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HEOA/Regulation Z Compliance

In 2009, the Federal Reserve Board issued final regulations implementing the changes to Regulation Z resulting from Title X of the Higher Education Opportunity Act (HEOA)*. The amendments include new disclosure rules for private education loans offered by entities deemed as "creditors", effective February 14, 2010.

The disclosure requirements apply to both Title IV and Non-Title IV postsecondary institutions who extend credit (provide institutional loans and/or extended payment plans) to students. Tuition Options' new servicing platform fully supports the HEOA regulations by providing the necessary disclosures for compliance. The new process is seamlessly integrated into the existing online application flow which minimizes any additional labor or time needed to meet compliance guidelines.

Our suite of HEOA services includes:

✓ Legally approved disclosures

✓ Compliance and best practice guidance

✓ School and borrower specific customization of forms

✓ Review and confirmation that all required forms are received and completed

✓ Mailing of final disclosure

✓ Document recapture and data storage

✓ Experience in regulatory compliance

Each member of the Tuition Options management team has over 10 years of experience in lending, servicing, originations and regulatory support to Title IV and Non-Title IV post secondary institutions which includes:

✓ Calculating federal loan refunds

✓ Timely submissions of refunds subject to statutory policies

✓ Pre-default and post-default work on Title IV loans

✓ Assisting schools with 90/10 compliance

This relevant experience with regulatory audit requirements and compliance enables Tuition Options to provide schools a clear and complete understanding of the new Federal HEOA/Regulation Z compliance standards.

Please contact your Tuition Options representative or Leslie Canuso at leslie.canuso@tuitionoptions.com to learn more.

*The final rules can be found at www.ed.gov/heoa