Presenters: Matt Chinn, UNISA, COO & Erin Vargas, Bellus Academy, COO
Today’s regulatory landscape looks a lot different than it used to. When it comes to properly originating a payment plan, retail installment contract and/or promissory note for in-house financing, schools must be aware of federal and state disclosure requirements and ensure compliance. From there, proper servicing must occur providing consistent reminders throughout the entire repayment process as well as ensuring compliant payment processing. California rolled out licensing requirements for proprietary schools and companies that service private education loans and as of the Summer of 2022, Colorado, Connecticut, DC, Illinois, Maine, Massachusetts, Minnesota, Montana, New Jersey, New York, Oregon, Rhode Island, Virginia, and Washington have followed suit. This includes receiving payments, sending notifications, and maintaining account records and/or any interactions and communications specific to a student loan. Further, the regulations cover where the student or alumni resides, not where the school is located. We hope you will visit this informative and interactive session hosted by a seasoned multi campus school COO and student loan servicer executive, to learn in-house financing best practices and ways to ensure and promote compliance.