Overview

The Regent Award financial aid system has been designed to assist you with each step of your financial aid process:

1. Creating a Student: A student record in Regent Award can be created either through integration with the school's student information system (SIS) or via the receipt of an ISIR from the Department of Education
2. Receiving ISIRs: ISIRs are received from the Department of Education in a file which is loaded into the Regent Award system.
3. Request and Receive Documents: During the ISIR load and award packaging processes, certain requirements are established which must be satisfied before the student can be awarded or receive aid. The Regent Award system monitors whether or not the related documents are received and the requirement is satisfied.
4. Verification: A percentage of the students who complete the FAFSA are selected by the Department of Education for this process. The purpose of verification is to ensure that the information submitted by the student on their FAFSA forms is accurate.
5. Packaging Awards: This process creates a package of financial aid awards for the student which may include grants, loans, work study and/or scholarships.
6. Student Accept/Denies Awards: The student is notified about their award package and they have the opportunity to accept or deny the package.
7. Entrance Counseling: All first time student loan borrowers are required to go through loan counseling and sign a master promissory note for the loan.
8. Determining Enrollment Status and Disbursing Funds: Enrollment information is received from the student information system (SIS). The Regent Award system then modifies the student's awards (if necessary) based on their enrollment status. After a student is enrolled and has started attending classes, he or she is eligible for disbursement.
9. Disbursement: When the student meets all the eligibility requirements for an award, the disbursement transactions are exported from the Regent Award system to the school's student account system.
10. COD Reporting: The Department of Education requires that the school report the students' awards and the disbursements they receive. These records directly affect the amount of money the school receives from the Department of Education.
11. Return to Title IV: If a student completely withdraws from classes before completing at least 60% of the semester, the Return to Title IV process must be completed. Students who do not complete at least 60% of the semester, they are not eligible for the full amount of Title IV funds that they received.
12. Satisfactory Academic Progress (SAP) Reporting: SAP reporting provides information on how students are progressing toward earning a degree/certification/etc.
13. Reconciliation: Each federal loan and grant disbursement has to be reported and the Department of Education's records must be reconciled with your institution's records. The amount of money received by your institution must match the reconciled records.
14. FISAP (Fiscal Operations Report and Application to Participate): Your institution will report on funds received and spent for various federal financial aid programs. Enrollment information, student's income brackets, Perkins loan program information, default statuses, and other information. This report process determines the funds your institution will receive in the Continue year for campus-based programs.