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GHEAC Mardi Gras: Parade of Service 2003 GHEAC Annual Conference March 4 - 5, 2003 PowerPoint Presentation
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GHEAC Mardi Gras: Parade of Service 2003 GHEAC Annual Conference March 4 - 5, 2003

GHEAC Mardi Gras: Parade of Service 2003 GHEAC Annual Conference March 4 - 5, 2003

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GHEAC Mardi Gras: Parade of Service 2003 GHEAC Annual Conference March 4 - 5, 2003

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Presentation Transcript

  1. GHEAC Mardi Gras:Parade of Service2003 GHEAC Annual ConferenceMarch 4 - 5, 2003 Program Reviews Regenia Jarrett, School Client Relations & Compliance Specialist Sarah Ergle, Lender Client Relations & Compliance Specialist

  2. Purpose of a guarantor program review Selection Process for reviews Preparation for the review The Program Review Specifics for Lender Reviews Specifics for School Reviews Program Reviews 2003 GHEAC Annual Conference

  3. Department of Education mandates program reviews Protection for Students Protects federal fiscal interest Reduces risks Purpose of a Guarantor Program Review 2003 GHEAC Annual Conference

  4. How schools/lenders are chosen Type of review Survey Focused Concentrated Selection Process 2003 GHEAC Annual Conference

  5. Have requested documentation ready Designate contact person for each office involved Make sure servicer/consultant is available Preparation for the Review 2003 GHEAC Annual Conference

  6. Entrance Conference Records review Findings/comments Exit conference Written report, if applicable The Program Review 2003 GHEAC Annual Conference

  7. Loan origination Loan sales and transfers Loan servicing Due diligence Consolidation loans Deferments and forbearances ED Form 799 (LARS Reporting) NSLDS Reporting Record Retention Review Procedures Lender/Servicer 2003 GHEAC Annual Conference

  8. Report is issued Response is due within 30 days If all issues resolved, report is closed If not, follow up will be conducted with lender until all issues are resolved and report is closed Department of Education receives copies of all reports Report Procedures 2003 GHEAC Annual Conference

  9. Improper 799 billing Due diligence violations Incorrect conversion to repayment NSLDS error report not processed Unreconciled loan sales Common Findings for Lenders 2003 GHEAC Annual Conference

  10. Institutional eligibility File review, student eligibility Review of internal procedures Review of RT4 calculations Review of cash management Review of financial statements Record retention Specifics for School Reviews 2003 GHEAC Annual Conference

  11. Incorrect RT4 calculations Late return of refunds Credit balances not paid Overlapping academic years Verification not complete Late release of proceeds Exit counseling not performed Common Findings for Schools 2003 GHEAC Annual Conference

  12. Report is issued Response due within 30 days Report is closed if all issues resolved If not, follow up will be conducted with school until all issues are resolved and report is closed Department of Education receives copies of all reports Report Procedures 2003 GHEAC Annual Conference