Financial Aid Code of Conduct, Audit, and Review

Admissions Financial Aid Financial Aid Code of Conduct, Audit, and Review

Financial Aid Code of Conduct
  • The Mid-Atlantic Christian University Financial Aid Professionals will refrain from taking any action for their personal benefit.
  • The Mid-Atlantic Christian University Financial Aid Professionals will refrain from taking any action they believe is contrary to law, regulation, or the best interests of the students and parents they serve. 
  • The Mid-Atlantic Christian University Financial Aid Professionals will ensure that the information they provide is accurate, unbiased, and does not reflect any preference arising from actual or potential personal gain. 
  • The Mid-Atlantic Christian University Financial Aid Professionals will be objective in making decisions and advising their institution regarding relationships with any entity involved in any aspect of student financial aid. 
  • The Mid-Atlantic Christian University Financial Aid Professionals will refrain from soliciting or accepting anything of other than nominal value from any entity (other than an institution of higher education or a governmental entity such as the U.S. Department of Education) involved in making, holding, consolidating or processing of any student loans, including anything of value (including reimbursement of expenses) for serving on an advisory body or as part of a training activity of or sponsored by such entity. 
  • The Mid-Atlantic Christian University Financial Aid Professionals will disclose to Mid-Atlantic Christian University officials any involvement with or interest in any entity involved in any aspect of student financial aid.
  • The Mid-Atlantic Christian University Financial Aid Professionals will try to provide the best resources possible for their students and parents to help with the families’ financial needs to pay for higher education.      

 

Section 23:  Audits and Program Reviews

Federal regulations require the FAO (Financial Aid Office) to have its records and student files audited at least once every two years. Each audit must cover the time period since the last audit.  Mid-Atlantic Christian University is audited annually by an independent agency.  Auditors review a sample of student aid files to ensure the FAO is in compliance with Federal, State, and University policies. The auditors submit a preliminary memorandum of findings to the Vice President of Finance who conducts research and prepares a response addressing resolution of the specific discrepancy and appropriate procedures to correct faulty processing. Items which are resolved are deleted from the report and the final document is submitted to the ED (Department of Education). 

 

Section 23.1 Preparation

The only preparation for the audit is to cooperate with the Auditors’ requests. Typically, the Auditors will randomly select a specific number of students from each of the Title IV programs. The files are pulled and given to the Auditors. Any additional assistance requested is responded to promptly.