Offering the full range of financial aid options to your student body is not just a way to appeal to a larger population of potential students, it also increases your ability to fund programs at your school, offer expanded services to your existing student body, and increase your notoriety in the academic marketplace.
But offering those financial aid options, following proper regulations, remaining in compliance with the federal government, and delivering on your commitments to your students can be extremely tedious and overwhelming. That’s why the financial aid partner you choose to work with is critical to the success and efficiency of your institution.
Why You Need a Financial Aid Consulting Team
Getting financial aid up and running accurately and efficiently at your institution can feel overwhelming. When you work with our consulting team, you have all of the available resources you need to ensure that you understand how to best deal with the Title IV programs and answer all of your questions.
A top-quality financial aid consulting team can help you with:
- Initial eligibility – FAME ensures that your programs are approved by both the state and accrediting agency and have all the additional required documents prior to submitting them to ED, eliminating the delays that might otherwise occur if ED needed additional information. So you’ll know, once approved, you will be able to offer financial aid for your students.
- Recertification, Change of Ownership, and Adding Locations – To continue to be eligible for Title IV funds, it is important to report change of ownership, additional locations, and submit recertifications timely. The consulting team can assist you with this process and ensure that all of the information is correct.
- On-Site Financial Aid Process Evaluations – You can rest assured your student’s financial aid packages are complete and that the student is awarded the correct amount of financial aid.
- On-Site Due Diligence Reviews – Ensure your paperwork is complete and on time. If there are any errors in verification, R2T4s, or anything else, it gives you an opportunity to correct the file prior to an audit or program review and on time.
- Regulatory and Compliance – Ensures that awards and fiscal reports are accurate, processed timely, and cash flow is not delayed, which results in cleaner audits and program reviews.
- Interpretation of Federal Regulations – It can seem like Greek if you’re not familiar with the language of financial aid protocols. The right team speaks that language and can keep you educated on it. Our webinars and blogs also help to keep you informed and up to date.
- Audit and Program Review Assistance – You’ll be ready whenever those auditors show up. The audit packages provide everything you need, and our staff is always ready to help with any questions you can’t answer alone.
- File Compliance Reviews – Ensure completion of all documents as well as keep you informed of any potential problems and how to correct them. This review also helps to avoid future problems with audits and program reviews.
Working with FAME
While the technical knowledge and understanding of regulatory compliance are absolutely fundamental to your financial aid department, equally as important is the partner you work with to keep everything in line.
We’re proud to have multiple members of our financial aid team who have been serving institutions with us for over 40 years, and their experience and industry knowledge translates to more ease and simplicity for our clients.
Our experts are able to take those complicated and sometimes difficult-to-understand topics and regulations and make them simple and clear. This is particularly helpful in a department like Financial Aid that not only needs to be accurate and efficient for the sake of audits and regulations but also to best serve the students and institutions they’re a part of.
Financial aid is at the heart of your institution – Don’t allow anything to get in the way of building and maintaining a successful program. Talk to a financial aid partner that cares as much as you do.
Click here to learn more about our Financial Aid consulting services!