What are the responsibilities and job description for the Financial Aid Quality Assurance Specialist position at Salem University?
Reporting to the Vice President of Financial Aid & Regulatory Affairs, the Financial Aid Quality Assurance Specialist is critical in ensuring the accurate disbursement and quality assurance of all Title IV, state, VA, institutional, and private aid processed by Salem University. This position is integral to the University's financial operations and compliance efforts and will manage system enhancements to improve the efficiency and compliance of the financial aid team. The specialist ensures all aid is disbursed and returned accurately and on time, per Title IV, state, VA, and institutional regulations.
This role collaborates closely with the Campus Bursar, the Vice President of Finance, the Registrar, and third-party software system representatives to support Title IV-related functions.
PRIMARY RESPONSIBILITIES :
Assist in training and development for Financial Aid.
Review all Title IV, state, VA, institutional, and private aid for accuracy before disbursement.
Disburse funds through COD, VA, and third-party lending agencies. Send funding batches to the Campus Bursar and VP of Finance for posting.
Reconcile the universities' funding for grants and loans.
Work with the Campus Bursar to confirm the accuracy of grants, loans, and direct student payment postings to student ledgers.
Collaborate with third-party software system representatives to support Title IV-related functions and buildouts to improve Financial Aid processes and quality assurance.
Import and analyze the records received through Anthology Mailbox Manager daily.
Perform Return to Title IV calculations, credit balance determination and processing, and ineligible disbursement procedures.
Run monthly reports to update the Enrollment Roster File (Student Status Change Confirmation Report) and submit to ED via NSLDS.
Compile data for both internal and external reports to be submitted as needed (including Department of Education reporting, Department of Defense reporting, internal / third-party audits, and any additional requests to assist the VP of Financial Aid)
Manage the Expected Title IV Cash Flow, and Unable to Disburse reports to ensure a timely cash flow.
Perform internal audits of student FA and VA files to ensure compliance at all locations- limited travel might be required.
Assist with federal and state audits - limited travel might be required.
Work closely with the Vice-President of Financial Aid & Regulatory Affairs to enforce adherence to federal, state, and accrediting agencies' regulatory requirements.
Follow the guidelines and requirements determined by accreditors, regulatory agencies, and the University.
Assist staff with processing questions.
Perform any other duties as assigned by the Vice-President of Financial Aid & Regulatory Affairs.
ORGANIZATIONAL RELATIONSHIPS :
Reports to : Vice-President of Financial Aid & Regulatory Affairs
Located in : Indianapolis, Indiana (Hybrid), or Remote (if located more than 50 miles from the Indianapolis office).
Position Type : Salary - exempt.
ENVIRONMENT :
The University environment is dynamic and goal-oriented, requiring high standards and the ability to multitask responsibilities at all times. This position requires the ability to be a self-starter, be extremely detail-oriented, and be an expert in Financial Aid quality assurance and computer software systems.
Salem University is an equal opportunity employer. Applicants are considered for employment without regard to race, color, religion, sex, age, disability, national origin, genetic information, citizenship status, military status, or any other basis prohibited by law, unless such basis constitutes a bona fide occupational qualification. Salem University will comply with its legal obligation to provide reasonable accommodations to qualified individuals with disabilities and for religious beliefs.
POSITION REQUIREMENTS :
Bachelor's degree.
Minimum 3 years of prior related work experience in financial aid.
Strong operational mindset, focused on setting and obtaining goals, holding the operational team accountable for Financial Aid Quality Assurance and timely processing.
Strong written and verbal communication skills.
Demonstrated ability to analyze, interpret, and present data.
Expert level of competence in Excel and Microsoft Office Products.
Ability to manage multiple tasks under pressure.
Demonstrated excellence in accuracy with data entry and attention to detail are essential.
Experience managing / building out systems for a Financial Aid team.
VA funding experience / certification- Preferred (if not, must obtain certification within three months).
Must obtain at least 1 NASFAA certification within the first year.
The ability to travel to Indiana or West Virginia locations is required.
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