Untimely and Inaccurate Return of Title IV Funds
Planned Corrective Action: FA Solutions (FAS), a third-party vendor, was contracted to assist with compliance and other processing responsibilities that included the processing of all R2T4s for Anderson University. While the staff of the Office of Fin...
Untimely and Inaccurate Return of Title IV Funds
Planned Corrective Action: FA Solutions (FAS), a third-party vendor, was contracted to assist with compliance and other processing responsibilities that included the processing of all R2T4s for Anderson University. While the staff of the Office of Financial Aid and Scholarships supplied documentation to FAS in a timely manner, FAS processed R2T4 late and, in some cases, inaccurately. When this was discovered by the Office of Financial Aid and Scholarships, all R2T4 and processing responsibilities were brought back under the in-office staff at AU in order to process Return of Title IV funds accurately and in compliance. Anderson University has enrolled our Senior Counselor in a 6-week R2T4 course with the National Association of Student Financial Aid Administrators (NASFAA) where she will pursue credentialing in Return of Title IV Funds with NASFAA as well as R2T4 Specialist designation. Additionally, policies for students who stop attending, and for whom the last day of attendance can not be determined, will be reviewed and revised for clarity and better communication with the Office of Financial Aid and Scholarships.
Person Responsible for Corrective Action Plan: David J. Sarah, Director
Anticipated Date of Completion: The return of all processing of financial aid was brought back to AU effective 06/20/2023. The R2T4 course taken by our Senior Counselor will be completed 11/06/2023. Final R2T4 adjustments completed 10/20/2023.