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EFAS (Electronic Financial Aid
Servicing)
EFAS provides an institution with the following services to assist with
financial aid administration: Pell Grant Services, Financial Services, Fiscal
Services, Loan Services and Campus-Based Services. Below is a brief overview
of these services and how they could benefit your institution.
Pell Services
- DJA provides an
institution with electronic submission and receipt of all Pell ISIR
records (e.g. ESARs, payment vouchers, and
statement of accounts) thereby speeding up the turn around of funds. The
institution can submit and receive its information either by fax or
mail. And, for even faster turn around, DJA offers EFAS
Express. Express allows and institution to not
only receive its ISIR information by modem, but the Express software
will also perform other tasks such as Electronic Needs analysis.
- With EFAS, DJA will
record disbursements, monitor authorization levels, perform ledger
maintenance, do the yearly close-out and offer an approved method of
need analysis.
Financial Services
- DJA will generate the
award letters, assist in developing student budgets, do the packaging of
financial aid, review the financial aid transcript or NSLDS, and verify
statements of compliance (e.g. default) prior to disbursement.
- In addition, DJA
provides for complete verification (e.g. request the appropriate tax
return, check for supporting documents and check for accuracy).
Fiscal Services
- DJA handles the Pell
Grant Year-to-Date and GAPS reporting.
- Other fiscal services
provided are cash request, check writing, posting voids & refunds
and performing bank reconciliations.
- If applicable, DJA is
also equipped to assist the institution with Cash Reimbursement
Services.
Loan Services
- For the FFELP program,
DJA verifies need and processes all loan applications.
- For the Direct Loan
program, DJA electronically transmits the application, determines loan
eligibility, creates the loan origination record, and sends the record
off electronically. In addition, DJA does the export and import
acknowledgments, prints and/or transmits promissory notes, calls in the
funds and writes the checks. Further, DJA cross checks the Direct Loan
Monthly Reconciliation reports for accuracy.
Campus Based Services
- DJA offers complete
support for CWS, SEOG and Perkins. Many time consuming
tasks such as the FISAP report and completion of grids are performed by
DJA.
Optional Title IV Services
- NSLDS Processing--
The institution elects to have DJA log-on to NSLDS and obtain
information in lieu of the institution requesting Financial Aid
Transcripts. DJA will also post Pell/SEOG Overpayments inot the NSLDS system as required by the Return to
Title IV regulations.
- Return to Title IV
Processing--DJA will calculate refunds for the institution
using the USDE RT24 software. This optional service simplifies an often
time-consuming and confusing process.
- Automatic ISIRS--With
this service, DJA receives all automatic ISIRs
for students who completed the FAFSA on their own and list your school
as a school they would be interested in attending. We can send these
automatic ISIRs to your school and you can
then follow up with the student. They obviously have an interest in your
school if they list your school and if you can get even one student to
start at your school this service pays for itself for years. We have
many schools already on this service and it has been extremely
profitable for the institutions who utilize this information.
Outsourcing your institution's financial aid administration with DJA is not
only cost effective, but also provides a valuable check and balance which
will assist your school in maintaining compliance. Additionally, to enhance
EFAS, DJA provides a detailed procedures manual, detailed client memos
concerning new regulations and free quarterly financial aid training
sessions. For additional information on EFAS, please call DJA at
1-800-242-0977 or email us at djainfo@gotodja.com.
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