A closer look at Third-Party Servicer Requirements

The Education Department (ED) recently updated its guidance for Institutions of Higher Education (IHEs), and most of the content discussing the changes has been directed towards IHEs. However, it is important to recognize that Third-Party Servicers (TPSs) are also impacted by this guidance and require attention and resources to adapt.

TPSs provide essential services to IHEs, including enrollment management, financial aid processing, and student support services. The updated guidance from ED has left many TPSs concerned about the potential implications of the changes. This concern has led some TPSs to consider withdrawing from Higher Education altogether.

Metavasi Partners provided a comprehensive overview of the TPS requirements along with best practices in its recent article. Be sure to check it out!