platform provided by our Student Information System when we experience errors and need a user guide for New Aid Year implementation?”

FAS Consultants possess the rare combination of technology acumen plus financial aid expertise. Spend time with the talented team of consultants at Financial Aid Services, LLC who can work with your institution to help you leverage your technology:

  • Initial Assessment:  FAS will review your process maps and conduct SWOT analysis identifying the strengths in how you are leveraging technology while identifying the major opportunities to make gains.  We’ll review manual processes and time lags that could be optimized.
  • Technology Optimization: FAS will provide you a detailed roadmap of how you can best utilize your technology and optimize Financial Aid functions. We don’t just optimize your tech. We’ll come alongside and teach you.

Ready to transform your financial aid operations? Discover how our Tech Optimization Services can streamline processes, boost compliance, and elevate the student experience. Learn more about making your technology work smarter for you!

How Institutions Can Access Title IV Financial Aid Relief During Disasters

When a community faces a natural disaster, institutions and the teams that keep them running may struggle to keep up. From one moment to the next, students may feel that their plans are suddenly unclear. The idea of navigating financial aid relief during a disaster, no matter how significant the impact, may be overwhelming at first. However, the Department of Education (ED) has straightforward guidance to help schools and students manage Title IV financial aid during difficult times. We’ve outlined a few key areas to consider if Hurricane Helene has impacted your school. With these tools, you can lead through times of uncertainty and crisis.    

The Role of Dear Colleague Letter GEN-17-08   

Finding clear guidance can be challenging when facing the aftermath of a natural disaster. The Dear Colleague Letter GEN-17-08 provides general guidance that is essential for understanding Title IV federal student aid during declared disasters. 

The GEN-17-08 letter offers straightforward guidance on what to do, covering everything from aid disbursement to managing student records.  Clearly, understanding the steps you need to take can save your team significant rework and help students get back on track as soon as possible.   

Reference: Department of Education  

Disaster Area Designations & Regulatory Relief  

The guidance in the Dear Colleague Letter GEN-17-08 applies specifically to areas that FEMA has designated for “Individual Assistance” during federally declared disasters. The designation is key because it determines which areas and institutions are eligible for relief measures.   

Additionally, the HEROES Act offers further flexibility in certain circumstances, such as allowing deadline extensions and deferring requirements to ease the burden on institutions dealing with the disaster’s aftermath.  

Maintaining Institutional Participation and Eligibility  

Although GEN-17-08 doesn’t spell out all you need to do to maintain eligibility, it does provide steps institutions should take to stay compliant during a disaster.  

If your institution has to close temporarily, or needs other regulatory relief, open communication is key. It’s important to reach out to your School Participation Division to discuss the challenges you’re facing.  

The Department of Education handles cases individually, working with schools to determine how they can maintain eligibility and minimize disruptions.  

Establishing Agreements for Continued Study  

Sometimes, a disaster makes it impossible for an institution to continue offering its programs. In these cases, GEN-17-08 suggests that schools make agreements with other institutions. Setting up these agreements can help ensure that students do not lose time because of factors they cannot control.  

Adjusting Financial Aid through Professional Judgment (PJ)  

Financial aid administrators have significant flexibility when adjusting aid for students impacted by a disaster. Using Professional Judgment (PJ), administrators can account for a student’s special circumstances, such as sudden unemployment or loss of income that would incur from the natural disaster.   

  • Income Adjustments: Administrators can set a student’s income to zero if the student provides documentation of unemployment. 
  • Family Financial Changes: Adjustments can also be made for broader family financial impacts caused by the disaster.  

PJ is essential for ensuring that the financial aid package accurately reflects a student’s current situation rather than just what was true before the disaster.  

Satisfactory Academic Progress, Verification Waivers, and Handling Lost Records  

Natural disasters can impact students’ ability to meet Satisfactory Academic Progress (SAP) standards, and institutions have the authority to make exceptions when necessary. If students fall behind because of unexpected events, they can still be in good standing – if documented correctly.  

Similarly, verification requirements—needed for confirming application data—can be waived if records are lost or destroyed, provided there has been a reasonable effort made to reconstruct them.  

Additionally, disasters may lead to the loss of important student records. Dear Colleague Letter GEN-17-08 acknowledges these challenges and states that institutions won’t be held responsible for lost records if they document their efforts to preserve or reconstruct them.  

The Department of Education also provides administrative relief to help manage compliance issues, covering areas like cash management, loan cancellations, and late disbursements. This flexibility helps schools manage disaster impacts while staying compliant.  

