To correct errors in Perkins Loan reporting on the FISAP.
The new director of financial aid at Presentation College noticed errors in Perkins Loan contributions and adjustments while completing the Fiscal Operations Report and Application to Participate (FISAP) for the first time. Presentation College works with an external vendor to service Perkins Loans and was informed by the U.S. Department of Education (ED) that the errors may go back several years and require corrections in prior years to resolve.
The school asked Blue Icon to work with the financial aid office, the business office, and the school's external vendor to determine the cause of the reporting errors. Our consultant reviewed current and prior FISAP submissions, institutional records, and information from the external vendor. One surprise for the school was discovering some records were no longer available after migrating to a new system.
Using the data available, the Blue Icon consultant was able to provide Presentation College with recommended corrections to the FISAP that will help facilitate the eventual closeout of the program. "The consultant was knowledgeable about the FISAP and where to make corrections," said Amber Brockel, director of financial aid. "I had several questions about the FISAP, since it's a new process for me. I appreciated that she answered everything in a way that I could understand."
Do you need a custom evaluation? Are you maximizing your limited resources? Complete the no obligation Online Form below to start the conversation with Blue Icon Advisors.
Publication Date: 12/15/2020