714.25  Disclosure.
  1.  For purposes of this section, “proprietary school” means a person offering a postsecondary educational program, for profit, that is more than four months in length and leads to a recognized educational credential, such as an academic or professional degree, diploma, or license.
  2.  A proprietary school shall, prior to the time a student is obligated for payment of any moneys, inform the student, the college student aid commission, and in the case of a school licensed under section 157.8, the board of cosmetology arts and sciences or in the case of a school licensed under section 158.7, the board of barbering, of all of the following:
  a.  The total cost of the postsecondary educational program as charged by the proprietary school.
  b.  An estimate of any fees which may be charged the student by others which would be required if the student is to successfully complete the postsecondary educational program and obtain a recognized educational credential.
  c.  The percentage of students who successfully complete the postsecondary educational program, the percentage who terminate prior to completing the postsecondary educational program, and the period of time upon which the proprietary school has based these percentages. The reporting period shall not be less than one year in length and shall not extend more than five years into the past.
  d.  If claims are made by the proprietary school as to successful placement of students in jobs upon completion of the proprietary school’s postsecondary educational programs, the proprietary school shall provide the student with all of the following:
  (1)  The percentage of graduating students who were placed in jobs in fields related to the postsecondary educational programs.
  (2)  The percentage of graduating students who went on to further education immediately upon graduation.
  (3)  The percentage of students who, ninety days after graduation, were without a job and had not gone on to further education.
  (4)  The period of time upon which the reports required by paragraphs “a” through “c” were based. The reporting period shall not be less than one year in length and shall not extend more than five years into the past.
  e.  If claims are made by the proprietary school as to income levels of students who have graduated and are working in fields related to the proprietary school’s postsecondary educational programs, the proprietary school shall inform the student of the method used to derive such information.
  3.  The requirements of subsection 2 shall not apply to a proprietary school that is eligible for federal student financial aid under Tit. IV of the federal Higher Education Act of 1965, as amended.
88 Acts, ch 1274, §47; 89 Acts, ch 296, §87; 90 Acts, ch 1222, §4; 2007 Acts, ch 10, §182; 2012 Acts, ch 1077, §19