Financial Aid Relief for Students – Return of Funds, Waivers, and Federal Work-Study  

If students must withdraw from school due to a disaster, institutions are still required to perform a Return of Title IV Funds calculation to determine how much aid the student earned during their enrollment. This ensures that students aren’t responsible for loans they didn’t fully use.  

Similarly, disasters can disrupt Federal Work-Study (FWS) jobs, leaving students without income. Relief measures allow institutions to continue paying students who are unable to fulfill their work obligations. Institutions are also encouraged to employ FWS students in cleanup and relief efforts, which counts as community service under the FWS program. This helps the community but also ensures that students can continue to benefit from their work-study awards.  

Flexibility in Deadlines and Reporting  

Meeting reporting deadlines during a disaster can be challenging. Both the Dear Colleague Letter GEN-17-08 and the HEROES Act waivers provide flexibility on deadlines. This allows institutions to meet compliance requirements based on individual cases. This helps institutions focus on what matters most during a crisis: keeping their students safe and supported.  

Navigating Challenges with Title IV Disaster Relief Measures  

Navigating financial aid during a natural disaster can feel overwhelming, but you’re not alone. Resources exist to help both institutions and students find a path forward. The Department of Education helps Title IV recipients by offering relief in several areas.  

This includes maintaining eligibility, adjusting aid, and providing verification waivers. Their goal is to reduce disruptions and ensure ongoing access to education. For more detailed guidance and resources, visit the ED’s Federal Student Aid National Disaster Information page or contact your School Participation Division for any institution-specific questions. With the right tools and support, we can navigate even the most difficult circumstances together.  

If you’re a FAS client, reach out to us directly to see how we may be able to support you in this challenging time. 

Links for quick access:

📌Department of Education – Guidance for Title IV Participants Affected by Helene

📌Department of ED – Natural Disaster Information

📌Department of ED – Dear Collegue Letter GEN-17-08

📌NASFAA AskRegs Resource (Requires Member Access)

Navigating the Storm of Higher Education Compliance

Financial Aid offices are facing unprecedented obstacles. The new FAFSA rollout has been less than successful, racked by delays and errors, creating a perfect storm of challenges. In addition to the hurdles in higher education compliance, 2024-2024 brings new federal reporting requirements:

  • Fiscal Operations Report and Application to Participate (FISAP)
  • Financial Value Transparency and Gainful Employment Reporting Requirements (FVT/GE)

With severe understaffing, especially in offices like Financial Aid, it is more difficult to stay ahead of regulatory changes. Is your institution ready to face the storm?

The Higher Education Compliance Crisis

New mandates like FISAP and changes to FAFSA are adding significant burdens to already overwhelmed financial aid teams. Compliance requirements are not just tasks to check off a list. They present serious challenges that, when combined with staffing shortages, dramatically increase your risk exposure.

  • Loss of Title IV Status: Non-compliance can lead to the loss of federal financial aid.
  • Loss of students: Students may opt for institutions with better financial aid options and a more streamlined onboarding experience.
  • Institutional Risk: Severe non-compliance could result in the closure of an institution.

Your Path to Higher Education Compliance

The first step in this process is making sure you have the right information. Staying current with ever-changing regulations is the first step to staying compliant. If you’re unsure where to start, here are a few resources that can

Department of Education

The US Department of Education provides important resources to help you understand the timeline before the October 1st deadline.

You can find the FISAP Form and Instructions for schools to apply for funding and report spending for Campus-Based Programs. Additionally, the Department issues notifications, letters, and e-updates on significant regulatory changes.

For the latest information on the FVT/GE Final Regulations, published on October 10, 2023, visit this resource page. These regulations reintroduce accountability metrics with the goal of making data more meaningful to students and the public.

National Association of Student Financial Aid Administrators (NASFAA)

Financial Aid focused, NASFAA provides updates on regulatory changes affecting higher education institutions, particularly around financial aid compliance. If you are members, access their self-evaluation checklists, as a starting point.

Financial Aid Services (FAS)

If you find these challenges difficult and don’t know how to proceed with a project like compliance reporting, we are here to assist you. With our deep industry knowledge, we can simplify the process and guide you in taking effective action. Let us clear the path for your team.

Higher Education Compliance Best Practices

Now that you know where to find the necessary information, it’s time to take action. To weather the storm, financial aid offices must be proactive. Setting a clear strategy for success is crucial, and the time to start is now!

Involving Institutional Leadership

Encourage leadership to support professional development opportunities on and off campus for those who work tirelessly to ensure that all compliance measures are met.

Promoting Collaboration & Communication

Invite campuswide communication across all departments so any changes or updates are known by all personnel. Designate a point person to address any compliance questions or issues.

Making Compliance a Policy

Implement policies and procedures that are devoted to a checks and balances system to ensure you are checking for and addressing issues frequently.

