Regarding Median loan debt
Regarding the median loan debt...does the school need to provide this information in various formats or just one?
My understanding is that it is a requirement under consumer disclosures and a reporting requirement. I am not sure if that answers your question about format but their are multiple requirements around this new regulation.
As of July 1, 2011, the requirement is on the web site, on any handouts we give, and and in other company literature involving financing at our school. The directions specifically for our organization from our company's compliance people is till forthcoming.
THe more we tell them the better understanding they seem to have. Tell them, tell what you told them and then tell it again.
It appears that the proposed generic disclosure form to be provided by the DOE will determine the informational format. I wonder, though, if there will be any oversight in the accuracy of the reported information. Other reported data, such as placement rates, completion rates, and salaries can be tied to either state or accrediting body annual reports which require extensive back up information, but I'm not aware of a standarized reporting process that adds validity to loan debt data.
You bring up an interesting point, Madeline. Much like cohort default rates, I suspect schools will challenge some of the data that will be provided to them for median loan debt. Data provided by the schools for the other portion of this regulation could be challenged by the Dept of Ed (or other relevant authorities) and schools should be prepared to provide evidence of any calculations, formulas, and data used to report and disclose this information.
I couldn't agree more, Kimberly.
The school is required to provide this information in more than one format. They not only need to provide this information verbally, but also provide a link to the student that details accurate information. This way the student is fully aware of the median load debt and can access that information anytime he/she may choose.
This information should be provided in many different ways to make sure student understands.
I have heard that in order to really retain something you have to receive or hear it something like at least 12 times. . . so I agree that we should repeat the information as much as possible to make sure that it is being retained. I want my students to really know and understand what they are getting into. I believe that their education is worth the investment, but they need to understand that it is an investment :)
Yes, the school must provide median loan debt information in more than one format. It must be made available in promotional materials given to prospective students and it must be prominently posted on the school's website home page in an "open format". In other words, it must be easy to access.
Median loan debt information should be provided to the student in the best way that he or she would understand it. It should not be limited to just one format.
Understanding is key. Sometimes showing figures to a student multiple times doesn't really cut it. Some people are afraid to ask questions and will just sign what is put in front even if they don't understand it unfortunately. Asking them questions and having them repeat to you what you've explained and shown them I find quite helpful.
The institution must provide the median loan debt information in multiple formats.
It must be in multiple formats.
Median loan debt information should be provided in multiple formats and must be included in promotional materials made available to prospective students.
Thanks this helped. That way the student understands what the median loan debt can be.
Carol - I like your approach to reinforce what is in writing with questions and having them repeat it. Thanks for sharing.
It must be in multiple formats.
