The current administration recognizes that the control environment over disbursements and refunds must be strengthened. The College will establish controls to ensure that the 30-day wait period for federal direct loans to first-time full-time borrowers will be adhered to. To this effect, we have worked with our software provider and their consultant to ensure that the new system of record, JFA, is picking up the correct students and placing holds on FTFT student records to prevent early disbursement.
Also, to ensure students are receiving the maximum subsidized loan amount prior to disbursing unsubsidized loans, a review of subsequent ISIR records has been set in place, and additional staff in have been hired so that they can assist in complying with federal law.
Finally, the College will review and evaluate all policies and procedures related to the timely processing of refunds. We have proper audits and trained staff members in place to be sure that we are running refund reports once per week ensuring the timely processing of credit balances
and verifying that past due balances aren’t being funded with Title IV aid.