No, This Is NOT An April Fool’s Joke
The FVT/GE Reporting Deadline Has Been Moved
From July 31^st to October 1^st
&
Timelines for Implementation
Overview
Under intense, bipartisan pressure from both the U.S. Senate and House of Representatives and urgent calls for the higher education community, late last Friday afternoon the U.S. Department of Education issued an Electronic Announcement (GE-24-01) (fsapartners.ed.gov/knowledge-center/library/electronic-announcements/2024-03-29/timeline-financial-value-transparency-and-gainful-employment-reporting-requirements) entitled “Timeline of Financial Value Transparency (FVT) and Gainful Employment (GE) Reporting Requirements” which details an extension of the reporting deadline originally scheduled for July 31, 2024 to October 1, 2024 and revised timeline and implementation milestones on the data is to be reported to the Department by institutions and collected on the National Student Loan Data Base System.
In the EA, the Department stated that the announcement was intended to provide “some flexibilities to the timing of the required data reporting,” and that institutions would still have the ability to start reporting FVT/GE data through NSLDS as early as July 1, 2024, but that institutions will have until October 1, 2024 to provide all required reporting. The Department concluded with the statement that—
“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.”
Along with the release of the EA, the Department also issued a Dear Colleague Letter (GE-24-04) (fsapartners.ed.gov/knowledge-center/library/dear-colleague-letters/2024-03-29/regulatory-requirements-financial-value-transparency-and-gainful-employment) entitled “Regulatory Requirements for Financial Value Transparency and Gainful Employment”, which the first in a series of additional information the Department intends to publish on Policy Guidance, with a Frequently Asked Questions (FAQs) to follow next week and more information throughout the month of April on the Student Cohort Reports (SCR) to be submitted to NSLDS. The first SCR will assist institutions with identifying completer cohorts and those students for whom institutions will report data, the second will share more details on the SCR, and the will announce the availability of the SCRs for institutions to begin using for reporting.
The Department goes on to detail even further planned releases of webinars and “Data Reporting Capabilities” updated from April through July.
What’s Next
CSPEN will provide a comprehensive summary of both the Electronic Announcement and Dear Colleague Letter this Thursday on our regularly scheduled CSPEN Legislative & Regulatory Update webinar. In addition to a recap of the new information, we will also provide a reminder of many of the new reporting requirements that will be a part of the SCRs – data collection requirements, which will require additional time and resources for institutions to properly obtain and report. Let’s use this additional time wisely to make sure your institution is properly prepared to comply with the regulations!
REGISTER NOW
Please register for CSPEN Federal Legislative & Regulatory Update on Apr 4, 2024 2:00 PM EDT at:
attendee.gotowebinar.com/register/9202724746262530399
After registering, you will receive a confirmation email containing information about joining the webinar.
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