Latest Additions/Updates: The most recent FAQs additions and/or major changes.
It is new legislation enacted to create a transparency and accountability framework by which the Department of Education (ED) can assess “whether career programs meet the statutory requirement of preparing students for gainful employment in a recognized occupation.” Per ED’s fact sheet:
“Under the GE program accountability framework, the Department [of Education] assesses whether career programs meet the statutory requirement of preparing students for gainful employment in a recognized occupation using two separate and independent metrics…a debt-to-earnings rate and a new earnings premium test.”
The Financial Value Transparency (FVT) scope expands reporting requirements well beyond those programs identified as Gainful Employment (GE) programs. Under the July 1, 2024, regulation, institutions will be required to report all programs that share the same four-digit CIP code and have had 30 or more completers in total over the four most recent award years for both GE and non-GE programs. 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. These reporting requirements are a significant expansion over the 2014 GE regulations that were rescinded July 1, 2019.
“The FVT regulations are designed to improve the quality and availability of information provided directly to students about the costs, sources of financial aid, and outcomes of students enrolled in all title IV, HEA (Title IV) eligible programs. These regulations establish two measures: the debt-to-earnings measure and the earnings premium measure. The regulations also establish performance benchmarks for each measure to determine whether the program may have adverse financial consequences to students. These requirements apply to both Gainful Employment Programs (GE Programs) and Eligible Non-GE Programs, but do not affect program eligibility for Non-GE programs.
The GE regulations establish an accountability framework for GE Programs that uses the same earnings premium and debt-to-earnings measures to determine whether a GE program remains eligible for Title IV funds. These requirements can affect program eligibility and apply only to GE Programs. The GE regulations do not apply to Eligible Non-GE Programs.”
Even if your institution does not offer ANY programs classified as GE-eligible under the new regulations, you must report any non-GE programs and the students attending those programs, including all recipients of Title IV and HEA funds. Essentially, this means that nearly EVERY participating Clearinghouse institution will be impacted by the FVT/GE legislation reporting requirements and should anticipate having to meet the reporting requirements by the January 15, 2025* deadline.
The FVT/GE act requires institutions to report extensive financial aid and institutional cost data elements during a time when they have no resources to spare to build and support complex new compliance processes. As your partner, the Clearinghouse is committed to alleviating your administrative burden for complying with the FVT/GE reporting requirements through a new and free solution that will enable low-effort data submission/extraction, data access, benchmarking, evaluation, and outcomes reporting.
Watch our on-demand webinar, “FVT/GE: Sign up for Success with the Clearinghouse,” which will walk you through our FVT/GE service activation. Register for the webinar now.
Our Activations team will connect with you within 3-5 business days after we receive your signed amendment to start the activation process and assist you throughout the process.
Yes. The new role types are “Financial Aid Officer” and “Financial Aid Viewer.” These role types can be assigned to one or more administrators at your institution by your Clearinghouse User Administrator after your institution is active on FVT/GE with the Clearinghouse. Both roles require a Web user ID.
You will also need the Submission Data or Submission Data Alternate roles for your FVT/GE service in order to make corrections to your Completers List.
The Clearinghouse Activations team will work with you after you have signed and returned the amendment to get your TG Mailbox updated with the Central Processing System (CPS) and NSLDS.
You should start reviewing your Completers List to ensure your graduated students are included. Once your service is activated, our Clearinghouse Activations team will instruct you on how to request an ad hoc Completers list.
Corrections to your Completers List are driven directly by updates to the enrollment data you provide to the Clearinghouse and, subsequently, by the data the Clearinghouse provides to the NSLDS on your behalf. You will have multiple opportunities to address discrepancies on your Completers list by updating the data via our Enrollment Reporting service.
You can also use our secure site’s Student Look-Up tab to update these students or submit a separate Graduates Only file (see our Enrollment Reporting Programming & Testing Guide) using the same method you use to submit scheduled enrollment files (e.g., secure FTP). This ensures the updated enrollment reporting is available for both the NSLDS SSCR Roster Distribution process and your FVT/GE Draft Completers List. Your Submission Data or Submission Data Alternate contact will need to make these updates.
