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Policy 4403

Coordination of Financial Aid

I. Purpose

The purpose of this policy is to identify a central administrative unit responsible for coordinating all federal, state, institutional, and other financial aid in accordance with federal regulations.

II. Policy

Federal regulations require that all federal, state, institutional and other outside financial aid be coordinated through a centralized entity. The Office of Financial Aid has been designated as the central administrative unit responsible for coordination. Centralization insures proper management of available aid, the targeting of funds to those for whom the aid is intended and provides fiscal accountability and control to protect both the University and the student from liability. Aid from various sources must be coordinated and evaluated by the Office of Financial Aid to ensure that a student's aid does not exceed demonstrated financial need.

All funds used to aid students in meeting educational expenses must either flow through or be monitored by the Office of Financial Aid. Any information related to a student's financial aid award or eligibility must be channeled through this office.

The Office of Financial Aid is responsible for administering most financial aid programs and for monitoring all all funds disbursed through the University. It is responsible for verifying student eligibility for federal, state and University funds awarded to students and for determining appropriate individual award amounts.

The Office of Financial Aid serves as a liaison and communications link in reporting and interpreting financial aid regulations and policies to aid recipients, outside agencies and other units of the University.

Approved by the Board of Visitors, September 7, 2002.