I can assist you with that. As you may already know, the Higher Education Act of 1965, allows institutions of higher education to outsource aspects of their participation in federal student aid programs. This includes services and functions that are necessary.
Did you know that this includes services necessary for the institution to remain an eligible participant in the federal student aid program?
Yes. I was aware of that.
What happens after a program review is completed?
The FSA will issue a report called a Final Program Review Determination that includes specific findings, the third party servicer's response, and ED's final determination.
Do third party contractors need to comply with all the Title IV requirements?
Yes. Third party contractors need to comply with the Title IV requirements that are applicable to it's servicing agreement with the school.
Who is responsible for conducting program reviews to confirm that third party servicers and the schools that they contract meet FSA requirements for institutional eligibility?
The Federal Student Aid(FSA) is responsible for conducting these reviews.
Who is responsible for providing oversight of third party servicers?