Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
description: tags: 0203V2MasterFile

description: tags: 0203V2MasterFile

Ratings: (0)|Views: 7|Likes:
Published by anon-145749

More info:

Published by: anon-145749 on Jan 20, 2008
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

05/08/2014

pdf

text

original

 
Table of Contents
INTRODUCTION
Major Changes by Chapter.............................................................................................i
CHAPTER 1 —INSTITUTIONAL AND PROGRAM ELIGIBILITY............2-1
The Three Definitions of Eligible Institutions...........................................................2-1Institutional Control....................................................................................................2-1Eligible Institution ......................................................................................................2-2Legal Authorization by a State ...................................................................................2-3Accreditation ..............................................................................................................2-3
Alternatives to accreditation ........................................................................................... 2-4Changes in accreditation ................................................................................................. 2-4Change in primary institution-wide accreditation........................................................... 2-4Accreditation by more than one institution-wide accrediting agency............................. 2-4Primary accreditor........................................................................................................... 2-5Dual accreditation ........................................................................................................... 2-5
Admissions Standards.................................................................................................2-5
High School Diploma ........................................................................................................... 2-5Recognized Equivalent Of A High School Diploma ............................................................ 2-6Home Schooled..................................................................................................................... 2-6
“Two-Year” Rule ........................................................................................................2-7Additional Institutional Eligibility Factors.................................................................2-7
Demonstrations of compliance........................................................................................ 2-8The 90/10 Rule................................................................................................................ 2-9
The cash basis of accounting, Exclusions from fraction. FSA program funds for institutional charges, Revenues, Time period covered 
Correspondence course limitation................................................................................. 2-12Correspondence student limitation................................................................................ 2-12Incarcerated student limitation...................................................................................... 2-12Ability-to-benefit limitation.......................................................................................... 2-13Bankruptcy.................................................................................................................... 2-13Crimes involving FSA program funds .......................................................................... 2-13
Program Eligibility Requirements............................................................................2-13
Determination of program eligibility ......................................................... 2-14Types of eligible programs at an institution of higher education.................................. 2-14Types of eligible programs at a proprietary or postsecondary vocational institution ... 2-15Exceptions to eligible program definition..................................................................... 2-17
Weeks Of Instruction And The 12-hour Rule ...........................................................2-17Additional Eligibility Requirements.........................................................................2-18
ESL Programs ............................................................................................................... 2-19
 
Study abroad programs ................................................................................................. 2-19Flight schools ................................................................................................................ 2-19
Clock Hour/Credit Hour Conversions ......................................................................2-20Foreign Schools Eligible for FFEL Programs ..........................................................2-23Foreign Medical Schools..........................................................................................2-23
Criteria for determining whether a foreign veterinary school is eligible to apply to partici-pate in the FFEL programs ...................................................................................... 2-24
Reporting Information on Foreign Sources..............................................................2-24
CHAPTER 2 — GENERAL PARTICIPATION REQUIREMENTS .............2-27
The Program Participation Agreement .....................................................................2-27
Purpose and scope of the PPA....................................................................................... 2-27PPA Requirements......................................................................................................... 2-28Voter Registration Required.......................................................................................... 2-31GED preparatory program required .............................................................................. 2-32Civil rights and privacy requirements........................................................................... 2-32
Academic Calendars .................................................................................................2-32Definition of a Payment Period ................................................................................2-33
Payment period for term-based credit hour programs .................................................. 2-34Payment period for nonterm credit hour programs and clock hour programs .............. 2-34Payment period for programs of an academic year or less ........................................... 2-35Payment period for programs of multiples of an academic year .................................. 2-36Programs longer than an academic year with a remainder ........................................... 2-37Definition of coursework .............................................................................................. 2-38More than two payment periods per academic year ..................................................... 2-38Payment periods and the return of Title IV funds......................................................... 2-39
Academic Year Requirements...................................................................................2-39
Thirty-week minimum of instructional time................................................................. 2-39Determining academic year length ............................................................................... 2-39Definition of a week of instructional time .................................................................... 2-3912-hour rule and definition of an academic year .......................................................... 2-40Reductions in academic year length.............................................................................. 2-40
Contracts with Third-Party Servicers .......................................................................2-41Anti-Drug Abuse Requirements ...............................................................................2-43Anti-Lobbying Certification and Disclosure ............................................................2-45
CHAPTER 3 — ADMINISTRATIVE CAPABILITY ....................................2-47
Required Electronic Processes..................................................................................2-47
“IFAP — Information for Financial Aid Professionals” Web site ............................... 2-47Submission of the Application to Participate (Recertification) through the Internet.... 2-49
Administrative Requirements for the Financial Aid Office......................................2-49
 
Coordinating official ..................................................................................................... 2-49Consistency of information........................................................................................... 2-49OIG Referrals................................................................................................................ 2-50Counseling .................................................................................................................... 2-50Adequate staffing .......................................................................................................... 2-50System of checks and balances ..................................................................................... 2-51
Satisfactory Academic Progress ...............................................................................2-51Financial Aid History................................................................................................2-52Default Rates ............................................................................................................2-52Withdrawal Rates......................................................................................................2-53Debarment And Suspension Certification ................................................................2-54
CHAPTER 4 — FINANCIAL RESPONSIBILITY........................................2-57
General Standards.....................................................................................................2-58
Proprietary or private nonprofit institution ................................................................... 2-58
 Audit opinions and past performance, Composite score, Refund reserve standards,Current in debt payments
Public schools ............................................................................................................... 2-63
Alternatives to the General Standards ......................................................................2-64
Letter of credit alternative for new school .................................................................... 2-64Letter of credit alternative for participating school ...................................................... 2-64Zone alternative............................................................................................................. 2-64Provisional certification for school not meeting standards........................................... 2-65Provisional certification for school where persons or entities owe liabilities............... 2-66
Past performance and Affiliation Standards .............................................................2-67
Past performance of a school ........................................................................................ 2-67Past performance of persons affiliated with a school.................................................... 2-68
Financial Statements.................................................................................................2-68Foreign Schools ........................................................................................................2-69
CHAPTER 5 — CASH MANAGEMENT .....................................................2-71
Purpose of Cash Management Regulations..............................................................2-71Requesting Funds .....................................................................................................2-72
The advance payment method....................................................................................... 2-72The reimbursement method .......................................................................................... 2-72
 Requesting loan funds from an FFEL lender, Limitations on use of FFEL funds
The cash monitoring payment method.......................................................................... 2-74The just-in-time payment method................................................................................. 2-75
GAPS........................................................................................................................2-76Maintaining and Accounting for Funds....................................................................2-77
Bank account notification requirements ....................................................................... 2-77

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->