Services for Financial Aid Offices Nationwide
Financial Aid Outsourcing
We do not "nickel and dime" our clients or send bills with variations from one month to another. We believe that you should know how much your bill will be each month so that you may budget accordingly. The Kenaly Complement provides a comprehensive package of outsourcing services designed specifically for your institution. Some of the outsourcing services include:
- Email Communication with Students (Tracking, Notification, and Award Letters)
- Online Loan Counseling
- Maintenance of Student Records
- Management of the FISAP Reporting Requirement
- Federal Need Analysis
- Institutional Need Analysis (if applicable)
- ISIR Data Loads
- ISIR Review
- File Verification
- Calculation of Cost of Attendance and Financial Need
- Calculation and Processing of Pell Grant Awards
- Awarding and Processing of Stafford and PLUS loans
- Awarding of Scholarships
- Awarding of FWS
- Verification of Enrollment Status, Academic Eligibility, and Loan Limits
- Report of Students Eligible for Disbursements
- Return of Title IV Funds (R2T4)
- Processing of Title IV Loans
- Reconciliation Tasks
You Will Find Our Services to be Superior
- We perform a comprehensive assessment of your financial aid office processes, policies, and procedures to identify potential areas for improvement.
- We customize outsourcing solutions geared specifically toward your institution's unique needs and objectives.
- We help ensure that your institution remains in compliance with federal regulations through our extensive experience and expertise.
Default Management Administrator
Default Reduction Measures – Financial Aid Issues
- Increase the frequency of reviews of borrowers' in-school status to ensure prompt recognition of instances in which borrowers withdraw without notice to the institution or drop below 6 credits in the enrolment period.
- Notify and follow up on all borrowers reminding them to complete their Exit Counseling Interview online once the borrower has withdrawn, dropped below 6 credits in an enrollment period, or graduates.
After Borrowers Leave
- Contact borrowers during the grace period in order to:
- Remind the borrower of the importance of the repayment obligation and the consequences of default by means of telephone contact, e-mail, or letters.
- Update the institution's records regarding the borrower’s address, telephone number, e-mail address, employer, and send corrections as necessary.
- Remind the borrower to complete any required exit interview not previously completed online.
- Use this correspondence to educate the borrower on items such as deferments, forbearance, and consolidation.
- In compliance with the law, contact each borrower with respect to whom pre-claims assistance from the Department of Education has been requested to urge borrowers to repay the loan. Send information regarding deferment, forbearance, and the consequences of default by means of e-mail, telephone contact, or letters.
- Review the NSLDS Date Entered Repayment (DER) report on a monthly basis and compare to school's records and make any corrections to their borrower's status using NSLDS Enrollment Reporting.
- Use the Early Stage Delinquency Assistance (ESDA) and the Late Stage Delinquency Assistance (LSDA) reports along with the Cohort Action Reports to assist with activities that will encourage students heading toward default to pay back their loans. These activities include but are not limited to e-mails, letters, and telephone calls reminding students of the consequences of default and provide information regarding forbearance, consolidation, and cancellation provisions.
- Review the Draft Cohort Report each year for accuracy and identify trends by analyzing who is defaulting and why.
Heightened Cash Monitoring (HCM) Processing Services
- Development of Policies and Procedures for HCM Submissions
- Implementation and Management of HCM Submissions
- File Compilation
- Certification and Delivery of Submission