Time for Some Title IV Refunding Due Diligence

Due Dilligence shutterstock_284134883.jpgTimes are changing. Rules are changing. Customer need is changing. No time like the present to do some DUE DILIGENCE regarding your refunding program.

We all get comfortable and rest on the idea “if it’s not broke then don’t fix it.” And that may be true for some situations, however when it comes to Title IV Refunding that is not the case.

“Broken” may be too strong a word, but nevertheless it’s a good time to review your current solution to see if it is best suited for your school and students.

 

Why Now? Well, there are a few reasons:

1. The DOE rules have changed.

2. Providers have begun to exit or sell off the refunding and disbursement portion of their business - you may want to consider new options.
3. You want to be sure your current program aligns with all of the changing industry compliance and customer demands.

What will this entail?

Honestly, a little heavy lifting on your part:

  • If you are managing your refunding and disbursement internally, your systems and processes will require an audit, and corrective measures if needed, in order to be in compliance with new DOE rules
  • You may be required to issue an RFI or RFP to get a comprehensive, competitive view on what is available to you at what price to your school and students.
  • If an RFP is not required, it may be time to invite external partners in for a meeting so you can validate they are keeping up with the necessary changes or that there is not a better program out there for you.

Where do I begin?
If you would like to begin with issuing an RFP, we have provided a sample template that you could use as is or as a tool to update an existing RFP template you currently have for your refunding service. Best of luck. Get your free template by clicking here: Refund and Disbursement RFP questions

 

Looking for more? Check out our library of resources.

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