In October 2023, the Department announced an amendment to § 668.23(a) to require that audit reports are timely submitted, by the earlier of 30 days after the completion of the report or six months after the end of the institution’s fiscal year. Furthermore, when the regulations go into effect on July...
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...
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 rolling out, and an updated audit guide, institutions have a unique opportunity to make 2024 a season of growth and a refresher on best practices. Out...
The 2023 updates to the Gramm-Leach-Bliley Act introduce several new requirements for schools when it comes to protecting student financial records from cyber threats. Here are key recommendations for safeguarding your data, which fall under three overarching strategies. When implemented properly, these can help higher education institutions address systemic cybersecurity...
On June 9, 2023, the Federal Trade Commission (FTC) rolled out significant updates to the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule, requiring financial institutions and organizations to take immediate action to ensure compliance. Since this summer update, the team at McClintock has been working with institutions to review compliance risks and recommend...
It’s been a good time for student loan borrowers lately. Not only did the Biden administration just announce a partial loan forgiveness policy, but the Department of Education’s (ED) Fresh Start initiative is giving some borrowers who defaulted on their federal loans before or after the pandemic payment pause another...