FVT/GE reporting deadline passes with some questions outstanding

A sigh of relief filled the halls of 333 East Campus Mall on January 15 as UW–Madison met the deadline for higher education institutions to fulfill our reporting requirements in compliance with the federally mandated Financial Value Transparency (FVT) and Gainful Employment (GE) regulations. The FVT/GE regulations are designed to provide prospective students with information about the “value” of the academic program they are considering by comparing program graduates’ earnings relative to their student loan debt to the average earnings of others with a high school education. In response, Executive Sponsors Vice Provost for Enrollment Management Derek Kindle and Vice Provost for Data, Academic Planning and Institutional Research Allison LaTarte convened a UW–Madison Task Force of subject matter experts in March 2024, including the following representatives:

Task Force Leads

  • Bethany Crowell, Associate Vice Provost, Institutional Research & Decision Support (DAPIR)
  • Scott Owczarek, Associate Vice Provost & University Registrar (DEM)

Task Force Members

  • Clare Huhn, Data, Academic Planning & Institutional Research
  • Nicole Olthafer, Academic Technology Project Management
  • Peter Kinsley, Graduate School
  • Shane Maloney, Office of Student Financial Aid
  • Alissa Oleck, Division of Continuing Studies
  • Laura Rader, Bursar’s Office
  • Michelle Young, Data, Academic Planning & Institutional Research
  • Beth Warner, Office of the Registrar
Thanks to the hard work and long hours committed by the Task Force, with significant contributions from data team experts Phil Hull (RO), Eric Gentz (OSFA), and John Dreger (OSFA), the university was able to submit the required data by the January 15 deadline. Here’s just a sample of the work that went into complying with the requirements:
  • Reviewing and correcting discrepancies between university records and data reported to the National Student Loan Data System (NSLDS). This step ensured that all students within a specified cohort who have earned a degree/credential from the university were accurately reported with a graduated status within the NSLDS system.
  • Reviewing and verifying a “Completer’s List” produced by NSLDS which will be used to determine the cohort for whom the Department of Education will request earnings data from the Internal Revenue Service and the Census Bureau.
  • Producing student cohort files specific to the financial aid award years of 2022-23 and 2023-24. Those files combined student record/enrollment, degree program and financial aid data, so things like program declaration start dates, enrollment/graduated/withdrawal status, tuition and fees assessment, and various aid received and loan debt accrued were reported for each student within the applicable cohort.
  • Reviewing and resolving data discrepancies in the files submitted by UW–Madison and the data previously reported to NSLDS.
  • Producing files providing an overview of UW–Madison degree programs, including data such as program accreditation status, counts of student enrollment by program, and program graduates attempting and passing licensure exams.
While the university complied with the reporting deadline, that doesn’t mean the work is done. There is still file cleanup to complete and cases to resolve in NSLDS – plus, since the regulations require institutions to report information annually, work will begin soon on the next batch of data due July 1.

What is FVT/GE?

Beginning in 2021, the federal government began seeking comment on regulations requiring postsecondary institutions to report more in-depth financial cost and benefit data. The Department of Education’s stated goals were to increase transparency and allow students and parents to make better informed decisions about where – and whether – to attend college. In October 2023, the department published the final financial value transparency and gainful employment regulations.

How did we get here?

The rules were originally set to take effect July 1, 2024, but that deadline was later extended multiple times. Despite concerns from higher education professionals and organizations across the country, including AACRAO and NASFAA, that complying with the rules and submitting accurate data by January 15 would be exceptionally difficult, the Department of Education did not grant a further extension of the reporting deadline. A bipartisan group of lawmakers had also requested the deadline be extended to July 1, 2025.

What’s next?

Two days after the January 15 deadline, the education department reopened the reporting period through February 18. While the deadline has been met for the 2024 year, the ongoing work will continue as FVT/GE regulations require institutions to report this data annually. As such, the team will begin preparing for the current July 1, 2025 deadline in the near future. The new administration in Washington, D.C., could seek further changes to reporting requirements – or scrap them altogether.