Student Financial Aid - 101 Weber & Associates, Inc.
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Student Financial Aid - 101
Weber & Associates, Inc.
Student Financial Aid - 101 Topics for this Session: Considerations Prior to Applying Any Reservations? Pros & Cons
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Student Financial Aid - 101 What is the process for applying to
participate in the Federal Student Aid Programs?
Where to begin? www.ifap.ed.gov Questions to start the initial
application - www.eligcert.ed.gov
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Student Financial Aid - 101
Initial Eligibility Requirements: You are urged you to review the student
financial assistance regulations regarding the requirements that must be satisfied before a school is approved to offer federal student aid. The applicable federal regulations are: 34 CFR Part 600 - Definitions
http://www.ecfr.gov/cgi-bin/text-idx?c=ecfr&sid=702c7e87ace35f7eefc7466b2beb3c3f&rgn=div8&view=text&node=34:3.1.3.1.1.1.23.2&idno=34
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Student Financial Aid - 101
34 CFR Part 668 - General Provisions http://www.ecfr.gov/cgi-bin/text-idx?c=ec
fr&tpl=/ecfrbrowse/Title34/34cfr668_main_02.tpl
Federal Student Aid Handbook – Volume 2
“School Eligibility & Operations” http://ifap.ed.gov/fsahandbook/1415FSAHbkVol2.html 5
Student Financial Aid - 101
I. Minimum Eligibility Requirements
The school must be authorized by the State in which it is located to provide an educational program that is beyond secondary education.
The school must admit as regular students only persons who have a high school diploma or equivalent, or are beyond the age of compulsory school attendance in the State where the school is located.
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Student Financial Aid - 101
The school must provide at least one eligible program that provides an Associate's degree or higher, or provides training to students for employment in a recognized occupation and is at least 300 clock hours and 10 weeks in program length.
The school must be accredited by an accrediting agency recognized by the Secretary of Education to accredit schools to participate in the Federal student aid programs.
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Student Financial Aid - 101
Three types of schools are recognized:
Public Private nonprofit - a school that has been granted a tax exemption by IRS under 501(c)(3) of the Internal Revenue Code Proprietary (for profit)
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Student Financial Aid - 101
Your school must have provided its eligible program for at least two years prior to applying if:
it is a proprietary school, or it is public or private nonprofit school that
does not offer a program that is at least 900 clock hours and 30 weeks in length.
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Student Financial Aid - 101
II. Financial Responsibility The school must be financially responsible. As part of the application process, the school must provide, for the two most recently completed full fiscal years, financial statements that are prepared according to Generally Accepted Accounting Principles, and audited according to Generally Accepted Government Auditing Standards (GAGAS).
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Student Financial Aid - 101
III. Administrative CapabilityThe school must be administratively capable. This includes (but is not limited to) having: A capable individual responsible for administering all of the Title IV programs; A system of internal checks and balances for administering federal student financial aid;
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Student Financial Aid - 101
A division of functions of determining student awards and disbursing funds that result from those award decisions;
Frequent, periodic reconciliation of fiscal office and financial aid office award data; (Monthly)
System to identify and resolve discrepancies in information you receive from various sources about a student's application for financial aid;
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Student Financial Aid - 101
A satisfactory academic progress (SAP) policy for recipients of federal student financial aid;
Procedures to ensure that requests for federal cash do not exceed the amount of funds you need immediately to make aid disbursements to students;
A policy for refunding tuition when a student withdraws from classes;
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Student Financial Aid - 101
A process to ensure that you submit a required annual financial statement audit on time;
A process to ensure that you submit a required annual compliance audit on time;
A policy that you use the electronic processes (technology);
A process to notify ED within 10 days of any important changes.
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Student Financial Aid - 101
Questions to Start Initial Application If you believe you qualify and want to apply for approval, you must provide ED with certain basic information.http://www.eligcert.ed.gov/ows-doc/initialApp.html Complete page 1 of the formFax it to your case management teamED will provide you with your OPEID # You will then have access to the electronic app to file electronically.
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Student Financial Aid - 101
The Program Participation Agreement
To participate in the FSA programs, a school must have a current Program Participation Agreement (PPA), signed by the school’s president or chief executive officer and an authorized representative of the Secretary of Education.
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Student Financial Aid - 101
Purpose and scope of the PPA Under the PPA, the school agrees to comply with the laws, regulations, and policies governing the FSA programs. After being certified for FSA program participation, the school must administer FSA program funds in a prudent and responsible manner. Additional details and information regarding the PPA are available at http://ifap.ed.gov/fsahandbook/attachments/1415FSAHbkVol2Ch1.pdf Volume 2, Chapter 1 of the of the Federal Student Aid Handbook .
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Student Financial Aid - 101
How a Student Applies – www.fafsa.ed.gov Title IV Programs: Pell Grants Direct Loans
Subsidized Unsubsidized PLUS Graduate PLUS
FSEOG FWS
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Student Financial Aid – 101 - Resources
Information for Financial Aid Professionals (ifap) websitehttp://www.ifap.ed.gov
Federal Student Aid Handbook http://ifap.ed.gov/ifap/byAwardYear.jsp?type=fsahdndbook&awardyear=2014-2015
FSA Coach http://www2.ed.gov/offices/OSFAP/fsacoach/inde
x.html
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Student Financial Aid – 101 - Resources
Student Web Application Products PIN Web Site FAFSA on the Web http://www.fafsa.ed.gov/
Audit Guidance https://www.ifap.ed.gov/ifap/byYear.jsp?type=aguides
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Student Financial Aid – 101 - Resources
Estimated Family Contribution (EFC) Guidehttp://www.ifap.ed.gov/ifap/byAwardYear.jsp?type=efcformulaguide
Institutional Student Information Record (ISIR) Guide https://www.ifap.ed.gov/isirguide/1415ISIRGuide.html
Student Aid Report (SAR) Comment Codes & Text https://www.ifap.ed.gov/ifap/byAwardYear.jsp?type=sarcommcodestxt
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Student Financial Aid – 101 - Resources
The Blue Bookhttp://www.ifap.ed.gov/bbooks/102005BlueBook.html
Cohort Default Rate Guidehttp://www.ifap.ed.gov/DefaultManagement/finalcdrg.html
Financial Aid Assessments http://www.ifap.ed.gov/qahome/fsaassessment.html
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Questions?
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Weber & Associates, Inc.
Contact Information
Weber & Associates, Inc. 86 Brookfield Oaks Drive Greenville, SC – 29607 864.675.9038 888.857.8690 - toll free
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