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 the fall of 2020, the Department of Education published a final rule altering various regulations issued under the Higher Education Act of 1965. Effective as of July 1, 2021, the series of changes included an amendment that modifies the Clock-to-Credit Conversion formula. This significant update will determine the number...
Managing Return to Title IV (R2T4) funding for students who withdraw from school just got more complex, as the Unites States Department of Education has now revised this process, effective July 1, 2021. What exactly does the updated guidance mean for institutions and for their students? The new regulations contain three...
If your financial aid department had a New Year’s resolution a year ago, it’s possible you tossed it out the window not all that long into a 2020 that veered wildly off-course. We can’t blame you for it, but from an institutional standpoint, it’s important to stay on track during...
Schools are educating a variety of students these days. With the rise in non-traditional students – or students who go to school at different stages of their lives – and with various lifestyles to accommodate, colleges and universities are changing traditional school models to create more options and flexibility for...