This report is the third in a three-part series examining how institutions of higher education have responded to state and federal policies limiting the use of transcript holds for unpaid balances. Ithaka S+R partnered with the American Association of Collegiate Registrars and Admissions Officers (AACRAO) to field the 2024 Transcript Hold Regulation Impact Survey in April 2024 to understand the actual and anticipated impacts of the state and federal regulations on institutions. For the third phase of this project, survey respondents were invited to participate in focus groups to discuss their experiences preparing for the new federal guidelines on transcript withholding and, where applicable, managing change following a state limitation or prohibition on the practice. Findings revealed that institutions often had to navigate the same complex challenges regardless of the level of their regulation. These challenges included figuring out how to ensure compliance from the perspective of their staff and technological capabilities, managing institutional debt levels, and supporting students through communication and financial resources.