New Financial Responsibility Standards
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 ...
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Audit Guide Updates
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 ...
Recent Articles
Senate Passes PPP Reform Bill: What to Know
June 5, 2020
The U.S. Senate on Wednesday passed a House bill to revamp the Paycheck Protection Program (PPP), giving a boost to small businesses and organizations trying to stay afloat during the coronavirus pandemic and resulting economic turmoil. The PPP allows businesses to apply for forgivable emergency loans, but its rollout wasn’t…
Small businesses that were among the first to receive loans through the Paycheck Protection Program (PPP) may be preparing to file the application to have all or part of the loan forgiven. But new legislative changes could shift those plans as the program evolves. The U.S. House on Thursday overwhelmingly…
ED’s Additional Guidance on COVID-19 Disruption – Answers, but Also Some More Questions
May 19, 2020
The U.S. Department of Education (ED) released updated guidance regarding interruptions of study related to the coronavirus (COVID-19) late in the day on May 15. The update covers a wide range of topics, which are summarized here. While the announcement provided some new answers, we have included follow up questions…
The U.S. Department of Education (ED) decided April 9th was a good time to issue guidance on multiple items. ED released an electronic announcement responding to questions submitted in regard to the composite score ratio which becomes effective July 1, 2020 as part of the Borrower Defense to Repayment regulations…
The U.S. Small Business Administration (SBA) has extended the safe harbor period for returning Paycheck Protection Program (PPP) funds until May 14, 2020. The new guidance stated that the extension will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor. When applying for…
ED Provides Some Direction on HEERF Reporting
May 12, 2020
The Department of Education (ED) on May 6 provided some clarification about the timing of reporting requirements for institutions that receive Higher Education Emergency Relief Fund (HEERF) grants for students. The same announcement also offered more detail about reporting on institutions’ websites. Section 18004(e) of the CARES Act originally required…
Stay Vigilant for Relief Fund Scams Amid the COVID-19 Crisis
April 30, 2020
As the COVID-19 pandemic continues to impact our daily lives and make us rethink the way we operate our businesses, we understand certain changes may need to be made to accommodate a more remote work environment. Unfortunately, this has resulted in an increase in fraudulent scams focused on taking advantage…
As part of the continuing effort to provide relief to a higher education system that was rocked by COVID-19, the Department of Education (ED) has released information on how to apply for the institutional portion of the emergency funds provided the CARES Act. Institutions are able to use up to…