Express Exit Processing
Regardless of your student’s situation, Vocado Exit has all the necessary information and logic embedded to automatically perform financial aid disbursement calculations, including Return to Title IV Funds (R2T4), Post Withdrawal Disbursement (PWD), and grant overpayment.
Avoidable exit-processing mistakes can add up quickly. According to the Department of Education, Return to Title IV calculation errors and late R2T4 submissions are two of the top 10 audit findings. Naturally, the financial aid office wants to make the exit process as smooth as possible for students, while meeting all government financial aid regulations.
But the old way of processing financial aid doesn't make things easy. Currently, Financial Aid Officers must pull information from various systems in a highly manual process to even begin the R2T4 calculation. Because this process is so error-prone and time-consuming, it often appears as a repeat finding in yearly audits.
Historically, financial aid officers must painstakingly gather all of the necessary information from several systems, just to start the R2T4 calculation. But since Vocado Exit is always kept up to date in real time, there is nothing to gather. So you can be assured that R2T4 calculations are correct.
Vocado Exit automatically performs the end-to-end R2T4 process. Vocado posts ledger adjustments and sends COD updates with no manual intervention. In fact, Vocado Exit automates the entire 10-step calculation instantly, tracks the movement of funds to and from G5, including mini- reconciliations at each step to ensure that money is returned to the Department of Education within federally mandated timelines.
Vocado Exit even automates unique and rare exception cases, including Grant Overpayments and Post-Withdrawal Disbursements. And, if a student who has dropped out decides to return to school, Vocado Exit can instantly re-establish his/her financial aid eligibility and package from historical snapshots, removing barriers to pain-free re-enrollment.
Even with all of this automation, rest assured that you still have control as processes can be tailored to your school's policies.
Key Process Optimizers
Express Exit Processing – The embedded logic of Vocado eliminates the complexity of calculations including R2T4, PWD, Institutional Refunds, COD, G5, and Micro-Reconciliations.
Direct SAIG Integration – All data exchanges with the Department of Education and existing school systems are completely automated. Vocado seamlessly integrates with the Department of Education's Student Aid Information Gateway (SAIG), and handles all interactions with the Central Processing System (CPS) for FAFSAs/ISIRs, Common Origination and Disbursement (COD), and the National Student Loan Data System (NSLDS).
Cost-Effective – There are no hidden costs or expensive service contracts with Vocado. It's a straightforward solution with a straightforward price. Once you streamline your financial aid management process with Vocado, you and your team will be able to focus more on student satisfaction and less on your operating budget.
Regulation Compliance – Rules and regulations are already embedded into Vocado, so your organization will always remain compliant. Vocado helps you automatically stay on top of all federal regulatory changes for Term, Non-Term, and Non-Standard Term credit-hour programs.