The deadline for higher education institutions to report metrics per the new Financial Value Transparency and Gainful Employment (FVT/GE) regulations has been extended to October 1, 2024. The previous deadline for reporting was July 31. The regulations—an attempt to encourage responsible student borrowing—will require institutions to report the cost of attendance, retention, and loan debt for graduates for each program at the institution, along with a long list of other metrics. Proprietary schools and nondegree programs are most likely to be affected as their students risk losing access to Title IX funding.
The U.S. Department of Education (ED) acknowledges that the extension is an effort to ease some burden on institutions as they attempt to deliver aid packages to students following the challenging FAFSA update that took place this year. Institutions around the country are scrambling to admit students amid delays in the release of critical data by the department.
In addition, the ED released a timeline of events and milestones related to the new FVT/GE regulations. Those can be found on the Federal Student Aid site, but in summary:
- April – New information released regarding the reporting requirement and a live webinar held to assist institutions with reporting; technical guidelines for reporting to be released
- June – Live webinar reviewing the technical requirements
- July 1 – Reporting website opens
- July – Draft lists of cohorts to be used in the ED’s earnings calculations
- October 1 – Reporting deadline for institutions
If you have any questions or need assistance, please reach out to a professional at FORVIS.