Transcript Document

101 Dalmatians Consumer Disclosures
10.13.2014
Presented by Betsy Mayotte
Melbourne, Victoria, Australia
Background
Higher Education Opportunity Act of 2008 (HEOA)
Consumer Finance Protection Bureau
Upcoming Reauthorization
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Required Notices
Annual Notice to Enrolled Students
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Annually distributed to each student listing and explaining
how to obtain info on:
 Financial aid available to students at that school
 Schools grad/completion rate
• Transfer out rate if required
 Terms and conditions for Direct Loans
 Annual fire safety report
• Those with on-campus housing only
 Retention rate as reported to ED
 Types of grad/professional programs enrolled in by schools
4-year undergraduate completers
Annual Notice to Enrolled Students con..
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Distributed to each student listing:
 In separate, clear, notice, the penalties for drug related
offenses as they relate to Title IV
 Timely notice to students who have lost eligibility due to
drug related offenses and explanation as to how to regain
 Drug and Alcohol abuse materials (must go to each student
and employee)
Financial Aid Information
Must publish and make available:
Description of all available financial aid programs
 Eligibility/criteria for selection and award determination
 Procedures/forms needed
 Terms and conditions of Direct Loans
For awarded financial aid
 Method and frequency of disbursements
 Sample loan repayment schedule
 Importance of loan repayment
Student Aid Recipients
 Satisfactory academic progress policy
 Criteria for continued eligibility
 Exit counseling information
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School Information
Must make available upon request to enrolled
and prospective students:
 Completion and graduation rate
 Retention rate
 Placement rate by graduates
 Types of employment
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Textbook Information
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Institutions must, as much as practicable, include on its Internet course
schedule for required and recommended textbooks and supplemental
material:
 the International Standard Book Number (ISBN) and retail price;
– if the ISBN is not available, the author, title, publisher, and copyright date; or
TBD
 If applicable, the institution must include on its written course schedule a reference
to internet textbook info listed above
Must provide the following information to its college bookstores upon
request:
 the institution’s course schedule for the subsequent academic period; and
 ISBN or alternative as required above
 the number of students enrolled, and
 the maximum student enrollment.
Textbook Information
Also encouraged, but not required, to provide info on
 renting or purchasing used textbooks;
 textbook buy-back programs; and
 alternative content delivery programs.
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Peer to Peer File Sharing
Schools must disclose to students:
 Clear statement that unauthorized distribution of copyrighted material may
subject student to civil and criminal liabilities
 Description of the institution’s policies on unauthorized peer-to-peer file
sharing, including disciplinary actions
 Summary of penalties for violation of country’s federal copyright laws
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Preferred Lender Arrangements
Covered schools or school affiliated organizations must
disclose on it’s website and all informational materials:
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Maximum amount of aid under Title IV
Truth in Lending disclosures
Reasons schools chose lenders on list
That student may choose any lender, even if not on list
Information that terms and conditions of federal loans may
be better than private loans
• Code of Conduct for education loans
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Methods and Best Practices
Policies First… Now Procedures
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Reasonably Accessible
Requirements:
 No more than 2 clicks, if electronic
 No less than 8 point font
 Easily accessible
 In a prominent location
 Updated yearly at minimum
 Designated person must be assigned and be available during
normal business hours to all enrolled and prospective students
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Who does what on campus
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Best practices:
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Have one office designated to ensure all
disclosures are in compliance.
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Keep it Simple
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Document all required disclosures and ensure all
are covered
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Review it once a year
Ways To Communicate Disclosures
• Emails
• Mass and to specific groups
• Alerts
• Websites
• Social Media
• Brochures
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Ways to communicate: Website
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Ways to communicate:
Automatic Email
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Resources
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Effective award letters
http://www.nasfaa.org/advocacy/awardletter/Improving_Award_Letters_and_Consumer
_Information.aspx
Task Force on Consumer Information
http://www.nasfaa.org/consumerinfo.aspx
Net Price Calculator
http://nces.ed.gov/ipeds/netpricecalculator/
Resources
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Textbook Disclosures:
- GEN-10-09
http://ifap.ed.gov/dpcletters/GEN1009FinalTextbookGuidance.html
– GAO report (released June 6, 2013)
http://www.gao.gov/products/GAO-13-368
FSA Assessments on Consumer Info
http://ifap.ed.gov/qahome/qaassessments/consumerinformat
ion.html
Resources
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Comprehensive Consumer Disclosure Resource and Tips
 http://counsel.cua.edu/res/docs/npec-heoa-disclosuresrevised-11-29-09.pdf
Model FERPA Disclosure
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http://www2.ed.gov/policy/gen/guid/fpco/ferpa/safesch
ools/modelform2.html
SFA Requirements
 Chapter 6, Volume 2 of SFA Handbook
Thank you
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