The Department of Education recently adopted revisions to its Title IV Higher Education Act (HEA) cash management rules that include new restrictions on financial products used to disburse credit balance funds to students. Credit balances result when the amount of Title IV HEA program funds credited to a student’s account exceeds the amount of tuition and fees, room and board, and other allowed charges. The rule impacts certain agreements between universities and financial institutions, including by requiring public disclosure of relevant cost information in some instances.

While the final rule becomes effective July 1, 2016, the mandatory compliance date for certain provisions is delayed beyond 2016.

Our complete final rule summary is available here.