The Department of Education (ED) indicated that it will pursue negotiated rulemaking on a variety of programs -- including Financial Responsibility -- under Title IV of the Higher Education Act, as detailed in Docket ID ED-2021-OPE-0077-0001.
Comments by NACUBO, NAICU, and ACE discuss issues with financial responsibility standards and highlight long-term debt rule changes as an example of a requirement that disregards favorable cost-effective business decisions made by non-profit institutions. The overarching sentiment expressed was the need for broad systemic changes that allow a holistic evaluation of an institution's financial health. The associations offer to collaborate with ED on an improved approach.
Additional information is available on NACUBO's financial responsibility page.