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CSPEN BREAKING NEWS: House Passes American Rescue Plan

CSPEN BREAKING NEWS:  House Passes American Rescue Plan

Central States Private Education Network ~ CSPEN

Assistance and Modifications to the 90/10 Rule to Be Signed Into Law

March 10, 2021

Just a short while ago, the U.S. House of Representatives voted 220-211 in favor of approving the Senate’s revised version of President Biden’s $1.9 trillion American Rescue Plan (ARP) – legislation promoted as a must pass package of coronavirus investment in new money for vaccines and testing and additional resources to sustain the economy throughout the remainder of the pandemic.

As has been reported by CSPEN in previous email updates and weekly CSPEN Federal Legislative and Regulatory Updates (Thursday afternoons from 2-3:30 PM ET), the first major piece of legislation proposed by President Biden and ratified by Congress is not only the fulfillment of his campaign pledge to move quickly to attempt to steer the U.S. out of the coronavirus/economic crises, but also the completion of the first in a series of reforms targeted at our community contained in his higher education policy agenda – closure of the 90/10 Loophole.

While the community was successful in adding a highly important amendment as part of Senate floor consideration of the ARP, and we should be proud that collectively we were able to rally bipartisan support for the development and approval of the provision providing our community with up to three years to adjust to the new definitions and corresponding changes to the types of federal education assistance funds that will now be part of the denominator of the calculation, this is a serious setback for the students of all walks of life that choose to attend our institutions and our community as well.

Please join with us tomorrow afternoon as we take an in-depth look at the benefits associated with the Moran/Carper Amendment – providing the community with time to assess the full impact of the modifications to the 90/10 Rule, steps that your institution should be considering even now to help mitigate the impact of the provision likely to be codified in regulations in July of 2023, and how we anticipate the regulatory process unfolding for both this and the new round of additional federal emergency grant assistance also included within the ARP.

In addition to the full discussion on the ARP, CSPEN will also be sharing new guidance that we have obtained from the U.S. Department of Education, providing some limited additional clarification on the use of HEERF I and HEERF II grants.

Please join us for yet another important update if you can.

Please register for CSPEN Federal Legislative & Regulatory Update on Mar 11, 2021 2:00 PM PST at:

https://attendee.gotowebinar.com/register/3467407088758566927

After registering, you will receive a confirmation email containing information about joining the webinar.

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