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!
