Financial Aid Compliance Analyst

Job Details

Financial Aid Compliance Analyst

Wayne State University is searching for an experienced Financial Aid Compliance Analyst at its Detroit campus location.

Wayne State is a premier, public, urban research university located in the heart of Detroit, Michigan where students from all backgrounds are offered a rich, high-quality education. Our deep-rooted commitment to excellence, collaboration, integrity, diversity and inclusion creates exceptional educational opportunities which prepare students for success in a global society.

Essential functions (job duties):

Oversees and performs varied and complex federal and state financial aid compliance activities in support of the Office of Student Financial Aid to ensure University compliance responsibilities are met. Applies knowledge of financial aid compliance to develop and monitor systems processes to ensure the Office of Student Financial Aid’s compliance responsibilities are met, including electronic federal financial aid processes; other federal and state compliance processes; institutional, endowed/annual and external scholarship processes; NCAA regulations; and the Board of Governors policy.

ESSENTIAL FUNCTIONS

• Run necessary system configuration, term-related processes and daily federal financial aid extract and import processes, to ensure accurate disbursements and proper implementation of various financial aid programs. Periodically run reports that will proactively ensure compliance with federal regulations and identify issues that are a potential risk to reconciliation of federal funds. Review output and guide OSFA staff to correct student records and maintain accurate documentation of corrections.
• Test systems processes, including workflows, Appworx Chains, Banner processes, including all aspects of the Banner system that touch on student financial aid eligibility, financial aid disclosures, and reconciliation to ensure university remains in compliance with required data used in the awarding, disbursement and reconciliation of financial aid. Recommend updates to processes to ensure compliance with Title IV regulations.
• Monitor scholarship awarding process to ensure data integrity for awarding and renewal of need-based and merit institutional aid annually. Provide technical and analytical support for external software used for awarding endowed and annual funds. Includes maintaining documentation of award requirements from year to year to ensure federal, state and NCAA requirements are met.
• Perform necessary system configuration and rollover tasks to support multiple financial aid business processes in BANNER.
• Investigate audit or questions in periodic audits (federal, state and institutional). Assist in the development of annual audit responses and implementation of corrective action plans as needed.
• Monitor federal and industry changes and work with management to ensure the university remains in compliance with new regulations.
• Interface with other staff in the university, including technical and operational, to ensure Office of the Student Financial Aid systems and process interface effectively with other areas of the university.
• Perform other related duties as assigned.

Qualifications:

Education Bachelor's degree

Requires a Bachelor’s degree in Business, Public Administration or a related field. Candidates with an equivalent combination of education and experience may be considered.

Experience Intermediate (3 to 4 years job-related experience)

Requires 3 or more years of related experience. Must meet eligibility requirements for access to Federal Student Aid systems.

Knowledge, Skills and Abilities
• Knowledge of and experience with Federal Title IV regulations and University policies that could impact compliance with regulations at all levels.
• Proficient in Banner financial aid or similar software, Microsoft Excel, Microsoft Access, and familiarity with SQL.
• Experience with verifying and auditing data; problem solving/solution development; and implementing process improvement.
• Demonstrated organizational skills and strong attention to detail.
• Self-motivated and able to work effectively in critical and time sensitive situations both independently and as part of a team.