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LEGAL ISSUES


be for tuition and fees, while $200 may need to be refunded to the student to cover books and incidentals. In this example, there are a number of additional Title IV requirements that the school or outsourced partner must manage. Tese include ensuring delivery of funds via all methods within specified time frames of receipt from the government, free access to the funds, conve- nient access to a fee-free ATM should the money be disbursed to a debit, prepaid or stored-value card and the return of funds to the Secretary no later than 240 days after issuing a check to disburse funds to a student if the check remains uncashed. Indeed, while the Title IV program is an excellent program for students, it is also an important compliance watch item for schools.


Your institution has many responsibilities: to


provide a quality education to students, to provide a safe and enriching experience for students, faculty and staff, to operate efficiently, to look towards the future and identify opportunities. At the same time, there are realities to contend with in the everyday operation of your institution to ensure the integrity and long-term


Kelly Christiano is the Senior Vice President at Sallie Mae Campus Solutions and can be reached at: Kelly.Christiano@SallieMae.com


sustainability of your operating environment. Com- pliance–with regulations, standards and controls–is a critical component. Te institutions that put the right focus here will reap the benefits.


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JULY/AUG 2012 • TODAYSCAMPUS.COM


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