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D. Financial Aid

D. Financial Aid

(Note: OLPM sections on this page may be cited following the format of, for example, "BOT.II.D.1". These policies may be amended at any time, do not constitute an employment contract, and are provided here only for ease of reference and without any warranty of accuracy. See OLPM Main Menu for details.)

D. Financial Aid

  1. Authority
    1. ​â¶Ä‹â¶Ä‹State law () authorizes the Board of Trustees to manage and control the financial affairs of the University System (including all of its institutions) as needed to provide a well-coordinated system of public higher education.
  2. Delegation of Authority
    1. The Board of Trustees shall delegate to the Financial Affairs Committee the oversight of matters related to financial aid policy and associated planning.
    2. The Financial Affairs Committee shall report from time to time on an as needed basis to the Board of Trustees on the status of financial aid policy and planning.
    3. The Board of Trustees delegates to the Administrative Board the responsibility for:
      1. Assuring that financial aid planning and policy development is carried on by each institution and that plans and/or policies are submitted to the Financial Affairs Committee, on an informational basis.
      2. Assuring that current, comprehensive information is available and presented annually to the Financial Affairs Committee concerning financial aid program awards, the characteristics of aid recipients, the effectiveness of aid programs in supporting academic retention and graduation of students, and other matters pertinent to the broad goals of the Board of Trustees.
    4. The Board of Trustees delegates to the President/Chief Executive Officer of each University System institution, responsibility for:
      1. Assuring that the institution develops and maintains policies guiding all activities related to the acquisition, disbursement, program compliance and reporting of financial aid.
      2. Assuring that reliable, consistent, and timely information is available concerning financial aid and that such information as needed is provided to the Chancellor for purposes of reporting to the Board of Trustees.
      3. Managing all operations and transactions of financial aid offices and services in a manner that meets all applicable governmental and external agency standards.
  3. Reporting
    1. Any material change in University System policy approved by the Administrative Board, and/or any change in campus policy approved by the Chief Executive Officer shall be reported to the Financial Affairs Committee.