Student Accounts (Bursar) | Origin: FA231
This is a general discussion forum for the following learning topic:
Regulatory Compliance - Outside the Financial Aid Office --> Student Accounts (Bursar)
Post what you've learned about this topic and how you intend to apply it. Feel free to post questions and comments too.
I was not aware that there were different types of confirmations (active and passive) when notifying students of loan disbursements.
The reimbursement of funds can depend on the type of school the student attends when it pertains to federal funding. What I learned is that there can be similar and different guidelines depending on the institution.
I've learned the importance of compliance audits in making sure that the school accurately reconciles all feredral funds received and everything is accounted for. Regulations for dispersing and returning funds is very informative.
Reply to Everett Neely's post:
How was this handled during COVID 19 last year? Delays ? employment Furlows?
Making sure all of the funds is processed properly through the diffirent accounts and everything is done correctly.
The Financial Aid Office is responsible for the awarding of FSA funds in a fair and equitable manner.
safety of students and staff is a number one priority including cyber security and the outlines of FERPA are very important.
That both the compliance audit and the institution's financial audit MUST be submitted to the U.S. Department of Education within six months of the end of the school's fiscal year.
