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In October 2023, the Biden-Harris Administration released final rules that are aimed to strengthen oversight and monitoring of colleges and universities, and to strengthen consumer protection for student borrowers.
The changes of the Department of Education’s (Department) final regulation are centered around four areas:
Key changes to financial responsibility standards include:
Administrative capability rule changes will strengthen how the Department administers the requirement that institutions must demonstrate that they are capable of administering Title IV programs. Changes include that:
Certification procedure changes are included within the update and are aimed to assist the Department’s ability to monitor institutions that exhibit concerning signs and mitigate the risks in those situations. These changes include, among other items, the following:
The ability to benefit amendments will impact the eligibility requirements for individuals who do not have a high school diploma or a recognized equivalent. These changes include, among other items, the following:
Although the above presents a high-level overview of several key changes, there are further changes and amendments brought about by this final regulation that will be effective on July 1, 2024. Evaluating how these changes impact your institution will be critical to ensuring continued compliance in the continuously changing world of higher education.
The final regulation published by the Department is available to the general public, but additional resources are published by the Department, such as this fact sheet that summarizes the final rule.
The Schneider Downs Higher Education industry group is a dedicated team of experienced professionals specializing in serving institutions from high schools to universities. Our experience in audit and assurance, tax advisory, technology and data and more allow our professionals to stay ahead of the latest trends, developments and challenges within the education sector and provide timely and practical solutions to our clients.
To learn more, visit our Higher Education Industry Group page.
Learn more about the Voluntary Disclosure Program. ...
Learn more about the Voluntary Disclosure Program. ...
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