Another Disclosure Requirement for California Higher Education Institutions Signals an Accelerating State Role in Student Disclosure
Beginning with the 2018-19 academic year, all higher education institutions in California, except the California Community College system, will have to provide their students an annual summary of their total borrowing to pursue their education and an estimate of their future monthly payments.
Congress is poised to give the HEA a much-needed update. The House of Representatives have introduced legislation and discussions are picking up in the Senate, but questions remain as to the scope and timing for completing action.
The 2017 FSA Training Conference is November 28-December 1, 2017 in Orlando, Florida. The FSA Conference is the largest training program in the US for school and institution financial aid professionals. Cooley team members will be attending the Conference.
The drama surrounding the US Department of Education’s Borrower Defense to Repayment Rule continues, with the date the rule would come into effect now delayed to July 1, 2019.
Financial statement audits prepared under the Department of Education’s new Audit Guide will involve more detailed 90/10 testing and note disclosures. Read more in the seventh post of our Audit Guide series.
The sixth post in our Audit Guide series focuses on the new requirements for third-party servicers. Institutions of all types that use any third-party servicers should become familiar with these new Audit Guide requirements.
Delaware Public Benefit Corporation law presents opportunities for postsecondary institutions. Cooley’s resource center for entrepreneurs and businesses, Cooley GO, now includes a PBC Incorporation Package.
The California Bureau for Private Postsecondary Education recently published amended regulations governing the Student Tuition Recovery Fund effective as of August 10, 2017. The changes will impact institutions approved to operate by the BPPE and institutions that have registered as out-of-state distance learning providers.
ED’s New Audit Guide Mandates More Detailed Assessment of Institutional Compliance with Clery Act Campus Crime and Security Requirements
The Clery Act is the focus of the fifth post in our Audit Guide series. The new Audit Guide significantly expands the scope and detail of information that auditors are now required to review to evaluate a school’s compliance with the Clery Act as part of the annual Title IV compliance audit process.
The Department of Education issued a notice on August 18 that extends the deadline for all institutions to file alternate earnings appeals that challenge the debt-to-earnings rates issued for their GE programs in January 2017.
Increased Student Samples, Student Confirmations and Site Visits Mean Expanded Audits Under ED’s New Audit Guide
In the fourth post of our Audit Guide series, we focus on three significant process expansions: the size and composition of the required student sample, the student confirmations auditors are required to perform and how site visits are conducted.