Institutional Eligibility and Student Assistance General Provisions

The Secretary amends the Student Assistance General Provisions regulations by revising requirements for compliance audits and audited financial statements, revising the two-year performance exemption to the refund reserve requirement, and adding financial responsibility standards for foreign schools. These final regulations improve the Secretary's oversight of institutions participating in programs authorized by title IV of the Higher Education Act of 1965, as amended. The final regulations do not contain changes to the general standards of financial responsibility, which will be considered further by the Secretary.