Delegating & Conquering

Outsource the financial aid processes that are holding your team back from spending more one-on-one time with students.

Trust Us and Weather the Storm

Financial Aid Services (FAS) offers tailored solutions to ensure compliance and reporting are handled in a timely manner. We understand the limited time, staffing issues, and overwhelming workload required to efficiently operate a Financial Department.

Our services include:

  • Consulting & training: Get access to FAS industry experts and a wide range of resources to align people, processes, and systems to achieve your operational, enrollment, and student experience goals.
  • Interim staffing: Mitigate financial aid office disruptions and delays when you use Financial Aid Services personnel to cover your staffing needs.
  • Outsourced processing: FAS remote processing services handles the back office and provides a more sustainable model for financial aid office operations.

When you partner with FAS, your institution can weather the higher education compliance storm. Contact FAS today!

Countdown to Compliance: Financial Value Transparency & Gainful Employment Reporting 

Previously, Gainful Employment (GE) regulation requirements only applied to proprietary schools or designated GE programs. The new reality is that all institutions must report, with few exclusions.  

How confident are you in your plan to meet the October 1st reporting deadline?  

Financial Value Transparency (FVT) reporting is required for groups of related programs with at least 30 graduates in the past four years. The rule applies to both traditional career-focused programs (GE) and other academic programs (non-GE). 

Ultimately, the new requirements benefit students by empowering them with essential data. This level of transparency helps students assess the actual value of their educational investment. Programs that fail to meet the Department’s metrics are at risk of losing Title IV funds. 

The primary objectives of these new requirements are: 

  • Enhancing transparency on education program costs, financial aid, and outcomes 
  • Helping students assess the value of their educational investment 
  • Establishing accountability measures for institutions

Compliance Challenges with Limited Resources 

Yes, these changes come at an inconvenient time, with the recent FAFSA rollout. But the risk of failing to address this topic far outweighs the challenges. Higher education leadership everywhere is looking for a solution that doesn’t compromise already scarce resources. 

Financial Value Transparency (FVT) Reports 

All institutions must report on their programs offered for undergraduate and some graduate programs. Despite all the information on this topic, getting started feels daunting. We’ve outlined key reports you can use through the National Student Loan Data System (NSLDS) to help you get started.

FVT/GE Program Enrollment Detail Report 

This report provides a comprehensive list of all students and their certified program enrollment data as reported to NSLDS. It is beneficial for identifying students receiving Title IV aid for programs that require FVT/GE reporting.

FVT/GE Program Enrollment Summary Report 

The FVT/GE Program Enrollment Summary Report provides an overview of enrollment data for all students in the program. This report helps institutions track overall compliance and meet reporting requirements.

Completers List 

The Completers List contains information about students who have completed a GE or eligible non-GE program. This ensures that institutions maintain accurate records of program completions.

FVT/GE Students with No Program Enrollment Report 

The NSLDS has launched this new report to help institutions identify students who might require extra reporting for compliance.  

What’s Next for Your Institution? 

Navigating the complexities of FVT/GE reporting can be daunting on the best day. It will be particularly challenging with limited resources and higher stakes than ever. Compliance isn’t just a one-person job; it requires a collective effort and a strategic plan. 

  • Create a Team: Form a task force involving multiple departments to manage compliance reporting. 
  • Plan for Training: Develop a comprehensive training plan for the reporting team. 
  • Document Processes: Establish a detailed process for documenting every action taken toward compliance. 
  • Define the Timeline: Create a workback schedule for the October 1 deadline. 
  • Pull Specific Reports: Start the assessment by pulling the key reports mentioned above.

Embracing Change for Better Outcomes 

New regulations present a challenge and offer an opportunity to build transparency and trust in the financial aid process. Yet, today’s financial aid landscape is more complicated than ever,  

  • 51% of institutions are only somewhat confident that their team understands the state of regulations today. 
  • 69% of financial aid teams state that the biggest challenge they are facing is hiring qualified talent 
  • 56% of financial aid offices are operating at a reduced capacity. 

Institutions are struggling to make the impact they want because the day-to-day operations and systems are riddled with blockers. 

The bottom line? You don’t have to do it alone. 

By leveraging expert financial aid consulting services, your team can confidently focus on serving students. If you need help with the new reporting rules, contact us to find out how we can assist with financial aid compliance. 

NASFAA 2024: Key Takeaways for Financial Aid Professionals

The Financial Aid Services team in a group photo in front of large letters spelling out NASFAA. There is a reason NASFAA is often called the Superbowl of Financial Aid Conferences. Like the Superbowl, this industry event is highly anticipated, bringing together the best and brightest. If your team was like ours, there was a game plan from the moment they arrived. Our goal, built on hours of preparation, was to get a deeper understanding of three things.   

