Regent Education announced today that, in keeping with the regulations established by the Department of Education, it will provide automated financial aid support for the new Subscription-Based-Programming Enrollment Model.
About the New Model
The Subscription-Based-Programming Model is a new awarding and disbursement model for self-paced programs that bills tuition by subscription period. Students are billed an ‘all-you-can-eat’ flat tuition rate based on enrollment-level commitment for a subscription period or term, which allows them to enjoy tremendous flexibility with course load and rate of progress. The new model uses the term-based packaging models that have broad adoption, but the timing of disbursements is based on the expectation that students will complete work commensurate with their enrollment-level commitments. The model allows for some fluctuation in student progress without affecting disbursements.
How Regent Supports the New Model
While incredibly flexible for students, the Subscription-Based-Programming Enrollment Model features complex regulatory requirements and nuances, including that it:
Anticipates a specific enrollment level throughout a standard or nonstandard term program, rather than packaging per the student’s actual enrollment;
Has a flat tuition amount each term, which may vary by program/enrollment level;
Allows courses to overlap more than one term;
Does not have ‘census dates’;
Calculates a target number of cumulative, successfully completed credits or units needed for disbursement;
Clears Title IV disbursements only when a student has sufficient cumulative, successfully completed units; and
Has specific Satisfactory Academic Progress (SAP) and Return to Title IV (R2T4) requirements.
As the leading provider of Software as a Service (SaaS) solutions that automate financial aid verification, packaging, and disbursement for not only traditional academic years but also non-traditional enrollment models, Regent Education is including in its 5.7 release expanded packaging and disbursement automation in support of the new Subscription-Based-Programming Enrollment Model. Regent’s support for this model will automate packaging, tracking of units required for disbursement, disbursement clearance checks based on successfully completed units, SAP, and R2T4. Regent will also include student-facing progress trackers to enhance visibility into these aspects of the new Subscription-Based-Programming Enrollment Model.
“We already support non-traditional models like borrower-based academic year (BBAY) and competency-based education (CBE) at scale using standard and nonstandard terms as well as non-term enrollment models, so it is natural that our software’s automation evolved to support these new regulations and requirements,” said Jim Hermens, CEO of Regent Education. “The Subscription-Based-Programming regulations create an exciting new opportunity for universities and colleges to pursue creative and non-traditional enrollment models that support maximum student flexibility, pace options, and student choice.”
About Regent Education
Regent Education, the leading enterprise SaaS provider of automated financial aid solutions and services, simplifies the financial aid processes for higher education institutions offering traditional and nontraditional enrollment models (including BBAY 1, 2, and 3 and CBE models). Regent offers a suite of solutions encompassing the automation of financial aid management, verification process, student financial planning, and application for state financial aid. Regent’s cloud-based solutions help institutions increase enrollment, improve retention, speed student processing, and mitigate compliance risks. For more information, visit: https://regenteducation.com/.