These final regulations provide for data challenges that an institution may submit both before and after draft debt measures are established. These final regulations also provide that an institution may demonstrate that a failing program, as defined in §668.7(h) would meet a debt-to-earnings standard by recalculating the debt-to-earnings ratios by using the median loan debt for the program as determined by §668.7(c) and using alternative earnings from: a State-sponsored data system, an institutional survey conducted in accordance with National Center for Education Statistics (NCES) standards and for whom the institution submits an examination level attestation by an independent public accountant or independent governmental auditor that the survey was conducted in accordance with NCES standards, or, for fiscal years 2012, 2013, and 2014 Bureau of Labor Statistics (BLS). These final regulations also establish that when alternative earnings are going to be used by an institution that a notice must be sent to the Secretary expressing intent to use alternative earnings no later than 14 days after the date the institution is notified of its final debt measures under §668.7(f).
Finally, these final regulations require debt warnings to enrolled students as well as prospective students that explain the debt measures, show the amount by which the program failed the minimum standard, and describe any actions the institution plans to take to either improve the program's performance, or in the case of a second year warning, whether the institution plans to discontinue the program and the consequences for the students if the program becomes ineligible for Title IV, Higher Education Act (HEA) program assistance.
US Code:
20 USC 1001 et seq.
Name of Law: The Higher Education Act of 1965, as amended
PL: Pub.L. 110 - 315 102(a)(1)(B) Name of Law: Higher Education Opportunity Act
This is a new collection. The program change of 7,972,675 responses and 284,028 hours results from changing regulations.
No
No
No
No
No
Uncollected
Dan Klock 202 377-4026
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.