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New Financial Responsibility Standards

New Financial Responsibility Standards

By Michael T. Wherry, CPA February 8, 2024

Introduction Financial Responsibility, as defined by the U.S. Department of Education, is a condition of eligibility for a school participating in FSA programs, requiring that schools submit an audited financial statement to ED each year. Recently, the conditions for meeting these important requirements changed in ways that may add complexity…

Audit Guide Updates

Audit Guide Updates

By Stephanie Roland, MBA January 19, 2024

Looking back, 2023 was a dynamic year marked by growth and new challenges facing institutions. With the national emergency coming to an end, FAFSA simplification rolling out, and an updated audit guide, institutions have a unique opportunity to make 2024 a season of growth and a refresher on best practices….

ED’s Fresh Start Initiative: What Institutions Need to Know

ED’s Fresh Start Initiative: What Institutions Need to Know

By James Ference September 15, 2022

It’s been a good time for student loan borrowers lately. Not only did the Biden administration just announce a partial loan forgiveness policy, but the Department of Education’s (ED) Fresh Start initiative is giving some borrowers who defaulted on their federal loans before or after the pandemic payment pause another…

What to Expect from the New Gainful Employment Rule

What to Expect from the New Gainful Employment Rule

By Michael T. Wherry, CPA August 1, 2022

The U.S. Department of Education (ED) has sought to establish a definition of Gainful Employment (GE) for over a decade, and in more recent years, we’ve seen regulatory whiplash as priorities and opinions change. An initial attempt to establish a rule by the Obama administration was thrown out in a…