There has been a great deal of press and Washington activity regarding tuition refunding as it relates to consumer protections, unethical deals, unfair fee assessments to students and much more. But the good news is that this type of BUYER BEWARE press is not always a bad thing when you can affirm that your solution is aligned with all industry recommended best practices.
Compliance and Refunding
Concerns over compliance can lead some institutions to take a path of status quo rather than risk committing sins of commission. There is no denying that the compliance environment has changed and continues to evolve. However, if you are waiting for the compliance environment to completely stabilize before critically reviewing your refund program, you might be stuck in neutral for a long time.
Being Compliant is Essential
The costs of non-compliance can be simply too high for an institution to bear. The issue arises when compliance becomes an end rather than a means. There is little doubt that issuing paper checks within the 14-day Title IV window is a low-risk play. The more important question, however, is whether it best serves the needs of your students and families. If the answer to that question is no, then I would encourage you to explore how to best serve your entire student population in a compliant fashion.
Our new free eBook, the 5 Steps to Better Refund Processing (The 5Cs), can help serve as a guide to developing a comprehensive, student-friendly, refunding program in a compliant manner.
Free eBook - Five Critical Components You Need to Build a Better Refund Program
This document gives you an actionable template to guide you through a comprehensive review of your process that leverages the collective experience of TMS and its client schools. In it you will learn how to apply the 5 C’s to make your process student friendly and keep you from getting bitten! The following Best Practices (5C’s) are covered in detail:
1 NACUBO Offers Debit Card Best Practices, January 2013
2U.S. PIRG, The Campus Debit Card Trap – May 2012
By: Craig Lockwood, Managing Director, Product Strategy