For program-specific data, schools will always report on the most recently completed award year. During the fall of 2023, the Department of Education released several regulatory packages that add new and expanded reporting requirements for higher education institutions. These include Financial Value Transparency (FVT) and updated Gainful Employment (GE) rules. The regulations are intended to provide more data about student debt, financial aid gaps, and completion and success rates.
- For users who want to use the web to report FVT/GE data, information about online access is also provided in the announcement.
- If a student is not enrolled at the institution for the entire year, the institution should prorate their allowance for books, supplies, and equipment to account for the period during which the student was enrolled.
- For nondegree and graduate programs with failing D/E rates, prospective students will be required to acknowledge that they have viewed information provided through the Department’s program information website.
- Another impact to your Completers List will be the students who have completed programs but for some reason those programs were never reported to NSLDS.
- The Clearinghouse will retain your institution’s Final FVT/GE Completers List on the secure site for your review.
- Institutions opting to use transitional reporting and metrics must remain with transitional rates for the first six years of calculation, and institutions that did not elect to use the transitional option in the first year of calculations will remain with standard rate calculations.
What roles does a school user need to address the Graduated Status Reconciliation Report?
If the earnings data from the IRS includes reports from records of earnings on at least 30 completers, the Department uses the median annual earnings provided by the IRS to calculate the D/E rates and EP measure for each program. For qualifying graduate programs, the two-year cohort consists of the students who completed the program during the sixth and seventh award years prior to the calendar year we use bookkeeping for earnings data in calculating the D/E and EP measures. The four-year cohort for such programs consists of the students who completed the program during the sixth, seventh, eighth, and ninth award years prior to the calendar year we use for earnings data in calculating the measures.
- The program is a GE Program even if the credits earned in the program are transferable to a four-year bachelor’s program.
- A program receiving an EP result without D/E rates is still subject to the same potential consequences for failing the EP metric.
- Institutions must also provide warnings to all enrolled students in a program that has failed one of the metrics by the later of July 1, 2026 or 30 days after the date that the Department notified the institution that the program had failed.
- The IRS does not provide the Department any individual earnings data or the identity of any students who were or were not matched because it is prohibited by law from doing so.
Company Announcements
These consequences do not financial transparency apply if the institution chooses to voluntarily discontinue the program or withdraw it from Title IV eligibility. We thank institutions for their continued efforts to comply with this requirement as part of their administration of the Title IV programs. We also asked respondents to rate their level of confidence that they can meet the current deadline of October 1, 2024, with the current level of resources and found that only 30% were confident (Chart 2). ED stated that it estimates the quantified annualized economic and net budget impacts of this final rule to be in excess of $200 million.
My institution does not use DegreeVerify, will we still be presented with this list?
The Financial Value Transparency (FVT) scope expands reporting requirements well beyond those programs identified as Gainful Employment (GE) programs. Under the July 1, 2024, regulation, institutions will be required to report all programs that share the same four-digit CIP code and have had 30 or more completers in total over the four most recent award years for both GE and non-GE programs. This includes the total number of recipients and non-recipients of Title IV and HEA funds enrolled in the program as well as student-level data for all recipients of Title IV and HEA funds. These reporting requirements are a significant expansion over the 2014 GE regulations that were rescinded July 1, 2019. Education Department’s new financial value transparency and gainful-employment rule, which was finalized Wednesday and defines what it means to prepare graduates for gainful employment. As part of the rule, programs at for-profit institutions as well as nondegree programs in any sector would have to show that graduates can afford their yearly debt payments and that they are making more than an adult in their state who didn’t go to college.
NSLDS Financial Value Transparency and Gainful Employment (FVT/GE) User Guide (December 2024 Update)
Therefore, ED stated that this final rule is subject to review by OMB under section 3(f) of the Order, as amended. The new supplemental real estate cash flow training resource should be used alongside the NSLDS FVT/GE User Guide which explores reporting methods (batch, web, spreadsheet submittal), reporting content, the Completers List, and other relevant topics in greater detail. The Department plans to make its program information system available by July 2026, and will provide more information on that process in the future.
- Nor does the Final Rule require any acknowledgement of the metrics by students in undergraduate non-GE programs.
- These Frequently Asked Questions (FAQs) provide information and operational guidance on the requirements of the new Financial Value Transparency and Gainful Employment (FVT/GE) regulations.
- Requirements for acknowledgements and warnings, and the establishment of the Department’s disclosure website, are effective July 1, 2026.
- We’ll also ensure that your data passes a robust series of validations to reduce the risk of NSLDS’ rejecting records, which would require more work by your institution.
- An institution must attest each award year that a program meets the requirements for a qualifying graduate program for the longer cohort period to apply to the program.
- For program specific data, schools will always report on the most recently completed award year.
- The Department understands institutions may desire additional flexibility beyond the already twice-moved deadline for reporting the required FVT/GE data.