What is the threshold of an acceptable cohort default rate?
Less than 30% default for 2 of the last 3 fiscal years
If a school receives fraudulent FAFSA applications, to whom do they report this information?
the Office of Inspector General of the Department of Education (OIG)
What is the definition of a “capable” indivdual administrator of Title IV aid?
the individual has completed relevant training and is certified by the state in which the institution is located (if required by state)
What is the definition of “substantial control” that an individual might wield over an institution?
If the individual holds at least 25% ownership interest in an institution - percentage can be combined with other family members, via power of attorney or proxy, or as a member of a board of directors - they wield “substantial control”
ED program reviews fall under the purview of what office?
the School Eligibility Service Group
What are some of the quanititative measures used to determine if a school has adequate staffing (6)?
1) number of FA programs, 2) total student headcount (or FTEs), 3) number of applications received, 4) volume of documents reviewed, 5) total number of FA recipients, and 6) dollar volume of FA administered and disbursed
To be considered administratively capable, a school must provide students geographically accessible internship opportunities within how many days? (after they complete other required coursework)
45 days
What is the definition of a “regular” student?
Someone enrolled (or accepted for enrollment) in an eligibile institution for the purpose of obtaining a degree or certificate
Even if the processing year has ended, institutions must continue to resolve conflicting information unless…
The student is no longer enrolled and does not intend to re-enroll at the institution
What is the purpose of FERPA?
FERPA prohibits institutions from disclosing PII contained in education records without the express writeen consent of the student
What does FERPA stand for?
the Family Educational Rights and Privacy Act
How long must an institution retain their records?
until 3 years after the end of the award year to which the records pertain
When is an inactive FSA User ID disabled? Deactived?
After 90 of inactivity, an FSA User ID is disabled; after 365 days it is deactivated
What are the 5 laws that specifically govern the privacy of student records?
the IRC (Internal Revenue Code), FERPA, HEA, GDPR (the EU’s General Data Protection Regulation), and the Gramm-Leach Bliley Act
What is the minimum frequency a school must evaluate SAP?
At least annually. If the academic program is one academic year or less in length, the school must evaluate SAP at the end of each payment period.
What office is responsible to distribute required consumer information?
No specific office - it is an institutional responsibility
