Have questions about student financial aid? Would you like to learn more about student financial aid? Check out this presentation to for a 101 course on financial aid.

1. Student Financial Aid - 101
Weber & Associates, Inc.

2. Student Financial Aid - 101
 Topics for this Session:
 Considerations Prior to Applying
 Any Reservations?
 Pros & Cons
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3. 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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4. 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=702
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5. Student Financial Aid - 101
 34 CFR Part 668 - General Provisions
 http://www.ecfr.gov/cgi-bin/text-idx?c=ecfr&
 Federal Student Aid Handbook – Volume
2
 “School Eligibility & Operations”
http://ifap.ed.gov/fsahandbook/1415FSAH
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6. 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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7. 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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8. 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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9. 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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10. 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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11. Student Financial Aid - 101
III. Administrative Capability
The 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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12. 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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13. 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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14. 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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15. 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 form
Fax it to your case management team
ED will provide you with your OPEID #
You will then have access to the electronic app to
file electronically.
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16. 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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17. 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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18. 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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19. Student Financial Aid – 101 -
Resources
 Information for Financial Aid Professionals
(ifap) website
http://www.ifap.ed.gov
 Federal Student Aid Handbook
http://ifap.ed.gov/ifap/byAwardYear.jsp?type=fsahd
 FSA Coach
 http://www2.ed.gov/offices/OSFAP/fsacoach/index.
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20. 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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21. Student Financial Aid – 101 -
Resources
 Estimated Family Contribution (EFC) Guide
http://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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22. Student Financial Aid – 101 -
Resources
 The Blue Book
http://www.ifap.ed.gov/bbooks/102005BlueBo
ok.html
 Cohort Default Rate Guide
http://www.ifap.ed.gov/DefaultManagement/fi
nalcdrg.html
 Financial Aid Assessments
http://www.ifap.ed.gov/qahome/fsaassessment.html
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23. Questions?
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Weber & Associates, Inc.

24. Contact Information
 Weber & Associates, Inc.
 86 Brookfield Oaks Drive
 Greenville, SC – 29607
 864.675.9038
 888.857.8690 - toll free
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