  • Where the industry is  
  • What are opportunities for change  
  • How to address the evolving needs of our peers  

Within the first few hours, conversations made it clear that the industry needs a new playbook to take on daily challenges. As higher education continues to redefine itself, what are the old plays you’re relying on to drive wins? The key takeaways from NASFAA 2024 underscored the need to embrace change and redefine how we work in the industry.  

Financial Aid Compliance Challenges   

Maintaining compliance has become increasingly complex, with staffing shortages and changes happening faster than ever. Attendees expressed concern about the risk but often lacked the resources to address it effectively.  

Compliance isn’t just a financial aid issue. It impacts the entire institution, affecting enrollment goals, brand reputation and financial liability. Addressing these challenges requires strategic action and resource management across functional departments. Below are a few strategies to help you overcome compliance challenges.   

Stay in The Know on Regulation Updates   

Staying on top of new regulations is crucial. For example, understanding the Financial Value Transparency (FVT) and Gainful Employment (GE) reporting requirements, which became effective July 1, 2024, is essential. These regulations will likely apply to most institutions with few exemptions and no delays expected.   

Compliance is an institutional responsibility involving several departments. Financial aid administrators need to be involved, but it should not fall entirely on them. For more detailed information, you can refer to the NASFAA News updates. Start by staying informed and collaborating across departments to manage compliance and minimize risk.   

Maintain Your Policy and Procedures   

This might seem obvious, but it’s crucial. Annual reviews are the minimum but consider building a workflow that notifies you of recent changes monthly or quarterly. Schedule regular intervals for focusing on updates. Championships are won at practice, and regular reviews ensure you stay compliant.   

Lean into External Partnerships   

Did you know that 71% of college leaders are teaming up with strategic partners to boost their internal operations? It’s all about the speed and expertise these partnerships bring.  

With over 30 years in the industry, we’ve encountered just about every challenge out there and found solutions for them all. Curious about how we can support your institution? Schedule a call with a member of our team here.   

Financial Aid Staffing Challenges   

One challenge has remained constant, financial aid teams are under-resourced, understaffed, and struggling. Even with new hires, institutions are struggling to manage the workload effectively.  

Hiring new staff is a positive step, but success lies in how quickly you can get new hires to work in their role as soon as possible. How are the most successful institutions taking on this challenge? By finding ways to accelerate onboarding and communicate institutional knowledge effectively. Here are a few ways you can bridge that gap with new hires.     

Training Your Financial Aid Team  

Financial aid professionals must have a nuanced set of competencies, including excellent communication skills, empathy and a deep understanding of ever-changing regulations, all while remaining dedicated to student success.   

Training must go beyond the fundamentals and tailor to the specific requirements of each institution. Comprehensive training programs are essential to ensure staff are well-prepared to handle these demands. Here are a few strategies to enhance training for your team:   

  • Customized Training Programs: Develop training programs that address both the general principles of financial aid and your institution’s specific needs.    
  • Continuous Professional Development: Encourage ongoing learning through workshops, webinars, and conferences.  
  • Peer Mentoring: Implementing a mentoring system can accelerate onboarding and help new employees adapt to the team more smoothly.   

At FAS, we offer tailored training and consulting services designed to support your team whether they are seasoned professionals or new to the industry. Our programs are crafted to ensure your team doesn’t just meet but exceed expectations.   

Staffing Solutions   

The issue of being short-staffed continues to plague the financial aid industry. Even with new hires, institutions need help managing the workload effectively. Finding ways to optimize time and resources is critical. Automation and leveraging technology to its full capacity were recurring themes throughout the NASFAA 2024 conference.   

  • Leverage Technology: Automation empowers your team to streamline processes and reduce the burden of manual processes.   
  • Smart Staffing Solutions: Consider partnering with external organizations specializing in financial aid staffing and outsourced processing.   

These strategies aren’t earth-shattering, but they’re the first step to enhance efficiency and effectiveness, ensuring that your team is well-prepared to meet the demands of the job.  

Your Strategic Advantage   

NASFAA 2024 highlighted the pressing issues facing financial aid professionals today. From compliance and training to technology and morale, the path forward requires a collaborative effort and a commitment to continuous improvement. By facing these challenges directly, we can make sure our institutions are ready to help students succeed.   

At FAS, we are committed to helping you with financial aid by offering expertise and solutions to navigate its complexities. Just like a Super Bowl-winning team, success in financial aid requires strategic planning, teamwork, and adaptability. Together, we can create a more efficient, supportive, and successful environment for both staff and students. 

