The Education Department barred schools from withholding transcripts from student who are late on their bills.
Secretary of Education Miguel Cardona announced new rules that make it easier for regulators to police colleges at risk of closure. The Education Department on Tuesday finalized a package of regulations to safeguard vulnerable college students. It will heighten oversight of colleges on the brink of closure and the administration of federal financial aid programs.“These final rules will raise the bar for accountability and protect students and taxpayers.
The rules, which take effect in July, make it easier for regulators to police colleges at risk of closure. Federal officials will be able to require more schools to set aside money to protect the department from absorbing student-aid liabilities. Those circumstances include a college entering bankruptcy or facing large financial liabilities from a lawsuit by state or federal authorities.Colleges will have 21 days to report such perils and whether they have resolved them.
A spate of school closures, primarily in the for-profit college sector, has cost the government millions of dollars as it is required to discharge the debt of students affected by such shutdowns. Between 2013 and 2022, the Education Department could collect only $344 million of the $1.6 billion colleges owed in federal student aid because the institutions had gone bankrupt or shut down.
The regulations also address how colleges handle the billions of dollars they receive in federal grants and loans. They require colleges to clearly disclose information in their financial aid awards, such as the net price that students pay after aid is applied and the total cost of attendance. Colleges also have to provide adequate financial aid counseling and career advice to students.federal financial aid.
Some states ban the practice. Still, colleges have run afoul of those laws. Former students of Eastern Illinois University sued the school this summer for violating state law by withholding their transcripts over unpaid debts to the college.
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