Proofing your financial aid process:
Conduct a self-review and build a strong campus communication networks
By Cynthia Mayberry, TG Manager, Texas Region

The "instruction manual" for managing and processing financial aid is long—volumes-long. In fact, the federal regulatory code that governs the FFELP could fill a library shelf. Putting into practice such a lengthy "instruction manual" may seem unwieldy, but it's also obligatory. If regulations serve as the foundation for the Title IV program, complying with those regulations ensures the integrity of that foundation—a good thing for students who want access to higher education.

Maintaining a school’s Title IV eligibility is actually a cross-department responsibility. Many different areas handle the loans that students rely on, and all of them have to comply with regulatory requirements. Unfortunately, financial aid officers occasionally find that other departments don’t fully understand their role when it comes to ensuring Title IV eligibility. In that case, there are some things you can do to get all responsible departments operating on the same page.

A great way to start is by examining key areas of a typical program review that must be addressed by multiple campus departments—for example, fiscal management. How the return of Title IV funds is handled, whether the release of proceeds is complete, and whether credit balances are paid are all important program points. They also require the close collaboration and communication of different campus functions.

Here are a few ideas to help you improve cross-department communication and begin a self-review process. By making the extra effort to improve your campus-level collaboration, you may find that your own job is easier. In the process, you will also probably gain a greater respect for the duties and responsibilities of other colleagues outside your area—perhaps even foster relationships to help with your industry learning and professional development.

• Hold a mini-summit. Plan a half- or full-day event, inviting representatives from other institutional departments. Brief everyone in attendance on the fiscal requirements that must be met to remain in compliance with the FFELP and other programs.
  
  
• Set up a task force or ombudsman. Identify an individual or group that will have regular access to institutional leaders and the ability to implement changes quickly. Noncompliance can threaten the institution's future; an empowered individual should encounter less resistance.
  
  
• Establish a process for peer review. Create a small team from each office and have them spend a few hours visiting with colleagues in other areas to learn their processes and procedures. Doing this stimulates the exchange of ideas, understanding external processes, and identifying deficiencies that can be corrected.

To learn more
The Department of Education offers some useful resources through the Web, including a Program Review Guide and an audit feature. You’ll find them online at www.ed.gov/offices/OSFAP/services/casemanagement.html#review.