FAS Director of Client Engagement Cindy Kohlman Earns Nationally Recognized Financial Aid Administrator Certification

By: FAS Staff

Atlanta, GA, April 19th, 2024—Cindy Kohlman, Director of Client Engagement at Financial Aid Services, LLC., earned the FAAC® designation from the National Association of Student Financial Aid Administrators’ accredited Certified Financial Aid Administrator® (CFAA) Program. 

“Cindy’s dedication to the student financial aid industry is truly commendable. Cindy embodies the highest standards of professionalism and expertise, reflecting our team’s collective commitment to serving our clients with excellence” said Nicole Verrett, VP of Business Development. 

The CFAA Program is a first-in-the-industry effort launched in 2019 that validates the skills and knowledge of financial aid professionals at postsecondary institutions nationwide. The National Association of Student Financial Aid Administrators, or NASFAA, is a nonprofit membership organization that represents more than 29,000 financial aid professionals at approximately 3,000 colleges, universities, and career schools across the country. NASFAA is the only national association with a primary focus on student aid legislation, regulatory analysis, and training for financial aid administrators. 

“Financial aid administrators are entrusted with significant responsibility, ranging from ensuring college access for students to protecting the reputation of an institution and maintaining the integrity of federal financial aid programs,” said NASFAA President & CEO Justin Draeger. “The FAAC designation affirms the professional commitment of a financial aid administrator not only to those responsibilities but also their commitment to uphold the highest ethical standards.”  

Kohlman joins the ranks of an elite group of more than 300 other financial aid professionals who earned the FAAC designation after successfully passing a comprehensive knowledge exam and affirming commitment to the standards of ethical behavior that have long been a hallmark of the financial aid profession. 

Kohlman joined FAS in January of 2022. Her previous experience includes tenure as Assistant Vice Provost and Director of Financial Aid at the University at Buffalo, the flagship institution of the State University of New York (SUNY). She also served as the Director of Operations and Client Services at Rochester Institute of Technology. Kohlman is a passionate member of the financial aid community. Cindy has held leadership positions in state professional organizations including the New York State Financial Aid Administrators Association (NYSFAAA) as a member of the Executive Council and serving as Vice President for the State University of New York Financial Aid Professionals, Inc. (SUNYFAP).  

She has received service awards from the Eastern Association of Student Financial Aid Administrators (EASFAA), NYSFAAA, and SUNYFAP. Cindy is also a member of the National Association of Student Financial Aid Administrators (NASFAA).  

“Financial aid administrators work in a highly regulated, continuously evolving industry where knowledge matters,” says Craig Alan Slaughter, 2023-24 CFAA Program commission chair and director of financial aid at Kenyon College. “As part of an inclusive and supportive FAAC community, we commit to the highest standards of professionalism and professional development to support the success of the communities, institutions and students we serve.” 

More information about the certification program may be found at nasfaa.org/certification_overview, or by contacting NASFAA’s certification program staff via email at certification@nasfaa.org. 

 

FAS BOILERPLATE

Are you facing staffing challenges at your institution that will affect your ability to handle the current federal changes? 

Contact FAS today for a quick consultation on how we can help you discover solutions tailored to your unique needs. Reach out at 770.988.9447 or via email at info@FinancialAidServices.org. We look forward to connecting with institutions ready to overcome challenges and elevate their financial aid and student business services. 

 

About FAS 

Financial Aid Services (FAS) has served higher education for over 30 years. Located in Atlanta, Georgia, FAS provides consulting, staffing, processing, and assessment services to assist institutions with improving operational efficiency, student satisfaction, and regulatory compliance in financial aid and student business services. FAS’ accomplished team averages 28 years of experience and has a combined 1,600 years of higher education experience. With clients in 49 states, FAS has successfully served over 1,800 institutions nationwide. The Company’s extensive experience combined with industry-leading expertise and focus on superior client outcomes, enables FAS to deliver lasting results to its clients and the students they serve. Visit www.FinancialAidServices.org for more information. 

Are You Ready for the New Financial Value Transparency/Gainful Employment (FVT/GE) Requirements?

By: Robert “Bob” Covey-Robbins, FAS Senior Consultant

Of course, the current focus of schools is obtaining ISIR data, and awarding students for the upcoming academic year. The delays in processing activities may result in many schools finding it hard-pressed to meet the first of the new Financial Value Transparency/Gainful Employment (FVT/GE) requirements.

If you’ve not had an opportunity to review the new requirements yet, the following are some things you should know. Please note that this is very high-level information and you will want to dive into more specific detail.

