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Financial Aid Compliance Specialist
LOCATION: Wayland Baptist University (WBU) – Plainview Campus
DIVISION/DEPARTMENT: Office of Financial Aid
SUPERVISED BY: Executive Director of Financial Aid
POSITION CLASSIFICATION: Nonexempt
POSITIONS SUPERVISED: None
GENERAL RESPONSIBILITIES:
The Compliance Specialist assists the Assistant Director of Compliance & Reporting in ensuring the institution’s financial aid programs adhere to federal, state, and institutional regulations. This role supports regulatory monitoring, audits, and staff training to ensure compliance with federal and state regulations throughout each financial aid awarding cycle. In addition, the Compliance Specialist will oversee all Return of Title IV (R2T4) processing.
SPECIFIC TASKS AND DUTIES:
Regulatory Compliance Monitoring:
- Stay updated on current federal, state, and institutional regulations governing financial aid.
- Ensure internal policies and procedures are current and recommend changes based on regulatory updates.
- Collaborate with the Assistant Director of Compliance & Reporting to communicate and effectively train all financial aid staff to ensure compliance with federal, state, and institutional regulations.
Compliance Audits:
- Support the development and implementation of regular audits to assess compliance with applicable regulations.
- Identify areas for improvement and make recommendations to enhance compliance.
- Contribute to audit reports and provide feedback on corrective actions as necessary.
Return of Title IV (R2T4) Compliance:
- Assist in training all financial aid staff on managing Return of Title IV (R2T4) calculations and funds to ensure compliance with federal and institutional regulations.
- Oversee R2T4 calculations to ensure timely and accurate calculations.
- Analyze and identify areas for improvement in the R2T4 workflow to enhance efficiency and student support.
Federal and State Program Support:
- Assist in collecting, processing, disbursing, and reconciling student information for federal and state financial aid programs.
- Collaborate with all financial aid staff to ensure accurate reporting for federal and state programs.
Student Advising:
- Advise prospective students and their families about costs, financial aid policies, procedures, programs, funding limitations, and options in a timely and professional manner.
- Analyze financial aid applications along with other confidential financial data to determine eligibility for student financial assistance from institutional, federal, state and other programs.
- Support the analysis of confidential financial data to determine students’ aid eligibility.
Other Duties:
- Perform additional tasks as assigned by the Assistant Director of Compliance or the Executive Director of Financial Aid to support departmental goals.
Qualifications:
- Bachelor’s degree or relevant experience in financial aid, compliance, or higher education administration.
- 2-4 years of experience working with financial aid programs and regulations.
- Strong organizational skills with attention to detail, particularly in conducting audits or compliance reviews.
- Effective communication skills to provide clear and concise information to students and staff.
- Proficiency in financial aid management software and data tools is an advantage.
Additional Requirements:
Must not be delinquent or have defaulted on any Federal Student Loans. A check of the National Student Loan Data System (NSLDS) will be conducted to ensure the requirement is met.
CONDITIONS OF EMPLOYMENT:
Employment is subject to an introductory period to monitor employee performance. If hired, the prospective employee must present documentation within three (3) days of hire date to establish their identity and employment eligibility as required by Immigration and Customs Enforcement (ICE). Must be able to operate a licensed motor vehicle, have access to a dependable motor vehicle, and possess a valid state driver’s license. Must have and maintain a satisfactory driver’s record.
Wayland Baptist University does not illegally discriminate in employment opportunities or practices on the basis of race, color, sex, national or ethnic origin, age, disability, or genetic information. Under federal law, the university may discriminate on the basis of religion in order to fulfill its mission and purposes.
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