Keeping Up With Changes to Federal Regulations on Changes in Ownership and Financial Responsibility

Faegre Drinker partner Jonathan Tarnow presented to the 2023 Annual Conference of the National Association of State Administrators & Supervisors of Private Schools (NASASPS), whose primary members are state boards, commissions, agencies and departments that regulate or supervise private colleges, universities, and career and technical schools.

Jonathan provided the audience of state regulators and school officials with an overview of significant changes to federal regulations that take effect July 1, 2023, for changes in ownership or control of postsecondary institutions. He also discussed related financial standards being applied by the U.S. Department of Education (ED) to such transactions, and recent ED policies requiring certain ownership entities and individuals to assume personal liability for an institution’s federal student aid administration.