Program to Help HBCUs Assess Good Financial Practices
WASHINGTON
The National Association of Student Financial Aid Administrators (NASFAA) and the Kentucky Higher Education Assistance Authority (KHEAA) announced a pilot partnership this month to provide peer reviews for historically Black colleges and universities under NASFAA's Standards of Excellence Review Program.
The Standards of Excellence (SOE) Review Program, now in its fifth year, is an objective peer review program that assesses an institution's delivery of financial aid. Customized and confidential, the on-site reviews are designed to highlight strengths and recommend improvements.
"Identification of best practices as well as opportunities to fine-tune operations is particularly important in averting student loan defaults, which is one of KHEAA's top concerns," says KHEAA executive director Joe L. McCormick.
Under the terms of the partnership, KHEAA will subsidize the full cost associated with each SOE review at selected HBCUs.
Dallas Martin, president of NASFAA, remarked on the timeliness of the partnership.
"We recognize that these are difficult financial times for postsecondary institutions, and are delighted that KHEAA has stepped forward to help provide this valuable service for schools that might otherwise not be able to afford it." Martin noted that NASFAA would continue to seek partners to help finance SOE reviews at additional institutions in all sectors.
"We plan to reach out to a variety of organizations that recognize the value of the SOE program and seek their assistance in providing reviews at all kinds of institutions," Martin says.
The program involves five key steps:
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