For higher education professionals, the annual audit process can feel like an intense period of juggling responsibilities, complying with evolving regulations, and making sure everything is in order. Under these conditions, even a dependable team can feel stretched. It’s understandable, then, that many institutions occasionally wonder if their auditor is...
Nonprofit institutions that manage Federal Student Aid funds are familiar with the Single Audit process that is required annually. These annual reviews are typically the only method institutions have to evaluate whether federal funds are being awarded appropriately and that a school’s processes comply with federal rules. Audits are essential. However,...
In two separate Electronic Announcements, the U.S. Department of Education (ED) detailed significant changes in the Federal Student Aid identity verification process. These changes affect how schools handle verification for those students who are already selected, or who should be selected, for V4 or V5 verification. While temporary, they will...
One of the final pieces of the FAFSA Simplification Act has arrived, and with it, changes to Pell Grant processes beginning in the 2024/25 academic year. As the new award year unfolds, it’s crucial that your financial aid office is prepared to implement new compliance processes and updated calculations. McClintock’s...
Understanding Gainful Employment Reporting Requirements: An Overview Gainful Employment (GE) reporting requirements have been a focal point of compliance challenges for postsecondary institutions since their introduction by the Department of Education (ED) in 2010. This is especially the case for those offering vocational and career-oriented programs. This article will delve into...
Navigating the financial aid process can be overwhelming, especially when it comes to decoding the myriad of ISIR (Institutional Student Information Record) Comment Codes that accompany the Free Application for Federal Student Aid (FAFSA). These codes, which are essential for processing financial aid, often contain critical information that requires further...
The U.S. Department of Education’s (ED) Dear Colleague Letter issued May 16, 2024 (Implementation of Regulations Related to Financial Responsibility, Administrative Capability, Certification Procedures, and Ability to Benefit (ATB) | Knowledge Center), reinforces the proposed requirement by ED to align postsecondary institutions’ fiscal year end (FYE) with the institution’s tax...
In the realm of financial aid, change is a constant. The 2024/25 ISIR (Institutional Student Information Record) has brought about a notable adjustment — the removal of the housing question, specifically concerning living arrangements. This alteration, stemming from the FAFSA Simplification Act, prompts educational institutions to reconsider their approaches to...