The Department shall provide such rules and regulations as are necessary to direct applicants for a certificate of approval in the preparation of a statement of the existing or planned educational programs and managerial organization and financial status of the applicant school. Upon receipt of any application, prepared in accordance with the provisions of this chapter, the Department shall provide for the review of that application and shall, within 90 days of its receipt, notify the applicant that the application is approved or disapproved or that further negotiation will be afforded toward the goal of approval.