Understanding Your Composite Score: 3 Key Drivers
August 22, 2024
The U.S. Department of Education (ED) has been calculating an institution’s Composite Score as part of its annual assessment of Financial Responsibility. However, new Financial...
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Why is ED Requiring Fiscal Year to Match Tax Year?
May 29, 2024
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...
Recent Articles
Financial Student Aid Regulation Changes: Breaking Down 5 More Rules
September 27, 2021
If you’ve been following along with the McClintock Minute, you know we’ve been breaking down the many notable changes and updates that the Department of Education (ED) made effective this summer to Financial Student Aid (FSA) regulations. As we start the fall, however, we know institutions, understandably, still have questions...
HEERF Single Audit email Clarification
August 11, 2021
From discussions with various clients, for-profit institutions are receiving the following email in regard to future audits of their Higher Education Emergency Relief Funding (HEERF) grants and these emails are causing confusion: To: Department of Education Grant Recipients From: Phillip Juengst, Deputy Assistant Secretary, Office of Acquisition and Grants Administration Subject: Single Audit...
As part of the wide range of regulatory changes, the Department of Education (ED) recently altered the verification process for some Free Application for Federal Student Aid (FAFSA) information. As of July 13, ED waived the requirement to verify students selected under the V1 Verification Tracking Group and will continue...
Federal Student Aid Regulation Changes: Understanding the New Clock-to-Credit Hour Conversion
July 16, 2021
In the fall of 2020, the Department of Education published a final rule altering various regulations issued under the Higher Education Act of 1965. Effective as of July 1, 2021, the series of changes included an amendment that modifies the Clock-to-Credit Conversion formula. This significant update will determine the number...
Understanding Important Changes to R2T4 Exemptions
July 16, 2021
Managing Return to Title IV (R2T4) funding for students who withdraw from school just got more complex, as the Unites States Department of Education has now revised this process, effective July 1, 2021. What exactly does the updated guidance mean for institutions and for their students? The new regulations contain three...
The 2021 Child Tax Credit: What’s changing — and will your advanced payment cause additional tax burden?
June 30, 2021
This year’s changes to the federal child tax credit (CTC) are significant and a seeming advantage for parents, but upon a closer look, they may not be a benefit for all taxpayers. Historically, qualified taxpayers received their child tax credit when they filed their income taxes. But beginning July 15, 2021,...
Administering the Federal Direct Loan program just got a little simpler, as the Department of Education (ED) recently announced that the 150% Direct Subsidized Loan limit, or “SULA” is being repealed. What exactly does this mean for postsecondary institutions and for their students? McClintock & Associates has reviewed the final...
Institutions that have yet to post reporting to their website regarding their first quarter utilization of the student portion of Higher Educations Emergency Relief Fund (HEERF) grants may need to do so immediately. In addition, there is an upcoming deadline for institutional reporting. The due date for the use of student...