No, your institution must be active and up to date with the Clearinghouse Enrollment Reporting service to participate in our FVT/GE reporting solution service. The Clearinghouse will leverage enrollment data for multiple award years to meet FVT/GE requirements for the Completers List, Student Level Report, and Program Level Report.
To check if your institution is current with Enrollment Reporting,
If your school is behind in its enrollment reporting and you need assistance, please contact schoolops@studentclearinghouse.org.
Your Clearinghouse FVT/GE service will be set up for the 6-digit OPEID-level main branch. Typically, for most institutions, this is branch 00.
For the FVT/GE role types, Financial Aid Officer and Financial Aid Viewer, access must be granted at the main 8-digit OPEID that corresponds to your institution. For example, if your main branch is 001234-00, it is the branch that must correspond with either of these role types to access your institution’s FVT/GE reporting page on the Clearinghouse secure site.
Your institution can designate whomever you determine is the best fit to be the “Service Activation Contact” and “Executive Contact” for your FVT/GE service amendment at your discretion.
No. The assignment of the Financial Aid Officer and Financial Aid Viewer roles for viewing and reporting your FVT/GE data is determined by your institution, and do not need be designated to any specific person or department. Some institutions are preparing for FVT/GE by collaborating cross-departmentally. Therefore, contacts within your registrar, financial aid, institutional research offices, etc., could assume ownership of your institution’s FVT/GE regulation reporting.
An eligible program is one that qualifies for federal aid (Title IV, HEA, including considerations for federal grants) and leads to an associate, bachelor’s, professional, or graduate degree. 34 CFR 668.8 provides specific details about program eligibility qualifiers, including the minimum length of instruction to qualify.
A program that does not qualify for federal aid.
“All nondegree programs (e.g., certificate programs, diploma programs) that lead to recognized credentials at public and private nonprofit institutions are GE Programs except for CTP programs and prison education programs.
All educational programs offered by for-profit (proprietary) institutions are GE Programs except for CTP programs and a limited number of bachelor’s degree programs in liberal arts if the institution has been regionally accredited since October 2007 and the program has been offered by the institution since January 2009 under 34 CFR 600.5(a)(5)(i)(B). These bachelor’s degree programs in the liberal arts offered by proprietary institutions are Eligible Non-GE Programs, but are not GE Programs.
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 that case, the certificate program would then be considered a separate GE Program.”
“Eligible Non-GE Programs include all Title IV eligible programs, including degree programs, at public, private non-profit, and proprietary institutions, with the exceptions described above.”
Eligible GE programs and non-GE programs.
“A qualifying graduate program is a program whose students must complete required postgraduation training programs to obtain licensure to practice in the field. Such programs must be accredited by an agency that meets State requirements if a State has such requirements for licensure. In order to be considered a qualifying graduate program, at least half of a program’s graduates must obtain licensure in a State where the postgraduation training requirements apply. Refer to the GEN-24-04 Regulatory Requirements for Financial Value Transparency and Gainful Employment for more information.”
There are three reports:
A student who graduated from the program. Completers are not withdrawn students.
The FVT/GE Completers List is created by NSLDS using your institution’s Enrollment Reporting data. The list contains students who completed a GE or eligible non-GE program during the applicable cohort period. Ultimately, this list will be used, in conjunction with the student detail and program files, to determine a program’s debt-to-earnings (D/E) and earnings premium (EP) rates. If your institution partners with the Clearinghouse for FVT/GE reporting, the Clearinghouse will post the FVT/GE Completers Lists we receive from NSLDS on our secure site for your review.
No. If you sign up for the Clearinghouse’s FVT/GE reporting solution, you should not follow the NSLDS SAIG instructions. The Clearinghouse is working directly with Central Processing System (CPS) for SAIG to finalize the TG mailbox designation for institutions participating in Clearinghouse FVT/GE. This includes our enrolling your institution in FVT/GE reporting if your institution is already enrolled in the Clearinghouse’s NSLDS batch service for enrollment reporting.
