Tag: Financial Aid

Cooley Team at NASFAA 2018

Marjorie Arrington, Pat Dickerson and Rebecca Flake

The 2018 NASFAA National Conference is June 24-27 in Austin, TX. The annual NASFAA conference brings together 2,500+ student aid professionals from across the nation. Members of the Cooley team will be presenting throughout the conference.

Another Disclosure Requirement for California Higher Education Institutions Signals an Accelerating State Role in Student Disclosure

Kate Lee Carey and Mike Goldstein

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.

Cooley Team at FSA Training Conference

Marjorie Arrington, Lisa Bureau, Pat Dickerson and Rebecca Flake

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.

Department of Education Pushes Back Effective Date of Borrower Defense Rule – Again

Mike Goldstein and Kate Lee Carey

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. 

ED’s New Audit Guide – 90/10 Compliance

Jonathon Glass, Naomi Harralson May and Rebecca Flake

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.

New ED Audit Guide Updates Requirements Concerning Third-Party Servicers

Greg Ferenbach, Nancy Anderson and Rebecca Flake

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.

Increased Student Samples, Student Confirmations and Site Visits Mean Expanded Audits Under ED’s New Audit Guide

Blain Butner and Rebecca Flake

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.

New ED Audit Guide Now Requires Extensive Gainful Employment Compliance Testing

Kate Lee Carey, Jonathon Glass and Joseph Mensah

Gainful Employment data reporting is the topic for the third post in our Audit Guide series. For the first time ED is requiring that independent audit firms conduct extensive testing relating to Gainful Employment data reporting and mandated disclosures as part of their annual Title IV compliance audits.

ED’s New Audit Guide Mandates Greater Scrutiny of Compensation Practices under the “Incentive Compensation” Rule

Greg Ferenbach and Blain Butner

The second post of our Audit Guide series focuses on the incentive compensation rule. The new Audit Guide requirements significantly expand the review required by auditors to assure compliance with the incentive compensation rule.

New ED Audit Guide Means Compliance Audits Will Be More Expansive, More Expensive

Blain Butner and Rebecca Flake

The new Audit Guide for Title IV compliance audits includes numerous, expanded requirements for accounting firms to use in conducting required annual audits. The Audit Guide applies to Title IV compliance audits for fiscal years ending June 30, 2017 or later for for-profit higher education institutions and for third-party servicers that administer any aspect of the Title IV programs on behalf of any postsecondary institutions.

Cooley Team at NASFAA

Blain Butner, Marjorie Arrington, Rebecca Flake, Pat Dickerson, Kate Lee Carey, Naomi Harralson May and Joseph Mensah

The 2017 NASFAA National Conference is June 26-29 in San Diego, California. The annual NASFAA conference brings together 2,500+ student aid professionals from across the nation. Members of the Cooley team will be presenting throughout the conference.

All Institutions Face New Risks Under ED’s Final Borrower Defense Rule

Jonathon Glass, Mike Goldstein and Kate Lee Carey

BDTR is likely to be one of the final major regulatory initiatives under the Obama administration, and one that will be in pre-effective date status on January 20th when Donald Trump becomes President.