The U.S. Department of Education (ED) recently released proposed rule changes for strengthening monitoring and oversight of colleges and universities. These changes cover general standards of financial responsibility, and add new reporting requirements, among other updates reviewed below. We recommend that institutions review these changes to identify any potential issues….
The U.S. Department of Education (ED) published the change in ownership (CIO) rule in the fourth quarter of 2022. The rule goes into effect July 1, 2023, and impacts every step of this process. It includes new notifications that are required before any CIO, an updated approval process, and requirements…
The U.S. Department of Education (ED) published the 90/10 rule near the end of 2022 that includes significant changes beyond just redefining what funds should be included in both sides of that equation. This makes it crucial that institutions understand the nuanced changes, update their processes to calculate 90/10, and…
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…
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…
The last thing an institution wants to hear while undergoing an audit is, “We’ve identified some processes that aren’t compliant with Title IV rules.” In a perfect world, a compliance audit comes and goes swiftly and without any findings. But in the real world, one where regulations change regularly and…
Chances are you haven’t seen your auditor around the office for quite a while — and some people might be just fine with that. After all, audits normally don’t rank highly on a financial aid professional’s list of favorite annual activities. However, the past two-plus years of pandemic gave rise…
If we’re playing a word association game, then when a postsecondary education institution participating in Title IV aid programs hears the word “audit,” it’s likely to prompt a response of “confusion,” “anxiety” or even “fear.” It’s understandable, but frequently unfounded. In fact, a compliance audit can be a good thing…