NSLDS will create the Draft FVT/GE Completers List for your institution (6-digit OPEID) and send it to the Clearinghouse.
If students need to be added to the FVT/GE Completers List, you can update the students and programs on our secure site, and then the Clearinghouse will submit those students to NSLDS on your behalf. After a 60-day correction period, NSLDS will use the updated information to create the Final FVT/GE Completers List. The Clearinghouse will retain your institution’s Final FVT/GE Completers List on the secure site for your review.
Students with excluded programs will still appear on the FVT/GE Completers List but with one of the indicators below specifying the program should be excluded from D/E and EP measures calculations:
If your institution participates in the Clearinghouse, you can review the Completers List Worksheet on our secure site. On the Completers List Worksheet, you can sort, filter, add, and remove students from your Draft Completers List.
There may be students on the Draft Completers List who do not have a corresponding Graduated (G) enrollment status in the Clearinghouse database. You can indicate which of these students you would like the Clearinghouse to submit to NSLDS on your institution’s behalf using the Completers Adds process that will be part of the Clearinghouse’s FVT/GE reporting solution.
If your institution participates in the Clearinghouse, you can review the Completers List Worksheet on our secure site. On the Completers List Worksheet, you may see students who appear on the NSLDS Completers List as Graduated (G) but who do not have a corresponding Graduated (G) enrollment status in the Clearinghouse database. On the worksheet, you can add the appropriate G status and Program Status Effective Date (PSED) to apply the Graduated (G) enrollment status in the Clearinghouse database for these students. The Clearinghouse will autogenerate a Graduates Only file that will create the trigger to perform the final update of these students in our database.
You can also use our secure site’s Student Look-Up tab to update these students or submit your own Graduates Only enrollment file (see our formatting guide) using the same method you typically use to submit scheduled enrollment files (e.g., secure FTP). This will ensure the updates are available for the NSLDS SSCR enrollment reporting roster distribution process, in addition to your FVT/GE Draft Completers List.
ED allows institutions 60 days to submit changes to the initial Draft Completers List. For schools participating in the Clearinghouse’s FVT/GE reporting solution, our secure site FVT/GE platform will display a counter (a “Count Down”) that visually tracks the delivery timeframe for your institution and is pre-set to start at 50 days. This enables the Draft Completers List to be sent in a timely manner from the Clearinghouse to NSLDS within the federal guideline’s 60-day time allowance.
If you participate in Clearinghouse FVT/GE, an automated email will be sent to users at your institution with the FVT/GE Financial Aid Officer or FVT/GE Financial Aid Viewer role notifying them that your Completers List is available for review. A reminder email will also be sent to them 10 days before your Draft FVT/GE Completers List updates must be finalized.
The following automated email alerts will be sent to users at your institution with the Financial Aid Officer or Financial Aid Viewer role to keep you informed during the Completers List process:
Contact your institution’s Clearinghouse User Administrator to be assigned either the FVT/GE Financial Aid Officer or FVT/GE Financial Aid Viewer role to receive the automated updates.
The calendar year for earnings data is 2022. For programs that are not qualifying graduate programs (QGPs):
For example, the D/E and EP measure calculations during the 2023-2024 award year for programs that are not QGPs:
On the “Student Records Missing from the Completers List” and “Student Records Missing in the Clearinghouse” tiles, there is a drop-down clickable arrow to the left of the masked SSN.
No, you should not include these students. Only students who received Title IV aid at any time from your institution for the completed program should be included in your Draft Completers List.
Click the “Student Records Missing from the Completers List” tile to review and select the student records you would like to report to NSLDS. If a student did not receive Title IV aid in the specified program at your institution, move them to “Not to be Reported.”