  • All proprietary schools, as well as non-profit and public institutions that have any non-degree programs, such as certificate or diploma programs, are impacted. Additionally, nearly all schools will have to provide data on programs and students in most Title IV-eligible programs.
  • The Department of Education (DOE) will be determining two measures: a Debt to Earnings (D/E) Rate and an Earnings Premium (EP).
  • The DOE will be creating a website that will publish information on schools’ academic programs.
  • Based on program D/E and EP measures, some prospective students will be required to acknowledge that they have reviewed the information through the DOE website before the school may enroll the student.
  • If certain thresholds are not met, some programs will lose Title IV eligibility.
  • If the DOE determines that an academic program may become ineligible for Title IV funds, the school will be required to provide a warning to students who enroll in the program.

Data used to determine D/E Rate and EP measures will come from various sources, but a large portion will be provided by schools through new data reporting requirements. The deadline for the first report of students who completed a program was originally set for July 31, 2024. The DOE has delayed the first report until October 1, 2024.  October 1, 2024 is also the deadline for reporting data for currently enrolled students.  The DOE plans to provide the ability for schools to begin submitting data in NSLDS on July 1, 2024.

Schools will be required to report data for academic programs and students in nearly all Title IV-eligible programs. Depending on the type of program, the school may be required to provide data for several prior award years, or the school may opt for Transitional Reporting, which will allow the school to report for the 2 or 4 most recently completed years, depending on the number of completers in the programs.  The transitional reporting data would then be used for the next 6 years.

The DOE issued a Comment Request regarding FVT/GE reporting requirements in the February 22, 2024 Federal Register.  The comment period ends April 22, 2024.

Compliance with the new FVT/GE requirements will likely require careful planning and a collaborative effort between multiple departments, so if you have not begun preparing, you may want to start working it into your busy schedule soon.

About FAS

Financial Aid Services (FAS) has served higher education for over 30 years. Located in Atlanta, Georgia, FAS provides consulting, staffing, processing, and assessment services to assist institutions with improving operational efficiency, student satisfaction, and regulatory compliance in financial aid and student business services. FAS’ accomplished team averages 28 years of experience and has a combined 1,600 years of higher education experience. With clients in 49 states, FAS has successfully served over 1,800 institutions nationwide. The Company’s extensive experience combined with industry-leading expertise and focus on superior client outcomes, enables FAS to deliver lasting results to its clients and the students they serve. Visit www.FinancialAidServices.org for more information.

Contact FAS today for a quick consultation on how we can help you discover solutions tailored to your unique needs. Reach out at 770.988.9447 or via email at info@FinancialAidServices.org.We look forward to connecting with institutions ready to overcome challenges and elevate their financial aid and student business services.

 

Skarr Earns Nationally Recognized Financial Aid Administrator Certification

By: FAS Staff

Atlanta, GA, April 11th, 2024— Alexander Skarr, Senior Associate Consultant at Financial Aid Services, LLC., earned the FAAC® designation from the National Association of Student Financial Aid Administrators’ accredited Certified Financial Aid Administrator® (CFAA) Program.

“We are proud Alex earned the highest certification in our industry, which speaks to his commitment to excellence.  I am thankful we have someone on our team as accomplished, experienced, and dedicated to the financial aid industry as Alex,” said Robert Heil, Chief Executive Officer, at FAS.

The CFAA Program is a first-in-the-industry effort launched in 2019 that validates the skills and knowledge of financial aid professionals at postsecondary institutions nationwide. The National Association of Student Financial Aid Administrators, or NASFAA, is a nonprofit membership organization that represents more than 29,000 financial aid professionals at approximately 3,000 colleges, universities, and career schools across the country. NASFAA is the only national association with a primary focus on student aid legislation, regulatory analysis, and training for financial aid administrators.

“Financial aid administrators are entrusted with significant responsibility, ranging from ensuring college access for students to protecting the reputation of an institution and maintaining the integrity of federal financial aid programs,” said NASFAA President & CEO Justin Draeger.” The FAAC designation affirms the professional commitment of a financial aid administrator not only to those responsibilities, but also their commitment to uphold the highest ethical standards.”

Skarr joins the ranks of an elite group of more than 300 other financial aid professionals who earned the FAAC designation after successfully passing a comprehensive knowledge exam and affirming commitment to the standards of ethical behavior that have long been a hallmark of the financial aid profession.

Skarr joined FAS in March 2023. He previously served as the Assistant Director of Financial Aid at Clayton State University, and the Loan Coordinator and Quincy University. Skarr is an active member of the financial aid community serving on NASFAA’s 2023 Staffing and Benchmarking Taskforce and is currently a member of the Illinois Student Assistance Commission’s Alumni Steering Committee.

