Spring 2012 issue of Horizons

Colleges & Universities

Federal Funding of Higher Education By Brent Stevens, CPA

The information in this article highlights some of the key changes; however, please feel free to contact us directly if you would like further detail. The most substantial changes to the AVG for the 2012 award year relate to the program integrity rules that were passed in 2011. The revisions to verification are substantially different than prior award years. The most substantial revisions relate to: • ED removed the 30% cap related to verification of applicants • The IRS data retrieval process has been determined to be the preferred method for verifying and populating the FASFA electronically

Following recent trends, the Department of Education (ED) and Congress have continued to make numerous and substantial changes to Federal Student Aid. These changes, as well as recommendations for future award years, are summarized to provide an understanding how they may affect institutions of higher education and how Student Financial Aid funds received from ED should be managed in consideration of these new rules. The Application and Verification Guide (AVG) can be found in the Federal Student Aid handbook which is updated periodically and posted to www.ifap.ed.gov.

Raise Your Expectations

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