Institutions will have until October 1, 2024 to provide all required reporting. The Department is providing institutions additional time to report such information by allowing institutions to submit the information that was previously due by July 31, 2024 to be submitted by no later than October 1, 2024.
POSTED DATE: March 29, 2024
AUTHOR: Federal Student Aid
ELECTRONIC ANNOUNCEMENT ID: GE-24-01
SUBJECT: Timeline of Financial Value Transparency and Gainful Employment Reporting Requirements
Today, the U.S. Department of Education (the Department) is releasing additional information and updates to help institutions of higher education prepare for complying with the Financial Value Transparency and Gainful Employment (FVT/GE) regulations. These rules, which were published October 10, 2023, and go into effect later this year, will provide students, institutions, and the public the most detailed information ever available about what students and families can anticipate paying for college and the financial outcomes they can expect to achieve. The rules also include the most effective requirements ever to protect students and taxpayers from career-training programs that fail to provide sufficient financial value.
Extension on Reporting Deadline to October 1, 2024
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.
- Institutions will have the ability to start reporting FVT/GE data through the National Student Loan Data System (NSLDS) starting July 1, 2024.
- Institutions will have until October 1, 2024 to provide all required reporting. The Department is providing institutions additional time to report such information by allowing institutions to submit the information that was previously due by July 31, 2024 to be submitted by no later than October 1, 2024.
This adjusted timeline allows institutions to focus their efforts on getting aid to students this spring and to have more time to compile data that would otherwise have been required by the end of July. At the same time, the Department still intends to produce the first official round of FVT/GE metrics in early 2025.
Revised Timeline and Implementation Milestones
The Department plans to publish both policy and operational guidance on the new FVT/GE requirements in the coming weeks and make changes to the National Student Loan Data System (NSLDS) to support the reporting process. The planned timeline for implementation is as follows:
Policy Guidance
- Today, the Department will publish a Dear Colleague Letter on the FVT/GE requirements.
- Next week we will publish Frequently Asked Questions (FAQs) on FSA’s Knowledge Center and create an FVT/GE Topics page, a centralized location where we will maintain policy and operational guidance about the FVT/GE requirements.
Student Cohort Reports
- In early April, Federal Student Aid will publish an Electronic Announcement describing a series of new National Student Loan Data System (NSLDS) reports that will assist institutions with identifying completer cohorts and those students for whom institutions will report data.
- In mid April, Federal Student Aid will also provide information on a live webinar that will provide information about the new NSLDS reports. That webinar will occur in early May.
- In late April, the FVT/GE NSLDS reports will become available for institutions to use.
FVT/GE Data Reporting Capabilities
- In April, Federal Student Aid will publish a reporting guide that will provide the technical and operational details institutions need to begin the FVT/GE reporting process in NSLDS.
- In June, Federal Student Aid will also provide information about a live webinar that will describe the information in the reporting guide. The webinar will occur in July.
- By July 1st, we will make the reporting system available for institutions to begin using.
- In July 2024, we will provide institutions with draft “completers lists” that identify the cohorts of students whose earnings will be included in the FVT/GE metrics. Institutions will have 60 days to make corrections to those lists.
- By October 1st, all required data must be reported to NSLDS.
Publication of Metrics
- In early 2025, the Department plans to publish the first FVT/GE metrics and notify institutions of failing GE programs.
- Shortly thereafter, we will notify institutions that have voluntarily discontinued failing GE programs or withdrawn such programs from eligibility that substantially similar programs cannot be approved until three years have elapsed since the programs were discontinued.
- In early 2025, we will also provide additional information on the program eligibility effects of the metrics on failing GE programs.
The Department plans to make its program information system available by July 2026, and will provide more information on that process in the future.
Additional Information
We will continue to publish new information about FVT/GE and other new regulations on Federal Student Aid’s Knowledge Center and will create a new “Topics” page to serve as a repository for all information, guidance, and training related to implementation of the new requirements. We also encourage our partners to sign up for Knowledge Center Subscription emails to receive the latest news on a daily or weekly basis. Please send questions regarding the FVT/GE requirements to GE24@ed.gov
SOURCE: (GE-24-01) Timeline of Financial Value Transparency and Gainful Employment Reporting Requirements