The Department of Education (the Department) has received a number of policy questions from the higher education community regarding final regulations, published on October 31, 2023, which will go into effect on July 1, 2024. Specifically, the Department has received questions regarding requirements related to financial responsibility and certification procedures.
To address these inquiries, the Office of Postsecondary Education (OPE) has published two sets of frequently asked questions (FAQs) on their website of policy guidance:
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Financial Responsibility Regulations FAQs: Examples include the required alignment of an institution’s fiscal year used for Title IV purposes and the one used for tax return purposes as well as whether these regulations apply to foreign schools participating in the Federal Direct Loan Program.
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Certification Procedure Regulations FAQs: Examples include further explanation of the disclosure requirements for programs leading to licensure or certification; additional guidance on the transcript withholding requirement; and how the Department determines whether a prospective student is considered enrolled in distance education.
OPE will add future FAQs to this site when the Department receives additional questions that are of interest to the full higher education community.
Contact Information
Please send questions through the Contact Customer Support form link in Federal Student Aid’s Help Center. When submitting a question, please enter your name, email address, IHE, topic, and question. When selecting a topic, please select “Policy Guidance.”