ED Delays Reporting Deadline for Gainful Employment and Financial Value Transparency Regulations

By Maria Carrasco, NASFAA Staff Reporter Hugh T. Ferguson, NASFAA Senior Staff Reporter

The Department of Education (ED) announced on Friday that it would delay the institutional reporting deadline for gainful employment (GE) and financial value transparency (FVT) from July 31 until October 1, 2024.

NASFAA had submitted several letters to ED requesting this delay amid challenges with the 2024-25 FAFSA rollout and processing of Institutional Student Information Records (ISIRs). Additionally, a bipartisan group of senators also wrote a letter to ED in March calling for a delay in GE and FVT reporting deadlines. And as recently as Thursday, higher education groups were urging Congress to pass legislation that would delay the July 1, 2024, implementation date for the GE and FVT regulations by one year, arguing that ED is not ready to implement these new regulations and citing a lack of guidance and reporting requirements.

In an electronic announcement published Friday, ED specified that the reporting period will be available for institutions to begin submitting their data through the National Student Loan Data System (NSLDS) on July 1, 2024 and that schools will have until October 1, 2024 to provide all their required data.

“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,” the notice reads. “At the same time, the Department still intends to produce the first official round of FVT/GE metrics in early 2025.”

In a followup Dear Colleague Letter, ED provided details on the GE and the FVT reporting requirements. The letter lists the major provisions of the regulations and provides an overview of the detailed summaries that are available in the final regulations.

Next week the department plans to publish an FAQ to provide stakeholders with more information on the reporting and operational guidance.

The department said  it plans to provide a number of updates throughout the month of April, including a series of new NSLDS reports to help schools identify “completer cohorts.” By mid-April, Federal Student Aid (FSA) will develop a live webinar that will dive into the new NSLDS reports, and premier in early May. By late April the GE and the FVT reports through NSLDS will become available for institutions to use.

In April, ED will also provide a reporting guide that institutions can use to begin the reporting process in NSLDS.

ED also noted that another live webinar will be slated for July, and will dive further into the reporting guide.

In terms of the publication of metrics, ED will begin to notify institutions of failing metrics and publish the first slate of data in “early 2025.” ED will notify schools that voluntarily discontinue eligible programs that fail the new metrics that they cannot launch a similar program until three years following the discontinuation of their initial program. ED will also provide additional information on the impact of failing metrics on program eligibility.

ED’s program information system will be available in July of 2026, more information on that process will be provided at a later date.

 

Publication Date: 4/1/2024


Nedi G | 4/1/2024 2:29:36 PM

Curious if this reporting requirement has fallen in our laps within aid offices or another area at your institutions (i.e. Institutiional Research, Provost Office, etc...) ?

Peter G | 4/1/2024 12:16:28 PM

A two month delay was the least they could do. Emphasis on 'the least.'

James C | 4/1/2024 8:22:03 AM

Hopefully Congress will step in and delay this for a year.

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