The key actions by institutions to react to any findings presented in a financial aid audit or federal program review is three-hold:
The challenge for institutions is that the financial aid office is not always well positioned to undertake an effective response. Ideally a financial aid office will have anticipated any issues of compliance risk that are identified in an audit, but this is usually not the case. Using the outside expertise of Third Coast can ensure proper stewardship of the audit or program review.
In many instances, response requires a large rebuilding of student files, a task that is both daunting for the financial aid office staff to take on, but also requires a good assessment and improvement approach to be success, Third Coast consultants can oversee that aspect of the audit or program review resolution.
Third Coast Higher Education consultants have both performed audits and have guided response plans for institutions. Like any large project, the institution benefits from having experts guiding the activities and anticipating the appropriate next steps to ensure a successful and low-stress response.