FAQs
Q. What are the benefits of having a third party servicer?
A. Additional oversight
Quick turnaround of funds
System of checks and balances
Access to expert advice and problem solving skills based on years
of experience
More time for you to do what you do best- educate students
Q. How much is it going to cost me?
A. A fraction of what you would have to pay for a full time Financial Aid Director with full knowledge of Title IV funding regulations and all the processes involved. We will meet with you to discuss your individual school needs and find a package that is suitable to your budget.
Q. Will I need to have a Financial Aid Director on site?
A. You will need to have an entry level financial aid employee on site to assist the student with their financial aid questions, collect the necessary documents, explain awards and counsel students in debt management
Q. Will FATSTAF, LLC train us in the process?
A. Yes, we will provide all the training you need to successfully administer Title IV funding at your school.
Q. How often will I receive money for my student's tuition and fees?
A. Once all the necessary paperwork is processed on any given student you will receive money each time the student completes the necessary hours or credits and satisfactory progress requirements to advance to the next payment period. FATSTAF attempts to draw down funds weekly for each school that it services.
Q. What functions will we have to do ourselves?
A. You will need to ensure that the student has completed a FAFSA and an MPN online and collect any verification paperwork. You will determine the student's eligibility for Title IV and present them with an award letter. FATSTAF will review, verify, make the final approval of aid, do the backend processing and draw down the funds from the USDE. Once you receive the money you will need to disburse it to the student's account in a timely manner and issue any credit balances due the student. More details will be discussed and training provided once you are enrolled for our third party services.
Q. Do we need special software?
A. No, for the most part you will not need special software for our part of the process however most certainly school software programs make it much easier to manage your student records. To utilize FATSTAF services at a minimum you will need to have internet, e-mail, faxing, scanning and printing capabilities.