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.