“Financial aid administrators work in a highly-regulated, continuously-evolving industry where knowledge matters,” says Craig Alan Slaughter, 2023-24 CFAA Program commission chair and director of financial aid at Kenyon College. “As part of an inclusive and supportive FAAC community, we commit to the highest standards of professionalism and professional development to support the success of the communities, institutions and students we serve.”

More information about the certification program may be found at nasfaa.org/certification_overview, or by contacting NASFAA’s certification program staff via email at certification@nasfaa.org.

Are you facing staffing challenges at your institution that will affect your ability to handle the current federal changes?

Contact FAS today for a quick consultation on how we can help you discover solutions tailored to your unique needs. Reach out at 770.988.9447 or via email at info@FinancialAidServices.org. We look forward to connecting with institutions ready to overcome challenges and elevate their financial aid and student business services.

About FAS

Financial Aid Services (FAS) has served higher education for over 30 years. Located in Atlanta, Georgia, FAS provides consulting, staffing, processing, and assessment services to assist institutions with improving operational efficiency, student satisfaction, and regulatory compliance in financial aid and student business services. FAS’ accomplished team averages 28 years of experience and has a combined 1,600 years of higher education experience. With clients in 49 states, FAS has successfully served over 1,800 institutions nationwide. The Company’s extensive experience combined with industry-leading expertise and focus on superior client outcomes, enables FAS to deliver lasting results to its clients and the students they serve. Visit www.FinancialAidServices.org for more information.

Contact FAS today for a quick consultation on how we can help you discover solutions tailored to your unique needs. Reach out at 770.988.9447 or via email at info@FinancialAidServices.org.We look forward to connecting with institutions ready to overcome challenges and elevate their financial aid and student business services.

Preparing for the 24-25 Aid Year

By: Renee Stanford, FAS Consultant

As a financial aid administrator, is your head swirling? I can only imagine how parents and students are feeling. There is a common thought among financial aid offices across the country that the financial aid process is a massive headache! Albeit well-intentioned, the complete overhaul of the FAFSA has created significant delays and hurdles for students, parents, and aid offices.

What can we do to create the easiest transition possible? Prepare, prepare, prepare! While we cannot know all the challenges we will face, we can do our best to prepare ourselves and our staff for what we know is coming.

  • Participate in webinars – NASFAA and FSA have created so many tools to assist us and explain all the changes for 24-25. The more knowledgeable we become, the easier it will be to communicate with our staff, students, and parents about all the latest changes.

NASFAA.org Home

FSA Training Center (ed.gov)

  • Did you know you can contact ED to ask for assistance? ED is providing support to schools and vendors as they prepare to receive submitted applications. Schools interested in receiving support can request it via the mailbox CollegeSupportStrategy-FAFSA@ed.gov.
  • Communicate regularly with students and families – create a communication plan with regular contact. Make your contact communication as easy as possible to understand. As changes occur, we know they will- share that information with them. It could be in the form of financial aid nights, emails, postal mail, phone calls, etc.
  • Build relationships – When students and their families feel our care and dedication to them, trust begins. Recognize and assist families who are struggling to complete the FAFSA.
  • Extend deadlines when possible – Colleges could and should extend Admissions, enrollment, financial aid, and scholarship deadlines to allow time for financial aid offices to receive and begin processing aid packages for students. Extending deadlines will alleviate some of the current pressure students and their families are currently facing.

All of us are experiencing the pressure to disseminate information as soon as humanly possible. It is good to know we are not alone in the process. Let’s look to the future and hope for fewer glitches, easier workarounds, and plenty of patience.

 

Are you facing staffing challenges at your institution that will affect your ability to handle the current federal changes?

Contact FAS today for a quick consultation on how we can help you discover solutions tailored to your unique needs. Reach out at 770.988.9447 or via email at info@FinancialAidServices.org. We look forward to connecting with institutions ready to overcome challenges and elevate their financial aid and student business services.

About FAS

Financial Aid Services (FAS) has served higher education for over 30 years. Located in Atlanta, Georgia, FAS provides consulting, staffing, processing, and assessment services to assist institutions with improving operational efficiency, student satisfaction, and regulatory compliance in financial aid and student business services. FAS’ accomplished team averages 28 years of experience and has a combined 1,600 years of higher education experience. With clients in 49 states, FAS has successfully served over 1,800 institutions nationwide. The Company’s extensive experience combined with industry-leading expertise and focus on superior client outcomes, enables FAS to deliver lasting results to its clients and the students they serve. Visit www.FinancialAidServices.org for more information.

Contact FAS today for a quick consultation on how we can help you discover solutions tailored to your unique needs. Reach out at 770.988.9447 or via email at info@FinancialAidServices.org.We look forward to connecting with institutions ready to overcome challenges and elevate their financial aid and student business services.

