101 dalmatians consumer disclosures 10.13.2014 presented by betsy mayotte melbourne, victoria,...
TRANSCRIPT
101 Dalmatians Consumer Disclosures
10.13.2014Presented by Betsy MayotteMelbourne, Victoria, Australia
2Background
Higher Education Opportunity Act of 2008 (HEOA)
Consumer Finance Protection Bureau
Upcoming Reauthorization
3
Required Notices
4Annual Notice to Enrolled Students
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
5Annual Notice to Enrolled Students con..
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)
6Financial 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
7School Information
Must make available upon request to enrolled and prospective students:
Completion and graduation rate
Retention rate
Placement rate by graduates
Types of employment
8Textbook Information
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.
9Textbook Information
Also encouraged, but not required, to provide info on renting or purchasing used textbooks;
textbook buy-back programs; and
alternative content delivery programs.
10Peer 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
11Preferred Lender Arrangements
Covered schools or school affiliated organizations must disclose on it’s website and all informational materials:
• 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
13
Methods and Best Practices
14Policies First… Now Procedures
15Reasonably 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
16Who does what on campus
Best practices:
• Have one office designated to ensure all disclosures are in compliance.
• Keep it Simple
• Document all required disclosures and ensure all are covered
• Review it once a year
17Ways To Communicate Disclosures
• Emails
• Mass and to specific groups
• Alerts
• Websites
• Social Media
• Brochures
18Ways to communicate: Website
19Ways to communicate:Automatic Email
20Resources
Effective award letters
http://www.nasfaa.org/advocacy/award-letter/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/
21Resources
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/consumerinformation.html
22Resources
Comprehensive Consumer Disclosure Resource and Tips
http://counsel.cua.edu/res/docs/npec-heoa-disclosures-revised-11-29-09.pdf
Model FERPA Disclosure• http://
www2.ed.gov/policy/gen/guid/fpco/ferpa/safeschools/modelform2.html
SFA Requirements
Chapter 6, Volume 2 of SFA Handbook
23Thank you
SALT: A Responsible Borrower Program
CONTACT SALT
800.999.9080 [email protected] www.saltmoney.org