You should ensure there is a PGP key provided on the “Report Encryption” tab in the “Service Profile” for your institution. The FVT/GE reports are secured with an additional layer of PGP encryption, which the Clearinghouse uses to encrypt reports downloaded by all authorized users.
You can report student-level information using one of these two options:
Although the transitional cohort requires less data and therefore places less overall burden on your institution, you should be aware that if your institutional cost and/or the cost of books/supplies increased in the past six years, both the calculation and how it affects your institution may be impacted given its comparison to earnings over the six-year cohort.
The Clearinghouse will offer an augmented supplemental process for institutions to use to provide us with their standard and transitional reporting in compliance with the January 15, 2025* deadline. This approach will 1) mitigate the burden on institutional IT teams to implement the needed student informational system (SIS) changes and 2) provide institutions with additional reporting flexibility so they can provide the new data elements and discrepancy resolutions to the Clearinghouse. 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.
A Qualifying graduate program is a program offered by your institution where the program’s students:
See federal regulation eCFR : 34 CFR 668.2
(“Qualifying Graduate Program” section).
See federal regulation “Financial Value Transparency and Gainful Employment: List of Approved Classification of Instructional Program (CIP) Codes for Qualifying Graduate Programs.”
Yes, this section is required. You must complete the attestation of your QGPs before you begin the Student Level Report and Program Level Report sections. The Clearinghouse will leverage your QGP attestation to generate the base report for the Student Level Report (Standard cohort type) and the Program Level Report.
For institutions with QGPs, the Standard cohort type for the Student Level Report includes an additional award year: 2016-2017, 2017-2018, 2018-2019, 2019-2020, 2020-2021, 2021-2022, 2022-2023, and 2023-2024.
For institutions without QGPs, the Standard cohort type for the Student Level Report includes only award years: 2017-2018, 2018-2019, 2019-2020, 2020-2021, 2021-2022, 2022-2023, and 2023-2024.
By not completing this section and not accounting for QGPs that may apply to your institution before you begin work on either the Student Level Report (Standard cohort type) or the Program Level Report, you may incur FVT/GE compliance reporting risks.
Additionally, the Qualifying Graduates Program Indicator within the Program Level cohort file is a required field for your institution. It will not be populated by the Clearinghouse if you do not complete the “Attest to Qualifying Graduate Programs for AY 2023-2024” section.
Student records appearing on this list were previously reported by your institution to the Clearinghouse on a DegreeVerify transmission, but do not have the corresponding program-level Graduated (G) enrollment status required for compliance reporting to the NSLDS. You can use the “Graduated Status Reconciliation” list to update a student’s program status to Graduated, whenever a Graduated enrollment status isn’t reflected for the completed program. The enrollment status change to Graduated (G) will be sent from the Clearinghouse to NSLDS on your behalf.
No, the “Graduated Status Reconciliation” list is only presented to institutions that utilize our DegreeVerify service. This is because the reconciliation is performed by the Clearinghouse comparing DegreeVerify records to program-level enrollment reporting within the Clearinghouse system.
The reconciliation is performed for DegreeVerify records the Clearinghouse received from your institution on or after January 1, 2015, that do not have a corresponding Graduated (G) enrollment status at the program level. This time frame aligns with the data reporting requirements for FVT/GE regulations.
No, this is an optional reconciliation. However, we encourage your institution to complete this section to ensure comprehensive and accurate enrollment reporting is reflected and consistent across systems (your institution’s SIS, the Clearinghouse, and NSLDS).
IMPORTANT: Depending upon the quality of your historical data, SIS conversions, and other data idiosyncrasies, your institution may notice large windows of inconsistencies in your datasets that may require updating. While the Clearinghouse is committed to ensuring the integrity of your data throughout this process, we strongly encourage you to be aware of the potential audit risks associated with revising large quantities of historical records in advance of making any changes. This action can result in additional oversite for your institution, including potential findings and program reviews. For additional guidance, please contact our Audit Resource Center at auditresource@studentclearinghouse.org.
