Business Office Processing | Origin: FA110
This is a general discussion forum for the following learning topic:
Developing an Efficient Financial Aid Office --> Business Office Processing
Post what you've learned about this topic and how you intend to apply it. Feel free to post questions and comments too.
I have been giving my graduates a chart for payment amounts but I have not given them specific dollars based on their total loans. I will start doing that.
I learned that an Exit Counseling has to be conducted, the Title IV credit balance and the RT IV calculation.
I was unaware of the Exit Counseling and I wonder if this process has decreaed the number of loans that have been defaulted on due to the student's inability to pay based on the job markets.
I learned that in order to be considered attending in a virtual setting, the student must participate in the class such as contributing in an online discussion or initiating contact with a teacher to ask a course-related question.
I have learned about Common Origination and Dispursement and that it should be reconciled daily. I also learned that timeliness is key on withdrawals to refund any amounts due or student financial aid counseling to repay any debts owed. It is important to stick to procedures to keep in good standing for grant programs.
There is a process for distribution of funds to a school to be given to a student. All steps of the process must be followed.
We are starting a new university in south carolina based on space science and technology, so this will be easily implemented to that university side. It is very intricate with a lot of steps, as fincial aid will be. Implementing it is where the test will come because if one thing messes up, the system would get messed up. I have learned a lot formatting and setting up the systems in place for it to happen.
I have learned about RT4. Is very important have knowledge about specific dated to return the funds if the student make a withdrawal, repayment options if have students loans ect.
Process for return of Title IV funds for a student who withdraws.
Interesting and good info especially when it comes to abbreviations. Now i know more!
FA is quite a process and requires steps to follow and instructions
Have a better understanding of the financial aid flow : from receiving the isir to disbursement, to withdrawals and return of title 4 funds. Very informative and helpful.
I am successfully learning about the requirements of returning funds, and the use of NSLDS. The processing of calulations in a timely manner and the the neccessity of change in Status Request form.
This provided a clear flow of federal aid.
It is helpful to have another set of eyes review all withdrawal calculations and files
Making sure that all deadlines are met when it comes to reporting, processing and returning of funds is one of the most important roles that a Financial Aid Manager must monitor to stay in compliance.
I was unaware, until now, that there is a new R2T4 process related to programs taught in modules.
I was unaware that Exit Counseling must be conducted for outside loans.
