Regent Education announced today that with its latest release, it now supports automated financial aid processing for the new Subscription-Based Programming Enrollment Model.
About the Subscription-Based Programming Enrollment Model
The Subscription-Based Programming Enrollment Model is a new and exciting awarding and disbursement model established by the Department of Education for self-paced programs that bill 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 already 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 Subscription Periods
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’, but does recalculate Pell as required;
- 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
- Provides specific Satisfactory Academic Progress (SAP) and Return to Title IV (R2T4) requirements.
As the leading provider of SaaS solutions that automate financial aid verification, packaging, and disbursement for traditional and non-traditional enrollment models, Regent expanded its packaging and disbursement automation capabilities for the new model with its latest release. Regent’s support for the model includes automated packaging, tracking of units required for disbursement, disbursement clearance checks based on successfully completed units, SAP, and R2T4. Regent also included student-facing progress trackers to enhance visibility into these aspects of the Subscription-based Model. For more information about out the financial aid processes that can be automated for the top enrollment models, including the Subscription-based Enrollment model, visit Automating Financial Aid for the Top Enrollment Models.
“We already supported 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 new model subscription-based model creates 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.”