Funding - The Mind Leader

Types of Eligible Institutions:

Associate’s, Bachelor’s, Graduate or Professional Degree; or
At Least a Two-Year Program That Is Acceptable for Full Credit Toward a Bachelor’s Degree; or
At Least a One-Year (Federal Definition) Program That Leads to a Credential and Prepares Students for Gainful Employment in a Recognized Occupation
Proprietary Institution of Higher Education
All Eligible Programs Must Provide Training for Gainful Employment in a Recognized Occupation and at Least One of the Following Programs of Study:
At Least 15-Week Undergraduate Program (600 Hours or 16 Semester or 24 Quarter Credits); or
At Least 10-Week Program (300 Hours or 8 Semester or 12 Quarter Credits) at Graduate Level or That Admits Only Students with at Least an Associate’s Degree; or
At Least 10-Week Undergraduate Program (300-599 Hours) That Admits Students without Associate’s Degree and That Has Verified Completion and Placement Rates of at Least 70% (Federal Calculation), Has Been in Existence for at Least One Year, and Meets Certain Program Length

Must Be Licensed or Otherwise Authorized by the State Where It Operates to Offer a Postsecondary Education Program
Must Be Accredited by a Nationally Recognized Accrediting Agency
Must Admit as Regular Students only Persons with High School Diplomas or the Recognized Equivalent or Persons beyond the Age of Compulsory School Attendance
Two-Year Rule (Proprietary and Vocational Institutions Only)
Must Have Been Licensed and Offering the Same Postsecondary Instruction for at Least Two Consecutive Years
P90/10 Rule (Proprietary Institutions Only)
Must Not Derive More Than 90% of Revenues from Title IV Funds
Must Offer at Least One Eligible Program
Must Not Have Filed for Bankruptcy Protection
Institution, Owner, and CEO Must Not Have Pled Guilty, Pled No Contest, or Been Found Guilty of a Crime or Determined to Have Committed Fraud Involving Title IV Funds
Ability-to-Benefit Rule (Non-Degree Institutions Only)
At Least 50% of the Regular Students Enrolled in an Award Year Must Be High School Graduates or the Equivalen
No More Than 25% of the Regular Students Enrolled in an Award Year Can Be Incarcerated
No More Than 50% of Courses in an Award Year Can Be Offered by Correspondence and Telecommunications Courses are Correspondence Courses if All Telecommunications Courses and Correspondence Courses Together Equal at Least 50% of All Courses Provided
No More Than 50% of Regular Students Enrolled in an Award Year Can Be Enrolled in Correspondence Courses

Academic Year (Two Components)
Calendar Time 30 Weeks
Amount of Instruction 900 Clock Hours; or
24 Semester Credits; or 36 Quarter Credits
Clock Hour to Credit Formulas
Must Be Able to Process Title IV Electronically
Must Designate Capable Individual to Administer Title IV Programs
Must Provide Financial Aid Counseling
Must Have Adequate Staffing
Must Adopt an Acceptable Satisfactory Academic Progress Policy
Must Not Exceed Student Loan Default Limits
New Schools Must Develop Default Management Plans
New Schools Must Have Withdrawal Rate No More Than 33% (Federal Calculation)
Neither School nor Any Principal Has Been Debarred or Suspended
Financial Responsibility
Assessment of Whether School Can:
Provide Services Described in Its Publications
Properly Administer Title IV Funds
Meet All of Its Financial Obligations
Responsible If It Has Composite Score of at Least 1.5 and Has Sufficient Cash Reserves to Make Required Refunds
Is Current in Debt Payments
Must Submit Irrevocable Letter of Credit
Acceptable and Payable to Department
Equal to 50% of Title IV Funds that Department Determines School Would Receive in Initial Year of Participation