NASFAA Partners with Michigan Guaranty
Agency to Provide Financial Aid Peer Reviews for Michigan Institutions
Washington, D.C. (February 28, 2005) –
A partnership to provide peer reviews for Michigan's postsecondary
institutions was announced by the National Association of Student
Financial Aid Administrators (NASFAA) and the Michigan Guaranty
Agency. The reviews will take place under NASFAA's Standards
of Excellence (SOE) Review Program. The agreement is effective
immediately and will provide subsidized reviews through September
The Standards of Excellence Review Program is an objective,
confidential peer review program that assesses an institution's
delivery of financial aid. Customized on-site reviews are designed
to highlight strengths and recommend improvements.
"The Michigan Guaranty Agency is proud to launch this
new outreach program for Michigan's institutions," said
Agency Director Diane Todd Sprague. "We especially look
forward to helping schools identify good practices."
"Ultimately, our students are the real winners,"
Under the terms of the partnership, the Michigan Guaranty Agency
will subsidize 50% of the cost associated with each SOE review
at Michigan institutions, which will be selected on a first-come,
first served basis. All Title IV-participating institutions
in Michigan are eligible to request reviews.
NASFAA President Dallas Martin expressed enthusiasm for the
NASFAA-Michigan partnership. "We recognize that many institutions
want to undertake SOE reviews but are challenged to secure funding
to underwrite the costs," he said. "We are pleased
to include Michigan in the growing number of state agencies
that embrace the benefits of the SOE program."
Other state agencies currently partnering with NASFAA include
Kentucky and North Carolina.
About the Standards of Excellence
The Standards of Excellence process begins with defining the
scope of the review in a letter of engagement between the institution
and NASFAA. Comprehensive reviews look at all aspects of Title
IV program administration including student service and satisfaction;
program compliance, operations, and delivery; systems, automation,
and technology utilization; and human resources and facilities.
The institution submits demographic data and other information
to NASFAA and a preliminary institutional assessment is conducted.
NASFAA then selects a customized peer review team composed of
highly experienced financial aid administrators who visit the
institution and perform an in-depth, on-site review of the financial
aid operations. The review team spends two days to one week
on the campus.
Following the on-site review, the team compiles an evaluation
of the institution's financial aid program and presents its
findings in an exit interview to administrators designated by
the institution. Finally, NASFAA prepares and submits a confidential
written report summarizing the peer review team's observations.
The report identifies the institution's good financial aid practices,
cites any compliance issues, and suggests improvements.
For more information on the Standards of Excellence Review
Program, visit www.NASFAA.org/SOE.asp
or contact Program Coordinator Susan Luhman at (202) 785-0453,
ext. 147, or at luhmans@NASFAA.org.
Michigan institutions seeking subsidized reviews under the NASFAA-Michigan
Guaranty Agency partnership program should contact Luhman directly.
If your organization is interested in providing financial support
to enable SOE reviews at postsecondary institutions generally
or in specific sectors, contact NASFAA Vice President Tim Christensen
at (202) 785-0453, ext. 146, christensent@NASFAA.org.