‫ב"ה‬
MICHIGAN JEWISH INSTITUTE
Procedure Manual
Awarding of Title IV, HEA Program Aid
Policy No. 1400
Effective Date:
Page No.
8/13/2013
1 of 3
BACKGROUND
The Department of Education requires each Institution of Higher Learning to have a
detailed process for the awarding of Title IV, HEA Program funds.
PROCESS:
1. All applicants must complete the FAFSA to be considered for grants, loans, and
most scholarships.
2. MJI and the student receive the Student Aid Report (ISIR/SAR) in response to
the student’s FAFSA submission.
3. ISIRs are provided to GEMCOR, MJI’s Third Party Servicer.
4. Paperwork provided by the student is reviewed for conflicts, to complete the
Verification process if selected and to resolve any applicable “C” codes on the
ISIR.
5. The student’s admissions criteria and enrollment status for the current term and
any previously completed term that had not yet been funded are confirmed.
6. The Financial Aid office utilizes the GEMCOR Formula Sheet to request awards.
7. The awards are based Cost of Attendance (COA) and the expected family
contribution (EFC) from the ISIR. The COA is based on a standardized formula
developed by the Department of Education with congressional approval. The
EFC takes into consideration such factors as family income and number of family
members attending college.
8. The award ‘package’ may include grants, scholarships and college work/study.
9. Students are offered the opportunity to apply for TIV loans on the award letter
after the grant and campus based awards are made by GEMCOR.
PROCEDURE:
1. The Financial Aid office receives the ISIR/SAR.
2. The daily ISIR file is provided to GEMCOR.
3. The student submitted documents are utilized to validate the information on the
ISIR and conflicts are resolved.
4. If the ISIR was selected for Verification or C-Codes, the student is notified.
5. If required, the family is contacted for additional information or for corrections
staff is not able to make (missing signatures, etc.)
Revised:
11/20/13
‫ב"ה‬
MICHIGAN JEWISH INSTITUTE
Procedure Manual
Awarding of Title IV, HEA Program Aid
Policy No. 1400
Effective Date:
Page No.
8/13/2013
2 of 3
6. Corrections to the ISIR are made if necessary.
7. The student’s admissions criteria and enrollment status for the current term and
any previously completed term that had not yet been funded are confirmed.
8. Satisfactory Academic Progress is confirmted if applicable.
9. The GEMCOR Formula Sheet is completed:
a. To improve efficiency, sample formula sheets for each category of
tuition/enrollment status can be found in the Google Drive.
b. Ensure the correct form is utilized. Use a blank form if none of the existing
forms are accurate for the student.
c. The information requested on the formula sheets is as follows:

Program Information:

Term Start Date

Enrollment Status (Full Time, 3/4 Time, etc.)

Degree Type

Number of Terms and Weeks in Academic Year and Program

The Cost of Attendance is determined by the following factors:
o
Tuition and fees for full academic year
o
Average Host School Tuition
o
Books, supplies, equipment
o
Room and board – Budget recommended by MI State
o
Personal expenses & transportation (included in MI State
budget)
o
Other

Campus Based Aid Requests
o
Direct Loan requests are included in this section

Transfer student within current award year – yes or no

Admissions criteria
10. The file is submitted to GEMCOR for review/awarding of aid via a scanned file in
a GOOGLE drive shared with GEMCOR staff.
11. GEMCOR:
a. Reviews the ISIR.
b. Reviews documents received from MJI
c. Sends a request for PELL funds to U.S. Department of Education.
d. Sends MJI a disbursement journal listing each student and the amount of
Revised:
11/20/13
‫ב"ה‬
MICHIGAN JEWISH INSTITUTE
Procedure Manual
Awarding of Title IV, HEA Program Aid
Policy No. 1400
Effective Date:
Page No.
8/13/2013
3 of 3
the student’s disbursement.
e. Completes all ED reporting requirements.
12. When funds are received from U.S. Department of Education, they are deposited
into MJI’s Title IV Federal Fund Account.
13. Disbursements are then posted to each individual student account in
Quickbooks.
14. Funds are transferred to MJI’s General Fund Account.
15. An award letter is generated.
16. If a credit balance is created due to TIV funds:
a. If the student has authorized the school to retain the funds for future
expenses, no further action is taken at this time.
b. If the student requested that credit balances are to be sent to the student
or if the student did not provide information regarding the disposition of
credit balances, a check is sent to the student.
c. A check is sent to the host school if the student signs an authorization for
MJI to do so.
17. If funds are being requested for a term that has ended:
a. Confirmation that the student did not withdraw from any courses is
completed to ensure the correct enrollment status is utilized.
b. Confirmation that the student did not withdraw from all courses is done to
determine if a Post Withdrawal Disbursement is required.
AUTHORIZATIONS: (at least one signature is necessary to enact this procedure)
_______________________________
President
Revised:
11/20/13