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How to project gainful employment rates – Part 4

By this point our Gainful Employment Series, you will have determined the scope of your institution and the programs that qualify as “GE Programs” (Part 1), created your student cohort (Part 2), and started calculating...more

How to Respond to a CFPB Civil Investigative Demand

Under CFPB’s broad mandate, many companies outside the financial services industry may be subject to expensive civil investigations. A for-profit technical school may not appear to be a financial services company. But...more

Private Student Lenders and Servicers Face CFPB Scrutiny

Regulators and congressional leaders have identified similarities between the lending practices that led to the subprime mortgage crisis and an escalating default rate in the burgeoning level of student loan debt. Rather...more

Deadline Approaches for Gainful Employment Disclosures

Institutions of higher education that receive Title IV funding must properly disclose certain information concerning course offerings that are or may be considered gainful employment programs by the U.S. Department of...more

CFPB proposes more information collections

Earlier this week, the CFPB published in the Federal Register a request for comments on its plans to submit a request to the Office of Management and Budget for generic clearance of an information collection to assist the...more

Legislation of Interest to Higher Education Institutions: Students

KMTG is continuing our series reviewing new legislation. Unless noted otherwise, the new laws take effect January 1, 2013. SB 1349 adds sections 99120, 99121 and 99122. Section 99120 defines “social media”. This bill...more

Legislation of Interest to Higher Education Institutions: Financial Aid | Tuition | Residency

AB 131 signed into law October 2011, and allows students who meet AB 540 criteria to apply for and receive state-funded financial aid such as institutional grants, community college fee waivers, Cal Grant and Chafee Grant....more

Education Update, No. 1, January 2013: Give Generously, Keep It Legally

About a month ago, one of the school’s families that owns a popular restaurant and bar held a special fundraising event whereby 20% of the proceeds from every meal served were donated to the school. The school sent out email...more

CFPB Releases Student Lending Examination Procedures

On December 17, the CFPB released its Student Lending Examination Procedures, which are an extension of the CFPB’s General Supervision and Examination Manual and will be used as a field guide by CFPB examiners to review...more

CFPB issues student loan exam procedures

The CFPB has issued its examination procedures for student lenders. The procedures will be used by the CFPB’s examiners in examinations of large banks that make private student loans (meaning banks with total assets of more...more

CFPB’s “Paying for College” site continues to evolve

Last week Peter Jackson, the Senior Advisor for Communications at the CFPB, put up a post on the CFPB’s blog describing the CFPB’s “Paying for College” web tools, which are currently in a beta stage and which are still...more

CFPB Releases Exam Procedures For Student Loans

The CFPB has published the procedures it will use in examining student lenders. The Student Lending Examination Procedures are an extension of the CFPB’s General Supervision and Examination Manual and will be used as a field...more

Financial aid shopping sheet gaining traction

The Financial Aid Shopping Sheet prepared by the CFPB and the Department of Education will now receive its litmus test. Last week, Secretary of Education Arne Duncan announced in a blog post on the DOE’s web site that more...more

CFPB Launches College Credit Card Agreement Database, Releases Annual Report on College Card Agreements

On November 1, the CFPB launched a database of college credit card agreements in effect during 2011 and released an annual report to Congress on such agreements. ...more

Chopra keeps focus on student loan servicing problems

In an editorial last week in the Philadelphia Inquirer, Rohit Chopra, the CFPB’s Student Loan Ombudsman, once again made servicers of student loans the focus of his comments. In August, in remarks to the Congressional Forum...more

CFPB Report Likens Student Loan Complaints to Mortgage Servicing Problems

On October 16, CFPB Student Loan Ombudsman Rohit Chopra published the first annual report on student loans, as required by the Dodd-Frank Act. ...more

AB 340 Brings Pension Reform to California Public Employees

The Governor signed Assembly Bill 340 (“AB 340”) on September 12, 2012, and the new law will bring changes to California’s public retirement systems. AB 340, formerly known as the California Public Employees’ Pension Reform...more

CFPB student loan ombudsman releases first annual report

Recently, the CFPB’s Consumer Response Team released its Snapshot of Complaints, providing a one-page summary of the approximately 2900 private student loan complaints received by the CFPB from March 1, 2012 through September...more

Pew report could bolster CFPB student loan concerns

The Pew Research Center has just released a report that seems likely to bolster the CFPB’s concerns about student loans. The report notes that “in nearly every demographic and economic category” more households are borrowing...more

CFPB Corrects Student Loan Report

On August 29, the CFPB released an updated and corrected report on private student loans. Although the updated report provides the same findings and recommendations as the original report, the revised report attempts to...more

Whew! CFPB reanalysis of student loan data doesn’t change findings and recommendations (but CFPB’s description of reanalysis...

After reanalyzing certain sample loan level data, the CFPB announced that it is not making any changes to the key findings and recommendations in its July report to Congress on private student loans. The CFPB had posted a...more

Chopra student loan remarks could signal new CFPB proposals or actions

Recent remarks by Rohit Chopra, the CFPB’s Student Loan Ombudsman, to the Congressional Forum on Student Loans and in an interview with Bloomberg Radio could presage new CFPB student loan recommendations to Congress or even...more

Oops: CFPB reanalyzing data in private student loan report

The CFPB has indicated on its website that it is reanalyzing sample loan level data that was the basis for various results contained in the CFPB’s report to Congress on private student loans issued in July....more

CFPB Releases Report on Private Student Loans, Testifies in Senate

On July 20, the CFPB released a report on private student loans, prepared in conjunction with the Department of Education. Pursuant to Section 1077 of the Dodd-Frank Act, the report covers (i) the evolution and current state...more

Court Strikes Most of ‘Gainful Employment’ Rule, But For-Profit Colleges Must Still Beware

For-profit education institutions may have breathed a sigh of relief on June 30, 2012, when a federal judge struck down most of the Department of Education’s Gainful Employment rule. The decision came none too soon, as the...more

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