Navigating the financial aid process can be overwhelming, especially when it comes to decoding the myriad of ISIR (Institutional Student Information Record) Comment Codes that accompany the Free Application for Federal Student Aid (FAFSA). These codes, which are essential for processing financial aid, often contain critical information that requires further...
The U.S. Department of Education’s (ED) Dear Colleague Letter issued May 16, 2024 (Implementation of Regulations Related to Financial Responsibility, Administrative Capability, Certification Procedures, and Ability to Benefit (ATB) | Knowledge Center), reinforces the proposed requirement by ED to align postsecondary institutions’ fiscal year end (FYE) with the institution’s tax...
In the realm of financial aid, change is a constant. The 2024/25 ISIR (Institutional Student Information Record) has brought about a notable adjustment — the removal of the housing question, specifically concerning living arrangements. This alteration, stemming from the FAFSA Simplification Act, prompts educational institutions to reconsider their approaches to...
Institutions of higher education, whether traditional universities or proprietary trade schools, are well familiar with U.S. Department of Education (ED) oversight. Annual filings and notification triggers are par for the course. For precisely this reason, it’s critical that we understand how the department assesses your finances so that you can prepare...
In case you missed it, the Department of Education’s recent announcement on February 13, 2024 introduced additional measures aimed at improving the efficiency of student record processing for colleges. This is a significant stride towards facilitating access to financial aid for millions of students across the nation. These steps include a...
The U.S. Department of Education’s 2023 changes to the longstanding 90/10 rule introduces new hurdles for proprietary schools. Not only do the changes require schools to adopt a new model for calculating their 90/10, but they also make it more difficult to pass. Use Our Model to Stay Compliant At McClintock &...
While exhibiting at NASFAA’s 2024 Leadership & Legislative Conference & Expo, Parker Charlton, FAAC® and I had the opportunity to attend sessions featuring both the Secretary of Education, Miguel Cardona, and a panel of Department of Education (ED) officials. They acknowledged the challenges posed by the 2024-2025 FAFSA and subsequent...
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 submit an audited financial statement to ED each year. Recently, the conditions for meeting these important requirements changed in ways that may add complexity to...