The Department recognizes that effectively launching the FVT/GE regulations means giving institutions the time needed to compile the necessary data for reporting, while also carrying out their other responsibilities. Accordingly, we are announcing some flexibilities to the timing for required data reporting for FVT/GE. Schools should not exclude any students from reporting, whether they use transitional or standard reporting. The Department will apply the appropriate exclusions for students when calculating the D/E and EP measures.
- Essentially, this means that nearly EVERY participating Clearinghouse institution will be impacted by the FVT/GE legislation reporting requirements and should anticipate having to meet the reporting requirements by the deadline.
- Because the Department has extended the deadline for institutions to evaluate their Completers Lists until September 30, 2025, those lists will be reverted to draft status in NSLDS by Monday, February 17, 2025.
- FVT/GE operates based on award years, which cover the period from July 1 through June 30.
- If you change fields already populated on the file, the records could be flagged with an error or warning.
- Initially, institutions will be required to provide a Transitional Certification demonstrating this for existing GE programs.
How the Clearinghouse Is Supporting Your Gainful Employment & Financial Value Transparency Reporting Needs
“All nondegree programs (e.g., certificate programs, diploma programs) that lead to recognized credentials at public and private nonprofit institutions are GE Programs except for CTP programs and prison education programs. The FVT/GE act requires institutions to report extensive financial aid and institutional cost data elements during a time when they have no resources to spare to build and support complex new compliance processes. As your partner, the Clearinghouse is committed to alleviating your administrative burden for complying with the FVT/GE reporting requirements through a new and free solution that will enable low-effort data submission/extraction, data access, benchmarking, evaluation, and outcomes reporting. If a student completes an undergraduate program and a graduate program at the same institution, the Department always treats the two as separate programs, even if the student graduated from both programs at the same time (for example, a dual-degree program). In these circumstances, the Department uses the same earnings data for both programs, but uses only graduate debt to calculate debt for the graduate program, and only undergraduate debt to calculate debt for the undergraduate program. A qualifying graduate program is a program whose students must complete required postgraduation training programs to obtain licensure to practice in the field.
Sample distribution for the four most recently completed award years for program 1234xx:
- The Financial Value Transparency (FVT) scope expands reporting requirements well beyond those programs identified as Gainful Employment (GE) programs.
- For the D/E rates, we exclude loan debt incurred by the student for enrollment in any program at any other institution.
- For example, a student enrolls in a 900 clock-hour program, incurring direct charges of $11,500 (assume the institution bills up front for the entire program).
- In addition, the Financial Aid Officer role must be assigned to at least one user at your institution because it is the role responsible for updating and submitting FVT/GE data for your institution.
The allowance for books, supplies, and equipment is the total annual allowance for books, supplies, and equipment that an institution includes in a student’s cost of attendance for the award year being reported. This amount should be the actual amount included in a particular student’s cost of attendance for that award year, in accordance with the institution’s process for developing the allowance. It should incorporate any corrections or use of professional judgment by the institution as of the date that the institution completes reporting. The FVT/GE regulations define “institutional financial transparency grants and scholarships” in 34 CFR 668.2 as “assistance that the institution or its affiliate controls or directs to reduce or offset the original amount of a student’s institutional costs and that does not have to be repaid. Typically, an institutional grant or scholarship includes a grant, scholarship, fellowship, discount, or fee waiver” that is included in a student’s financial aid package as estimated financial assistance.
Is my institution required to complete the “Attest to Qualifying Graduate Programs for AY 2023-2024” section?
Since the number of program completers may vary by year, the Department may use cohort periods of different lengths to calculate the rates for the same program Insurance Accounting in different years. For example, the Department may use the 4-year cohort period data to calculate the rates for a program in one year and it may use the 2-year cohort period data to calculate the rates for the same program in another year. The Department will calculate and publish D/E rates and EP metrics for all educational programs for which data are available except for certain exceptions noted below. The Department will only discontinue the eligibility of failing GE programs that are currently Title IV-eligible.
Financial Value Transparency and Gainful Employment Information
On October 10, 2023, the Secretary published final regulations in the Federal Register (88 FR 70004) that apply to most educational programs that are eligible to participate in the student financial assistance programs authorized under title IV of the Higher Education Act of 1965, as amended (HEA). These Financial Value Transparency and Gainful Employment regulations are scheduled to be implemented on July 1, 2024. Under the auspices of title IV of the Higher Education Act of 1965, the FVT/GE regulations introduce a framework designed to provide information concerning program costs, financial aid opportunities and expected educational outcomes. The primary goal of this framework is to mitigate the risk of students enrolling in career-training programs that offer minimal financial returns, thus safeguarding the investment in education. If neither your institutional accrediting agency nor a programmatic accrediting agency requires data for students who take and/or pass a licensure exam, you should leave a space in the relevant fields.
What will the Clearinghouse’s free FVT/GE reporting solution include?
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. The Department will be responsible for the content and delivery of the acknowledgements, for collecting the acknowledgment from students, and for informing institutions which students have completed the acknowledgment. First, for each award year, using information from NSLDS, we create a list of students who received Title IV aid and completed the program during the cohort period, including an indication of whether a student will be excluded, and we submit the list to the institution for its review. Upon completion of this process, we provide the Online Accounting institution with a final list that will be submitted to the IRS. Annual data should be reported for students who are enrolled as of the end of the most recently completed award year.