Skip to content Menu

Part of the recently revised cash management regulations establish rules for institutions that have arrangements with third-party servicers processing Title IV credit balance refunds (T1 arrangements) and banks (T2 arrangements). The regulations require colleges and universities to disclose on their website-by September 1-the contract establishing a T1 or T2 arrangement. Additionally, institutions need to provide the Department of Education with the URL of the contract so the department can include it in a centralized public database.

On July 1, ED posted an Electronic Announcement with instructions for submitting those contracts. Schools will also be able to use the website to submit future updated/amended contracts. Institutions are allowed to redact portions of the agreement that would compromise "personal privacy, proprietary information technology, or the security of information technology or of physical facilities." 

NACUBO has a web page with extensive cash management resources for institutions. 

UPDATE (September 30, 2016): ED published a "Dear Colleague Letter" reminding institutions to post contracts and arrangements online and to submit copies to the Department to post in the database.  The guidance also included a link to access the database.

Contact

Bryan Dickson

Director, Student Financial Services and Educational Programs

202.861.2505

Contact

Liz Clark

Vice President, Policy and Research

202.861.2553


Related Content

NACUBO Raises Concerns With Proposed Rules on Financial Responsibility, Transcript Holds, and More

In a letter to the Department of Education, we highlighted proposals that go beyond generally accepted accounting principles, concerns regarding new reporting mandates, and more.

ED Shares FAFSA Simplification Guidance for 2024-25 Award Year

The Department of Education plans to make “significant and extensive changes” to the FAFSA form and process, following other important changes over the past few years.

ED Publishes Final Gainful Employment, Financial Value Transparency Regulations

The final rules, which take effect on July 1, 2024, contain some notable differences from ED’s proposal.