The document outlines important functions related to administering a school's Title IV financial aid programs including: accessing the National Student Loan Data System, reviewing students' financial aid histories, correctly calculating Title IV refunds, maintaining student financial records, academic records, and completing annual reports and audits. It notes that while Weber & Associates can provide assistance, the responsibility belongs to the participating institution.
2. • The following functions are related to the
administration of institutions’ financial aid programs.
• Most of these functions are Requirements of the U.S.
Department of Education.
• NOTE - it is the responsibility of the participating
institution to perform these functions, NOT Weber &
Associates.
Financial Aid Program Management for
Institutions
3. NSLDS
• Institutional Access to The National Student Loan Data
System Is Required
• The Institution Must Have A User ID and Password
• Activate & Use Transfer Student Monitoring
4. NSLDS
• The Institution Is Required to Review The Student’s
Financial Aid History – Aggregate Loans, Default, and
Other Situations.
• NOTE: Schools enrolled in the Weber & Associates
Virtual Financial Aid Office (VFAO™) service will have
their students financial aid history reviewed by their
Weber representative as part of their fee).
5. NSLDS
• If a school determines that a student has received an
overpayment of a Federal Pell Grant as the result of a
R2T4 calculation, the school should reduce the
student’s award/disbursements and return the
funds.
• The electronic refund function in G5 is the preferred
method whenever a school must return Pell Grant
funds.
6. NSLDS
• If a school determines that a student has received an
overpayment of Federal Direct Loan funds, as the
result of a R2T4 calculation, the school should
reduce the student’s award/disbursements by
making a downward adjustment in COD.
• The school then returns the funds to the Department
using the Electronic Refund function in G5 following
the same procedures the school follows when
making other G5 refunds/returns.
7. CALCULATION AND RETURN OF TITLE IV
FUNDS PAYMENTS
• You have the responsibility to calculate the R2T4’s
correctly and on time
• Most schools use the R2T4 electronic system
• Weber & Associates staff can help institutions
calculate and answer questions
• Weber & Associates staff will guide you in the Return
of Title IV Funds (R2T4) Calculation Formulas
8. MAINTAINING STUDENT FINANCIAL
ACCOUNT RECORDS
& LEDGERS
These records must indicate:
• The Date of The Charges
• The Purpose of the Charges
• The Amount of Each of The Charges
• The Date of Payments
• The Source of Payments
• The Date and Amount of Funds to Students
• The Date and Amount of Refunds (R2T4) Funds
9. MAINTAIN ALL ACADEMIC RECORDS
• Attendance (If school takes attendance)
• Grades
• Transcripts
• Standards of Academic Progress (SAP)
• Leave of Absence Records
• Special Appeals Circumstances
10. OTHER IMPORTANT FUNCTIONS
• Policies & Procedures Manuals
• Student Loan Default Management
• Student Loan Entrance and Exit Interviews
• The Virtual Financial Aid Office (VFAO™) Interview
performs the Entrance Interview – Schools are
responsible for the Exit Interview
• Establishing Admissions Standards
• Publishing Consumer information
11. ANNUAL REPORTING
• IPEDS Reports – Three Times a Year
• Campus Security Reporting
• Enrollment Reporting with NSLDS
• FAILURE TO COMPLETE AND FILE ANY OF THESE REPORTS
COULD RESULT IN FINES, SUSPENSIONS, OR BOTH.