Want Title IV financial aid for your school? Our financial aid experts will help your school obtain Pell and Loan approval from the U.S. Department of Education.
Once a school, college or university has become accredited by a national or regional accreditor, the institution may be eligible to apply to participate in the Federal Student Aid program. The Federal Student Aid program, commonly referred to “Financial Aid”, is provided and governed by Title IV of the Higher Education Act of 1965 which gives students access to grants and loans to attend approved post-secondary institutions. If your school has been granted candidacy or full accreditation by an accrediting agency, you may be eligible to begin the process of applying for participation in the FSA Programs.
Unlike, the process of obtaining a grant of candidacy or initial accreditation, the process of applying for approval to award Federal Pell Grants and Federal Direct Loans (Stafford Loans) is generally much quicker. Many institutions can obtain approval within as little as 6-8 months. Schools that wish to apply for approval must provide a number of policies, data, and documents, including properly audited financial statements to the U.S. Department of Education before approval will be granted. And as you can guess, errors or missing documents cause major delays. In extreme cases, approval can be delayed for months.
Federal Student Aid participation requires institutions to implement a number of policies and procedures to ensure compliance with the federal regulations. Often these policies are in addition to the ones already required by your state agency and accrediting body. There are also a number of FSA procedures and systems to learn. You’ll want to use the “waiting period” between the time the application is submitted and the date your school receives its approval, to train the appropriate staff members, implement the required policies and prepare for awarding federal student aid funds to your students.
To ensure the fastest time to completion and approval, consider contacting us for assistance. Our approach ensures that your application is submitted accurately and completely while keeping you in control every step of the way. Our complimentary services include recruiting, training and compliance consulting. We don’t believe in outsourcing administrative capability. We believe in empowering school owners and educators so they can do what they do best. No matter how big or small, you’ll get the support you need to thrive in today’s tough regulatory requirements.
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