The choice of standard or transitional period must be made for the entire institution and cannot be changed once it has been selected. Schools that choose transitional reporting will use that reporting method for the first six years that the regulations are in effect. Schools that choose standard reporting will be expected to provide data for all the years during the cohort period. Some institutions offer degree programs where students may also be awarded a non-degree credential (e.g., certificate, diploma) after completing a portion of the degree program. Such programs are generally not considered GE Programs at non-profit and public institutions. However, a program where a significant number of the students enrolled in the program do not actually earn the degree and withdraw after obtaining the certificate may be, upon review, determined to be a non-degree program.

• In an additional change from the Proposed Rule, the Final Rule exempts undergraduate non-GE programs from the student acknowledgement requirements altogether.
• Institutions are also required to list individual programs by CIP on their Application for Approval to Participate in Federal Student Financial Aid Programs (E-App).
• 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.
• ED stated that it promulgated this final rule pursuant to sections 1001, 1002, 1003, 1070g, 1085, 1088, 1091, 1092, 1094, 1099b, 1099c, 1099c-1, 1221e-3, and 1231a of title 20, United States Code.
• On March 29, 2024, the Department of Education issued both a Dear Colleague Letter and an Electronic Announcement, providing guidance on the requirements of the Financial Value Transparency (FVT) and Gainful Employment (GE) regulations that generally take effect July 1, 2024.
• However, prior to disbursing Title IV funds to students in a non-GE graduate program with failing D/E rates, students in the program must execute a required acknowledgment of the program’s “high debt burden” designation through an ED-hosted website.

What is a completer?

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. Institutions that are unable to complete debt reporting by February 18 will be subject to the explanation requirement. With the goal of limiting institutional burden related to these explanations, the Department is working on a standardized process for institutions to use to provide this information. We anticipate that creating and implementing that process will be completed in the spring and institutions will be able to provide their explanations at that time. Once the process is available schools will be afforded a reasonable period to submit the required information.

• 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.
• Although each role can be assigned to more than one user, you should not assign both roles to the same user.
• 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.
• If a program’s Annual D/E Rate exceeds 8% and its Discretionary D/E Rate exceeds 20%, it will be considered to fail the D/E metric and will be designated by ED as a “high debt burden” program.
• The Department plans to make its program information system available by July 2026, and will provide more information on that process in the future.

NSLDS User Resources

For those who do not anticipate a staff increase, the primary reason given was a lack of financial resources to hire additional staff. Respondents’ comments indicate that current staff will likely forgo current projects or annual leave, or will be asked to work overtime/additional hours to ensure this reporting is accomplished on time. The Department recognizes that effectively launching the FVT/GE regulations means giving institutions retained earnings 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.

Where are the federal regulations for FVT and GE?

We are pleased to provide the NSLDS Financial Value Transparency and Gainful Employment (FVT/GE) User Guide. This reference provides instructions and guidance for complying with the FVT/GE reporting requirements via the National Student Loan Data System (NSLDS®). 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. financial transparency The new reporting requirements will take effect next July along with the overall gainful-employment rule. For programs that are offered exclusively through distance education or correspondence courses, schools should leave the fields for State # in MSA of Main Campus blank, and report “X” for “Not Applicable” in the fields for Program Prepares Licensure in MSA State #. Schools should report all non-Title IV education loans, including state loans and federal loans such as Nursing Student Loans, under “Private Loans Amount” for the AA Detail Record or “Total Private Education Loans for Student’s Entire Enrollment in the Program” for the TA Detail Record.

• If you sign up for the Clearinghouse’s FVT/GE reporting solution, you should not follow the NSLDS SAIG instructions.
• The FVT/GE Program Enrollment Detail Report (SHDPE1) can provide a list of graduates/completers for the Standard or Transitional award years, depending on which reporting option is selected by your school.
• Upon completion of this process, we provide the institution with a final list that will be submitted to the IRS.
• New reports will be available before the reporting window opens in NSLDS to identify these students.
• Schools must report on all students who completed (graduated) and withdrew during either the Standard or Transitional award years.
• The report is available in both file types of Commas Separated Values (CSV) and Fixed-Width (FW) file formats.

• Please continue to monitor Federal Student Aid’s Knowledge Center and FVT/GE Topics Page for new information as it becomes available.
• The IRS calculates and returns to the Department the median annual earnings of students for whom it was able to match earnings data.
• 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.
• Please do not hesitate to contact Jonathan Tarnow, John Przypyszny, Cindy Irani or Sarah Pheasant if you have any questions regarding the Final Rule, this alert or other education regulatory matters.
• Going forward, the Clearinghouse will collaborate with all major SIS vendors to determine how institutions can best integrate the additional data elements into their reporting processes.

NSLDS will send your Draft Completers List (the list of students who completed your programs) to the Clearinghouse, which will validate the data. Your institution can then use our secure site to access and update this list, as necessary — before we provide your updated list to NSLDS. This feature will ensure that your institution’s reporting is as up-to-date and accurate as possible.

NSLDS FVT/GE Reporting Now Available (Updated Sept. 16,

Most real estate cash flow surveyed college leaders said they’re unsure if they will meet the Jan. 15 reporting deadline for the new regulations. Institutions do not need the final version of the Completers Lists to complete this reporting. The information in this volume describes the process for how D/E rates and EP measures are calculated and viewed. The Department anticipates that this notice will be the final extension of the reporting deadline for FVT/GE.