Your P&P manual guides your financial aid team in accurately packaging, disbursing and managing Title IV funds.
By Sherri Savasta
Breaking news! Your college’s financial aid Policies and Procedures manual has reached No. 1 on your list of the Top 10 items that need updating!
Financial Aid rules and regulations change every year (during the year, and daily sometimes it seems). Your Policies and Procedures should be updated as well. All colleges are required to have them as an internal control measure. Their primary purpose serves to guide financial aid administrators to accurately package, disburse and manage Title IV funds.
Do you have anyone at your campus that is cognizant of all the new requirements for each new award year? If so, that is great, but you need to memorialize all changes and updates in your P&P manual for many reasons:
- It’s required by ED
- It’s a great resource for training new team members
- It’s a great reference when a situation prompts research for a compliant explanation or resolution.
GLOBAL Consulting services include a thorough evaluation of your catalog, consumer information and security policy for safeguarding Personally Identifiable Information and Federal Tax Information. We can also assist in reviewing other aspects of your manual to ensure it is up-to-date and fully aligned with the latest regulations.
You can find fun facts and reminders about P&P manuals in our January 9 blog.
A reminder! Global provides other consulting services, in addition to full back-office processing.
Global just celebrated our 29th birthday. We have successfully operated as an approved Third-Party Servicer partner to colleges since 1996. During this span of almost 30 years, we also have provided consulting services. All individual services that make up full-service Title IV aid processing lend themselves to being outsourced, such as P&P manual review and updates. Professional services can also extend to other areas, such as the following:
- Regulatory Affairs and Compliance
- Guidance on new and current regulations
- Student-specific aid questions
- Academic program delivery aid questions
- Financial aid program questions
- Financial aid written Policies and Procedures review
- Title IV accounting areas
- Federal accounts reconciliations
- FISAP preparation assistance
- COD and G5
- Operations
- Academic program set-up guidance
- Clock to credit hour conversion guidance
- FSA audit guidance
- FSA workflow implementation guidance
- Webinars to address a range of financial aid processing, including:
guidance on new and current regulations - Return to Title IV processing
- Professional Judgment
- Open Academic Year Awarding
- ISIRs
Many institutions cannot afford the luxury of a dedicated compliance resource to read through the rules and regulations surrounding participation in Title IV programs. Costs and availability of qualified staff these days have many institutions working with a skeleton crew.
Global has a depth of technical expertise throughout our organization, from our founders to those who have joined forces with us over our 29 years in service to the Title IV student aid community. As such, we are available to give a helping hand to those in need of technical and hands-on resources.
For assistance, contact Sherri Savasta at (228) 523-1072, ssavasta@globalfas.com or https://globalfas.com/contact-us/
Sherri Savasta is Global’s Director of Consulting. She has been with Global since 2006, bringing in-depth experience to financial aid processing solutions. She can be reached at 228.523.1072.