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U.S. Department of Education publishes new regulations related to federal student financial aid

29 November 2010

Education Investors Alert

On 29 October 2010 the U.S. Department of Education (ED) published two sets of final regulations that address a number of important matters for institutions that participate in student financial aid programs under Title IV of the Higher Education Act, as amended (HEA). 75 Fed. Reg. 66832 (2010); 75 Fed. Reg. 66665 (2010). The new rules address program integrity in five areas: institutional eligibility, recruiting and admissions, program eligibility, student eligibility and aid determinations, and aid disbursements and refunds. One set of final rules was first announced in a Notice of Proposed Rulemaking (18 June NPRM) issued on 18 June and will become effective on 1 July 2011. The other set of final rules -- which addresses only new approval requirements for programs that lead to gainful employment in a recognized occupation -- was first announced in an NPRM issued on 26 July 2010 (26 July NPRM) and will also become effective on 1 July 2011. ED expects to issue a second round of gainful employment regulations in early 2011, to become effective 1 July 2012. This Education Investors Alert highlights selected aspects of the final regulations of interest to for-profit postsecondary education institutions and investors in that sector.

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