As part of your service with Financial Aid Services, your school receives periodic audits of your student financial aid files, your R2T4’s and your school policies that are relevant to the Title IV programs.
If you are a client, you have already discovered that these are REAL audits and FAS has never had a finding-free audit yet at a school.
Why are FAS audits revealing issues when your annual compliance audit is generally clean? Because we are being a bit more thorough for student eligibility compliance, due to the Department of Education tightening its oversight on school’s disbursing to eligible students.
FAS has found that in every single client school we review, we always find questionable language in the school policies and oversights in the student files that in some cases may deem the student ineligible for the Title IV funds they received.
Much of the misunderstandings revolve around school taking attendance and checking Satisfactory Academic Progress, but Consumer Information policies usually need corrections as well.
Just when you think you are doing it all correctly, FAS goes in with its expert attention to detail, and brings to your attention numerous areas that you were not aware of needing attention. This is VALUABLE.
The Good News is, after a few of these periodic student file and policy audits, FAS Client Schools are in great shape for their next annual compliance audit or program review and are also gaining a greater understanding of their policies and procedures’ effectiveness.
BIG TIP~ If FAS is reviewing your school for student files, R2T4 or reconciliation, you should NEVER delay or ignore our requests for additional documentation. You are most likely in a very non compliant state until you have submitted requested documents. Time is crucial. Do not ignore FAS requests of any type during these reviews. Your school’s Title IV program may depend on it.