Partnering with vendors such as Financial Aid Services (FAS) provide institutions major benefits and new opportunities, all while reducing pressure on in-house staff. Best of all, by hiring professionals who are seasoned experts in their trade like Federal Student Aid, institutions do not have to worry about large compliance nightmares. The usual benefits of less […]
FAS continues to offer the most modern easy-to-use Financial Aid processing software in conjunction with its consulting and processing services. FAS recently redesigned its FASLine application to be completely web based. FASLine allows clients to input limited student data which submits directly into FAS’ server in order for FAS to process its client school’s Title IV […]
On July 25, 2012 the Department of Education issued a Dear Colleague Letter, GEN-12-12, regarding the Financial Aid Shopping Sheet format and requests the schools adopt this format to deliver financial aid offer information to your students beginning with the 2013-14 award year. The Secretary of Education released the Shopping Sheet on July 24, 2012, […]
After receiving a thumbs up from FAS clients on the most recent EDGE release, “the EDGE Portal”, FAS has moved onto the next release of EDGE to give clients tracking capability of their verification process of student files. EDGE will enable FAS clients to track electronic document collection and completion, as well as, which documents […]
(update genesis-smss_release_notes.txt 01/04/2011) Genesis-SMS Release 2.91 01/04/2011: Enhancement: Ledger reports show 2009 1098T and 2010 1098T Changes for Award Year 2010 1098T electronic filing Genesis-SMS Release 2.90 12/14/2010: Maintenance: Corrected issue with SAP calculation. Students who had reached a midpoint were not showing on the report. Corrected search by program name in […]
Functionality has been added to Genesis-SMS for Form 1098T Copy A and 1096 to save as an file to send electronically using the IRS FIRE system. We encourage using this method. You still can obtain IRS approved preprinted readable ink laser/inkjet (not carbon) forms from your vendor to print the F1098T CopyA and F1096. Form 1098T Copy B (student) and C (school) will print to regular printer paper.
The # of students in the run list will automatically calculate (can be edited) in order for the 1096 to be filled in properly. Also, a Select All/Unselect All button has been added along with check boxes next to each students name on the run list so that one or multiple students can be chosen to print forms.
According to a recent article in the NACCAS newsletter, your staff better know what is going on. “Administrative Staff Knowledge” is part of the NACCAS Rules and one of the most frequently cited criterion, standard III, Criterion 3.
To be in compliance, ” The school’s administrative staff must be able to provide evidence, through documentation of attendance at training sessions and conferences, and in other appropriate ways, that they have knowledge of applicable federal, state, and local statutes and regulations governing the operation of the school. The school complies with the NACCAS Rules of Practice and Procedure and other NACCAS accreditation requirements.”
Ever wonder why more schools turn to outsourcing during a recession? Is it really just about the cost being much less to the school? How about control? Outsourcing immediately solves the money problem without the learning curve. To many struggling schools, it is a “no-brainer” to cut staff who are under performing and expensive when […]
After averaging the FAS client cohort default rates for FY2007, FAS found that its clients successfully keep their rates low. Though the client average of 10.4 is up from previous years, it still remains on the low side. Many believe the slow economy has contributed to lower rates. Institutions must play a proactive role in […]
Six client schools now are loading student data into the new EDGE financial aid module. FAS will be working closely with these schools to be sure bugs are worked out and the web application is functioning properly. FAS is also adding more features and is testing EDGE to provide the next phase to clients. Many […]