For-Profit School Disclosures

What schools must provide disclosures? 

A for-profit school that meets both of the following conditions:

  • Does not participate in the federal student aid programs; 
  • Offers at least one program of more than four months in length leading to a recognized postsecondary educational credential. This credential may include but is not limited to a:
    • Degree, diploma, license, or certificate issued by the school; or
    • Professional license or certification issued or otherwise required by the State; or
    • Certificate, badge, or other type of professional credential awarded by a corporation or employer (e.g., “microcredentials” issued by software companies like Microsoft, Adobe, etc).

What information must be disclosed?

A for-profit school must disclose (prior to the time a student is obligated for payment of any monies), the following:

  • Total estimated program(s) cost;
  • Estimated fees charged by third parties (e.g., to sit for a professional licensure examination or obtain a professional license);
  • The percentage of students who have completed the school’s program of study or have terminated (i.e., withdrawn).

    Note: The school must disclose the period of time over which this data was collected, which must be no less than one year and no more than five years.
     
  • If a school makes job placement claims, the school must disclose the percentage of graduates who were:
    • Placed in fields related to the school’s program; 
    • Enrolled immediately upon graduation in subsequent postsecondary education;
    • Unemployed 90 days after graduation and who had not enrolled in subsequent postsecondary education.

Note: The school must disclose the period of time over which this data was collected, which must be no less than one year and no more than five years.

  • If a school makes claims about income earned by graduates in the profession in which the school prepares students, the school must explain how that information was derived.


Who receives the disclosures?

  • Current and Prospective Students
  • Iowa College Student Aid Commission
  • Board of Cosmetology Arts and Sciences (if applicable)
  • Board of Barbering (if applicable)

See Iowa Code Section 714.25.


How does a school demonstrate compliance?

A school demonstrates compliance as part of the school’s application for authorization to operate under Registration, Registration Exemptions, or Financial Responsibility.

Who do I contact?

For further information, contact the Postsecondary Authorization Team