Frazer LLP Blog

The Role of Entrance and Exit Counseling in Financial Literacy

Nov 22, 2016 12:23:39 PM / by Steve Bastardi, CPA posted in Institutions of Higher Learning, Exit Counseling, Financial Aid, Entrance Counseling


This is the eighth in a series of 10 blog posts related to the Top 10 Audit Findings of the U.S. Department of Education.

One of the top 10 audit findings, according to the U.S. Department of Education, includes student entrance and exit deficiencies. Indicated deficiencies include:

  • - Entrance counseling not conducted/documented for first-time borrowers.
  • - Exit counseling not conducted/documented for withdrawn students or graduates.
  • - Exit counseling materials not mailed to students who failed to complete counseling.

Whether first-time borrowers, withdrawn students or graduating students, follow through on required entrance and exit counseling can be challenging. Exit counseling, however, becomes a little more challenging considering the circumstances and variables involved with the ways students exit. This doesn’t come as a surprise to most but it only takes one or two off situations to catch the eye of a program reviewer. Let’s consider a short list of the compliance requirements mentioned in the FSA Handbook.

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