You read that right. Last year NACUBO and the Department teamed up to separate the College Financing Plan (CFP) into two forms: one for undergraduate schools and another for graduate and professional schools. That’s a HUGE improvement. Additionally, the format of the College Financing Plan has also been updated for 2020-2021 to include additional data elements, a new responsive design, and the ability to customize the colors of the CFP to match those of your institution.
If you’re institution agreed to comply with the Principles of Excellence (POE) in Executive Order 13607, you must provide this form to prospective students who are eligible to receive federal military and veterans’ education benefits. Other institutions can use it too and must provide it to all graduate and undergraduate students. Each of the components institutions need to complete institutional College Financing Plans, including the HTML specifications file, technical guide, and a set of Frequently Asked Questions (FAQ) can be found here.
According to the most recent reports from the U.S. Department of Education, almost half of the top 10 program review findings are consumer information violations. Fines can exceed $30,000 per violation, and that means the cost of non-compliance can be extreme. Our Consumer Information Assessment can help you avoid fines and penalties by providing a confidential, comprehensive peer review of all required disclosure and reporting requirements.
Student Consumer Information has been the sole focus of many recent program reviews. There are more than forty different policies and disclosures that must be made to students, either on your school’s website or in other publications such as the school catalog or student handbook.
Many of these disclosures must be updated and distributed to students annually. Additionally, schools must report data to the U.S. Department of Education each year to stay in compliance, including: IPEDS, FISAP, Teacher Preparation, Campus Crime Statistics, Intercollegiate Athletic Program Participation Rates, Gainful Employment and information about student outcomes such as graduation, retention and placement rates.
Assessing your institution’s compliance with consumer information disclosure and reporting requirements can help you stay ahead of problems while ensuring that current and prospective students as well as the public at large have all of the information they need to make informed decisions about your school.
Learn More about managing your college’s risk.
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Institutions with questions about Title IV and compliance with Federal Regulations related to Federal Student AId Programs are welcome to contact our office for assistance.