This Includes:
- Federal Student Subsidized,
- Federal Student Unsubsidized
- Federal Parent PLUS Loans
FAS will Efficiently Process and Disburse all Title IV Funds for the Federal Direct Loan Program
This Includes the following:
- Convert Schools from Internal Processing (in-house) or from another servicer
- Electronically Certify and Process Direct Loans–Helping schools meet all electronic requirements mandated by the Department of Education.
- Draw down institutional Federal funds and return excess cash through GAPS and provide student disbursement reports
- Provide easy-to-read laser printed worksheets and reports (available in hard copy and on-line in some cases)
- CALCULATE THE RETURN OF TITLE IV AID FOR ALL STUDENTS ON-LINE
- Accounting/Reconciliation of Federal Funds
The complete list of FAS services are listed below.
FAS takes its processing from the student’s first interview with the school to the student’s last day of attendance and beyond.
FAS will:
- Figure the Cost of Attendance for the school
- Create a localized budget
- Check all student files
- Complete 100% Verification of all student files selected for the school (optional) or
- Provide guidance for school to verify their own files
- C code resolution assistance (optional)
- Professional Judgment Assistance (adjusting EFC) (optional)
- Short Term Program Proration Support
- Clock to Credit Hour Support
- Report all scheduled and disbursed Federal Funds to Department of Education (COD))
- Accurately calculate and Certify all requested loan amounts
- Provide school with Student Certification Report for each student
- Originate all loans with Dept of Ed
- Issue easy-to-follow student disbursement reports
- Schedule out remaining loan funds and Electronically transmit all payment data to the Department of Education (COD)
- CALCULATE THE RETURN OF TITLE IV AID FOR ALL STUDENTS ON-LINE
- Make Federal Fund Requests (order funds) and return funds (excess cash) on-line using the Grants Administration and Payment System (GAPS)
- Provide school with helpful student tracking reports such as Anticipated Disbursement and Student Loan Activity Report for Loans processed to date
- Reconcile all Direct Loan bank statements
- Complete all accounting and Federal reports and close out school at end of award year
- Provide school an entire team of experts in the field for up to 25 years to answer all financial aid questions–No Waiting!
Why are we so confident in our Direct Loan Services?
FAS has worked closely with the Department’s Direct Loan program since its inception. FAS invited Federal officials from the Direct Loan Task force to come to our offices and assist us with the set-up of the program in order to give our clients the proper assurance that their programs would be handled accurately. FAS even employed a former Department of Education Direct loan expert soley to get the program off the ground.
What has that left us with? A Direct Loan program that is most compatible with the Department and many of good contacts along the way.
We have attended numerous trainings and workshops, so we would be up to the new program’s tasks.
Schools can depend on FAS when they use our Direct Loan Services to provide funding efficiently while maintaining the rest of the program for the school.
FAS will carry out all Direct Loan functions no matter what level or option you choose to process from.
- Creating and Originating the Student Loan Record
- Electronically exporting the loan record to the Loan Origination Service Center (LOC)
- Mail printed Promissory Notes to school for signatures
- Import electronic acknowledgements from the LOC
- Provide Anticipated Disbursement Reports to the School
- Provide school with Actual Disbursement Rosters for approval
- Electronically request loan funds and electronically return excess cash (GAPS)
- Report all loan disbursements to LOC
- Process any changes to loan record
- Reconciliation of Direct Loan Bank Account
- Cash management and reconciliation with Loan Servicer