US Department of Education works to give students more financial aid

FROM IDS REPORTS

The U.S. Department of Education recently released guidance for higher education institutions to provide financial aid to students in competency-based programs that will allow students to complete work at their own pace.

In the letter, the department reminded institutions that they may be able to give students Title IV funds under the direct assessment provision of the Higher Education Act of 1965 and included directions on how to apply.

According to a press release, some institutions have been looking into creating competency-based programs with student aid but have halted plans due to uncertainty about the possibility of providing financial aid to these students.

“This is a key step forward in expanding access to affordable higher education,” U.S. Secretary of Education Arne Duncan said in the release. “We know many students and adult learners across the country need the flexibility to fit their education into their lives or work through a class on their own pace, and these competency-based programs offer those features.”

The letter indicates that competency-based programs can shorten the time needed to graduate from college and reduce the cost of education for both career-technical and degree programs.

“The Department plans to collaborate with both accrediting agencies and the higher education community to encourage the use of this innovative approach when appropriate, to identify the most promising practices in this arena and to gather information to inform future policy regarding competency-based education,” the letter states.

— Sydney Murray