Administering financial aid funds is a challenging job, but one that must be done right. To participate in any Title IV, HEA program, an institution must demonstrate that it is capable of adequately administering the programs, which includes employing qualified managers and staff.

The lack of knowledge or misinterpretation of regulations and inadequate staff training are some of the most common reasons for errors identified during a school program review or audit. These errors can result in findings and liabilities to the school. If staff are not sure about a process or regulation, they should be encouraged to always ask questions and conduct research so that they understand and apply the regulation correctly.

How can you make sure that you and your staff remain qualified and informed as regulations and school polices and procedures evolve? Here are a few tips:

• Assess the financial aid skills of new staff and identify their training needs. Meet with them regularly to make sure they are getting the appropriate training to adequately do their job.
  
  
• Have regular staff meetings or e-mail updates to keep staff informed of new regulations and changes in school policies and procedures. Include time in meetings so that staff can share their financial aid knowledge and experiences. If your staff have different financial aid backgrounds, use the range of experience as an effective way to teach others.
  
  
• Keep current on regulatory changes by attending training sessions offered by EdFund and other organizations. Encourage staff to share information learned at training sessions with their supervisor and co-workers. This is a great way to educate others on your staff.
  
  
• Take advantage of the many resources and training tools available to aid professionals, available online at www.edfund.org, www.ifap.ed.gov, www.nasfaa.org, www.bppve.ca.gov and www.nchelp.org:
  
  
  • Code of Federal Regulations (CFR)
  • Common Manual Unified Student Loan Policy
  • The Federal Student Financial Aid Handbook (FSA)
  • The Blue Book from the U.S. Department of Education
  • The Education Code for your particular state
  • Topical Index
    
    
• Put your school’s policies and procedures into writing. Keep them current and readily available to staff.
  
  
• Devote a few minutes a day to reading a reference such as the FSA Handbook or the Common Manual. Even though you may have read these references at one time or another, the rules that govern the industry change. Also, because financial aid programs are continually being modified, you may learn something new.
  
  
• Remain current on what’s happening in the financial aid world by subscribing to EdFund-Link, our electronic mail service that sends valuable communications and newsletters via e-mail. To subscribe, go to the EdFund Web site, www.edfund.org, and click on “Quick Links.”
  
  
• To ensure that everyone is aware of deadlines and that vital information is updated in a timely manner, create a calendar of your financial aid processes and hang it in a visible location. For example, if a change in regulation will be effective on a certain date, note it on the calendar. It will serve as a reminder to the staff that the school’s policies and procedures manual, forms, and other published information must be updated.

Undoubtedly, most of the tips above may be considered common sense, but they can help financial aid administrators and staff stay focused on requirements—and that helps a school successfully administer financial aid funds.

©2006 EDFUND
FOR MORE INFORMATION ON EDFUND PRODUCTS AND SERVICES, CONTACT MICHAEL AMALOO, SENIOR CLIENT RELATIONS MANAGER AT: 17011 LINCOLN AVENUE, PMB 504, PARKER, CO 80134 – TELEPHONE: TOLL FREE 1.866.299.1741 – FAX: 303.840.2851- MAMALOO@EDFUND.ORG - WWW.EDFUND.ORG.