10 Ways To Improve Regulatory Compliance in 2024

After a busy regulatory year from the Department of Education, many schools nationwide report increased regulatory scrutiny as a top challenge going into 2024.

As we close out 2023 and move into the new year, here are ten things you should do to shore up your regulatory compliance for 2024:

1. Review new regulations

You can’t be prepared for new regulations if you don’t know what’s coming. Leading compliance expert Edward Cramp advises joining as many regulatory webinars as possible and reading up on as many resources as you can. His firm, Duane Morris, provides regulatory updates on their website, including one about the latest round of proposed rules. Although 2024 is the year of BDR and GE, he tells schools that he cannot overstate the importance of understanding the new proposal.

Check out our joint compliance webinar to learn more.

2. Make a compliance calendar

Edward’s second tip for remaining compliant in 2024 is to prepare a compliance calendar.

The new regulations are extensive, and ensuring compliance all at once would be a massive, daunting task. Once you’ve reviewed the new regulations and understand your organization’s compliance strengths and areas of improvement, create a calendar and a plan for tackling each regulation.

3. Run your GE calculations

While some schools are holding out hope for a change to gainful employment regulations, Edward advises to prepare for the regulations as they’re currently written.

Even in the event of an administration change, establishing (and undoing) regulatory changes takes time. It is unlikely that a new administration could make changes to the regulations before the first program failures are enforced.

Rachna Madan, a higher education compliance consultant with 20+ years of experience managing comprehensive compliance and financial aid programs, advises running your GE calculations and monitoring, retrofitting, and capping current tuition rates based on your estimated debt-to-earnings ratio.

Learn more about estimating debt-to-earnings ratio.

4. Create a BDR response package

Edward has seen BDR claims released with more frequency, typically on Thursdays. He’s seen organizations receive anywhere from two claims to over 300 claims. However, none of them have been substantial.

Regardless of how many claims an organization receives or how substantial those claims are, Edward recommends responding to every single one to cover your bases with the Department, state regulators, and accreditors.

His firm will respond to claims on behalf of clients, but he recommends putting together an internal process for schools that do not have legal counsel. Although the Department has yet to provide guidance on responding to the claim, he recommends including copies of your consumer disclosures, enrollment agreements, and any other financial-related documents that students signed.

5. Call your vendors

Does your accounting team have a full understanding of how financial responsibility could impact your organization? Has your legal services provider reviewed your consumer disclosures through the lens of the latest BDR changes?

Your vendors will likely already be up to speed on new regulations, but Edward still recommends connecting with them to get on the same page about potential compliance risks.

6. Review your technology

Connecting with vendors applies to both service AND technology providers. Review your technology providers and consider whether they’re built with career and for-profit education programs in mind.

They may not account for regulatory changes if they’re built for general business use or traditional higher education. Compliance may not be relevant for every technology provider depending on how you use the product. Consider establishing a running list of which technology providers are relevant to your compliance goals and go from there.

7. Audit the student experience

According to Edward, organizations can address many compliance issues by simply striving to deliver the best educational experience possible. He uses the analogy of a high-end retail experience. You wouldn’t visit a luxury store and expect to walk out without feeling satisfied by your experience, and he believes the same goes for schools.

Audit your student experience to uncover opportunities for improvement for 2024.

Check out our blog for nine tips on improving student experience in career and vocational education programs.

8. Audit your classroom oversight

Are your classes starting and ending on time? Are your instructors operating in accordance with your compliance policies? And can you prove it?

Consider your current classroom oversight and how you evaluate instructor performance. If you need more insight into whether or not instructors are adhering to your policies, consider what solution works best for your organization. For some, this means increasing the frequency of classroom visits and observations. For others, this means implementing a digital solution. Check out our blog to learn four ways CourseKey improves instructor oversight.

9. Review your Title IV processes

Title IV processes and aid distribution are key pillars for the next round of proposed regulations. Consider your current aid process. Are you sitting on undisbursed funds? Do students receive disbursements on time?

If your Title IV processes face delays, now is the time to find a solution.

Learn how Divers Institute of Technology eliminated disbursement delays with CourseKey.

10. Join an industry organization

Finally, industry organizations like Career Education Colleges and Universities (CECU) and state organizations advocate on behalf of career education programs and provide members-only content and resources like webinars, regulatory summaries, and more. These organizations are a great resource to help you stay up-to-date on the regulatory environment.

Improving your regulatory compliance with CourseKey

CourseKey helps over 300+ vocational education organizations to improve compliance by streamlining Title IV processes, increasing administrative oversight, creating a world-class student experience, and more.

Request a demo to learn more about how CourseKey can help you meet your compliance goals.