Federal Requirement 4.7

Title IV Program Responsibilities

The institution is in compliance with its program responsibilities under Title IV of the most recent Higher Education Act as amended.

Comprehensive Standard 3.10.2 Financial Aid Audits

The institution audits financial aid programs as required by federal and state regulations.

Judgment of Compliance: Compliance

Narrative/Justification for Judgment of Compliance:


Executive Summary

St. Petersburg College (SPC) is in compliance with program responsibilities under Title IV, the most recent Higher Education Act as amended. SPC audits financial aid programs as required by federal and state regulations. SPC is approved to participate in federal financial aid programs through June 30, 2015, as evidenced in the latest Program Participation Agreement (PPA) recertification and Eligibility Certification Approval Report (ECAR) received from the U.S. Department of Education (USDOE) on June 18, 2011. The ECAR confirms SPC’s ability to award Title IV financial aid to students enrolled in all Associate Degree programs, selected Bachelor Degree programs, and college credit certificate programs. Additionally, on February 15, 2013 the College received an Approval Notice Addendum to the PPA, certifying its new/changed non-degree/vocational programs, further documenting its compliance with its program responsibilities under Title IV.

In addition, SPC receives advance funding for Federal Campus-Based Programs, which consists of the Federal Supplemental Educational Opportunity Grant (FSEOG) and Federal Work-Study (FWS). SPC Financial Assistance Services files the Fiscal Operations Report and Application to Participate (FISAP), which is due the last working day of September of each year. The completion and filing of the FISAP is a USDOE requirement for schools to continue receiving Title IV funding.

SPC does not have any issues affecting the status, compliance, or delivery of Title IV programs. There have not been any complaints filed with the U.S. Department of Education (USDOE). There has been no adverse communication from the USDOE. There is no impending litigation. There are no funds due back to the USDOE. The College has not been obligated to post a letter of credit on behalf of the USDOE or other financial regulatory agencies, and the College is not on the reimbursement method for federal funding, any of which would indicate possible areas of non-compliance.

 

Institution’s Student Loan Default Rate

SPC’s FY2010 two year Cohort Default Rate was 13.7%. To encourage financial literacy and debt management, SPC partnered with American Student Assistance (ASA), a national leader in assisting students managing their student loans. The SALT program offers an online financial literacy program (My Money 101 contains 10 courses) for students and staff. In addition to financial literacy, ASA provides loan counseling by trained counselors, debt management, monthly webinars for students and FAS staff, on-site training, defined communication streams (phone, email, and print), live chat, mobile and social media integration, a reward program for students to reinforce good behavior, and a dedicated school support representative. In the first five months SPC had over 3,500 students using our Debt Management tool, SALT.

 

Dissemination of Consumer Information

In addition, SPC complies with the responsibility for disseminating all financial aid and consumer information to students on the SPC Website. To easily illustrate recent consumer information additions and where these areas are fully explained on the FAS Website, use this Consumer Disclosures attachment.

 

Independent Audits of the Institution’s Financial Aid Programs

SPC’s financial awards programs are audited annually by the State of Florida Auditor General Office in accordance with auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States; and U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. The audits included a review of Title IV Financial Aid Programs. Should the audit report determine any findings, an institution is provided the finding and time to respond. A follow up report is created to show the status of each finding one year later.

State of Florida Auditor General Federal Audit Reports for fiscal years ended June 30, 2012, June 30, 2011, and June 30, 2010.

In 2011-2012 there were no findings (2013 State report does not include St. Petersburg College).

In 2010-2011 there were no findings (2012 State report does not include St. Petersburg College and Dec. 20, 2012 Letter).

In 2009-2010 there were no findings (2011 State report does not include St. Petersburg College).

 

Supporting Documentation

In order to preserve the integrity of the supporting documentation in case of updates occurring between the submission of this document and the review, the narrative above links to pdf versions, whereas live links are included below.