 

Key Session and Takeaways from the 2024 NACUBO SFS Conference

By: Nicole Verrett, FAS Vice President of Business Development

The FAS team attended the 2024 NACUBO SFS Conference in Las Vegas, Nevada. Among the enriching sessions, several key takeaways stood out as pivotal in shaping and reaffirming our approach toward communication strategies, student retention, and meeting the expectations of students. Here’s a summary of the key session and takeaways: 

 

Key Session

Cooperative Leadership: How a Successful Team is Everyone’s Responsibility 

FAS’ Consultant Jennifer Waters, Ph.D. led insights on reimagining operational structures in the face of unprecedented challenges due to staff turnover during the pandemic. The session also discussed leveraging new technologies, and vendor services, and optimizing recruitment, training, and onboarding processes to adapt to changing circumstances. 

This session highlights: 

  • Implementing cross-functional working groups to foster collaboration and ongoing professional development. 
  • Utilizing assessment tools like annual employee surveys and engagement focus groups for continuous feedback and improvement. 
  • Building a robust employee retention program grounded in cooperative leadership principles. 

 

Key Takeaways 

Communication Plans and Enhancing the Student Experience 

Discussions centered around the importance of effective communication strategies in meeting the needs of students as institutions navigate problems with the rollout of a new FAFSA form. This has prevented many aid administrators from offering financial aid packages and left students confused about how much aid they can receive as important decision deadlines roll by. 

  • Continually engage and communicate with students to build their trust and confidence in your institution. 
  • When students are making enrollment decisions, they will likely choose the institutions that earned their trust and confidence. 
  • University leaders should provide the resources financial aid offices need to provide estimated offers followed by official offers later this year. The campuses that do so will have an important recruiting and retention advantage. 

Navigating the unprecedented delays of the new FAFSA rollout  

Valuable insights into navigating the challenges posed by delays in FAFSA processing.  

  • Developing contingency plans to address potential disruptions caused by FAFSA processing delays. 
  • Leveraging technology and data analytics to streamline financial aid processing and allocation. 
  • Collaborating with stakeholders to advocate for policy changes and reforms to expedite FAFSA processing timelines. 

 

Gaining a Retention and Enrollment Advantage  

Discussions revolved around the pressing issues of student retention and enrollment management.  

  • Implementing targeted interventions and support services to address retention challenges at various stages of the federal student aid process.  
  • Stay flexible with your deadlines when you can, including the billing dates that may start this summer or registration dates for current students. 
  • Update your web pages to include the Cost of Attendance information for 2024-25 if you haven’t already and ensure the returning student portal remains current and relevant. 

 

Registration Impact and Extended Processing Times 

Implications of extended processing times on the aid processes need strategies to streamline registration workflows, enhance administrative efficiency, and mitigate the impact of processing delays on student accounts. 

  • Implementing proactive measures to communicate registration deadlines and updates to students and staff. 
  • Make sure your front-line staff is well-trained to answer questions and help families complete the FAFSA. 
  • If you decide to provide estimated offers, this will require additional processing time from your team in the coming months. University leaders would be wise to provide the resources financial aid offices need to provide estimated offers followed by official offers later this year. The campuses that do so will have an important recruiting and retention advantage. 

Check out the list of events FAS experts attend and maximize your time by scheduling a meaningful chat about FAS services.

 

FAS’ guidebook helps navigate the challenges surrounding FAFSA Delays.  

Navigating the Maze of FAFSA Delays is a comprehensive resource that provides insights and strategies for Higher Education administrators on any level. It offers a roadmap for strengthening an institution’s confidence in federal compliance and regulatory standards. It is a vital resource designed to assist university presidents in identifying and addressing potential compliance issues related to the institutional administration of federal student financial aid. 

 

Are you facing staffing challenges at your institution that will affect your ability to handle the current federal changes? 

Contact FAS today for a quick consultation on how we can help you discover solutions tailored to your unique needs. Reach out at 770.988.9447 or via email at info@FinancialAidServices.org. We look forward to connecting with institutions ready to overcome challenges and elevate their financial aid and student business services. 

  

About FAS 

Financial Aid Services, LLC (FAS) has served higher education for over 30 years. Located in Atlanta, Georgia, FAS provides consulting, staffing, processing, and assessment services to assist institutions with improving operational efficiency, student satisfaction, and regulatory compliance in financial aid and student business services. FAS’ accomplished team averages 28 years of experience and has a combined 1,600 years of higher education experience. With clients in 49 states, FAS has successfully served over 1,800 institutions nationwide. The Company’s extensive experience combined with industry-leading expertise and focus on superior client outcomes, enables FAS to deliver lasting results to its clients and the students they serve. 

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