Financial Aid

News & Analysis as of

CFPB settles action against provider of student financial aid assistance

The CFPB has announced a proposed settlement with Student Financial Aid Services, Inc. (SFAS) to resolve charges that the company engaged in unlawful sales and billing practices in connection with offering fee-based financial...more

Department of Education requests emergency review of Guaranty Agencies’ security over student financial aid information

On July 16, 2015, the Department of Education issued a request through notice to the Office of Management and Budget (OMB) for emergency clearance so that Federal Student Aid (FSA) can initiate a formal security assessment...more

5 Ways to Pay for College

Here in Arizona it seems that school starts earlier each year. With the new school year right around the corner it is a good time for soon- to – be seniors and current college students to put some time into planning out how...more

Alert: California Approves Pathway for Non-Profit Institutions to Maintain Exemption from State Oversight

Governor Jerry Brown has now signed into law Senate Bill 81, which included language amending the California Private Postsecondary Education Act of 2009 (the "Act") to permit "independent institutions of higher education"...more

Alert: Recent Developments on State Authorization at Department of Education and in California

The US Department of Education ("ED" or "the Department") has decided against an earlier plan to send letters to every institution believed to be out-of-compliance (or rather, located in a state that is considered...more

U.S. Department of Education Proposes New Restrictions on Campus Financial Products

The U.S. Department of Education has issued proposed revisions to its Title IV Higher Education Act (HEA) cash management rules that include significant new restrictions on financial products used to disburse credit balance...more

No ‘Gain’? Know Pain: Coming Federal Regulations Could Mean Less Federal Aid for Colleges and Universities

New federal education regulations take effect this summer that could substantially reduce federal aid to community colleges and for-profit colleges whose students fail to meet certain standards for finding “gainful...more

Special Needs Trusts and Financial Aid: What Should Applicants Do?

Out of all of the stress-inducing steps in the college application process, the financial aid application may be the most confusing and stressful of all, especially when an applicant can't afford to attend college without...more

Department of Education releases new gainful employment regulations

On October 30, the Department of Education published a new set of regulations detailing what it means to be providing an education program that leads to gainful employment in a recognized occupation. This “Gainful Employment...more

Why colleges in bankruptcy should have access to federal financial aid

With the reauthorization of the Higher Education Act (HEA) in full swing, the time is ripe for Congress to reconsider current laws prohibiting postsecondary institutions that declare bankruptcy from participating in the...more

Congress and the Higher Education Act: what’s on the table? What’s to come? Our look at the major proposals

Congress is well into the process of passing a reauthorization of the Higher Education Act (HEA), and many members of Congress have introduced bills addressing many aspects of higher education that concern the public....more

Managing the announcement of a Department of Education Program Review

Following the initial release of the well-known and controversial 2010 GAO report concerning alleged abuses in the for-profit sector, Secretary of Education Arne Duncan issued a public letter to Senators Tom Harkin and Mike...more

Cordray Discusses Student Loans at Boulder Summer Conference on Consumer Financial Decision Making

Director Cordray spoke at the Boulder Summer Conference on Consumer Financial Decision Making this week, addressing student loan debt as a “pressing problem and a matter of grave importance to public policy in America.”...more

Revised GBER Reduces Need For Commission Prior Approval of State Aid But Some Conditions Stricter Than Before

The European Commission (Commission) has adopted new rules that exempt public support given to companies by EU Member States, including regional and local authorities, from the requirement of prior notification to, and...more

CFPB promotes online student financial aid resources

In a new blog post, the CFPB promotes its online financial aid resources to students who are now in the process of choosing which school to attend this fall. The blog post directs students to a just-launched “crisp new...more

Thanks, Grandma and Grandpa! 3 estate-planning-friendly strategies to pay for a grandchild’s college education

It’s no secret that the cost of a college education continues to soar. But this article offers three options to help one’s grandchildren deal with this burden while saving gift and estate taxes: direct tuition payments to the...more

CFPB calls for public disclosure of campus financial product marketing agreements

The CFPB wants financial institutions to post on their websites their marketing agreements with colleges and universities for financial products other than credit cards, such as deposit accounts, prepaid cards and financial...more

On December 3rd, House Subcommittee to Discuss Proposals to Strengthen Pell Grant Program

On Tuesday, December 3rd at 10:00 a.m. in room 2175 of the Rayburn House Office Building, the Subcommittee on Higher Education and Workforce Training, chaired by Rep. Virginia Foxx (R-NC), will hold a hearing entitled,...more

Additional Information on the Government Shut Down from Federal Student Aid

In our report on the budget showdown, I neglected to link to the letter from James Runcie, the COO of the Department of Education’s Office of Federal Student Aid (FSA) about the budget shutdown. ...more

Will the Demise of DOMA Help or Hurt Your Employees?

The Supreme Court ruling in United States v. Windsor, striking down Section 3 of the Defense of Marriage Act as unconstitutional, will have a broad range of impacts for states (including Maine and New Hampshire) which...more

Northwestern Law Dean: Let Students "Vote With Their Feet"  [Video]

Mar. 28 (Bloomberg Law) -- Northwestern Dean Daniel Rodriguez says he supports a proposal under consideration in New York that would allow students to take the bar exam after two years of law school without getting a degree....more

Veterans Affairs Bans Incentive Compensation Based on Securing Student Enrollments or Financial Aid

This alert is designed to help educational institutions understand the new Improving Transparency of Education Opportunities for Veterans Act, which establishes a ban on incentive compensation based on success in securing...more

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