This could result in NSLDS not receiving a Graduated (G) enrollment status for a program the student completed. This inconsistency could be identified in an audit and impact your institution’s FVT/GE reporting by preventing the Graduated status from being accurately included in the Student Level Report and/or Completers list.
In order for a user with access to update this list, the Financial Aid Officer role and Submission Data or Submission Data Alternate roles are needed. The Financial Aid Viewer role provides view-only access.
First, your institution selects your cohort type (Standard or Transitional). The report selection type you choose will apply to your institution for the next six years of reporting to the NSLDS.
After your institution selects your cohort type (Standard or Transitional), our system will generate your cohort, separated by award year, for the applicable cohort period with enrollment information previously reported by your institution to Clearinghouse, using NSLDS’s prescribed logic.
The NSLDS deadline is January 15, 2025*. We recommend you upload your data to the Clearinghouse as soon as possible to allow adequate time to correct errors and warnings and finalize the data before the January 15, 2025* deadline. The Clearinghouse cannot guarantee that data provided to the Clearinghouse for validation and reporting after September 20, 2024, will be reported to the NSLDS by the January 15, 2025* deadline. However, we will continue to report on your institution’s behalf beyond this date.
Yes. The required file naming convention for batch uploads is 6digitOPEID_AwardYear (e.g., 123456_20192020.csv, 123456_20192020.txt).
Once you have validated the student-level enrollment data in the cohort file and added all financial aid and institution cost data for each student record, you can upload the completed files, by award year, to the Clearinghouse. See the Student Level Reporting Specifications.
Our system will validate your file(s) formatting. At least 80% of records on your file(s) must pass initial file formatting validations to proceed. If fewer than 80% of records on your file(s) pass, you must resubmit a corrected file for that award year.
After passing the 80% validations, our system displays any error/warning flags on the Clearinghouse secure site’s Data Corrections platform. Your institution can then review and correct the information within the platform.
Once you have corrected the errors for each award year’s file, the data is processed into our database and, if you choose, you can download a CSV file to review the data. After your institution reviews the data, you can accept it. At that point, the Clearinghouse submits the data, with all applicable award years, to NSLDS. If NSLDS detects additional errors, NSLDS will send an error report to the Clearinghouse that will be presented on our secure site UI (user interface) for your review.
Yes, multiple users can work on students with error and warning flags. For example, a registrar’s office administrator can address enrollment flags while an institutional effectiveness administrator can address cost-related flags. Once the validation on an error or warning flag is complete, the user can validate the update. Any remaining updates (e.g., unworked cost errors) will remain on the student record until a user makes the necessary update to correct the error and submit it for validation.
No, the student will be flagged as an error on the Student Level Report. Once the enrollment file is processed by the Clearinghouse, you can update the student on the FVT/GE platform.
After you complete the error report and click “Accept and Send to NSLDS,” the Clearinghouse will send the completed Student Level Report file, including all applicable award years for the cohort type selected (Standard or Transitional), to NSLDS.
Yes, the Clearinghouse secure site maintains data your institution submitted to the Clearinghouse and that we sent to NSLDS for FVT/GE reporting. You can use the “Download AY File” option to download a copy of the corresponding Award Year’s cohort. Additionally, you can view your institution’s error reports and any records that were updated on the report(s).
The file name convention is 6digitOPEID_AYxxxxxxxxS_Timestamp or 6digitOPEID_AYxxxxxxxxT_Timestamp (e.g, 123456_AY20192020S_20240701_081215)
If you change fields already populated on the file, the records could be flagged with an error or warning. This includes removing student records from the Student Level Report.
Bookmark our Financial Value Transparency and Gainful Employment resource center page! It will be regularly updated with the latest information on our solution and how institutions should prepare to report FVT/GE data as well as the regulatory landscape. You can also sign up on our FVT/GE resource page to be notified when new releases of the Clearinghouse’s FVT/GE service become available.
We’ll also update this FAQs page as we obtain additional clarity from Federal Student Aid (FSA) on FVT/GE technical requirements and specifications.
Make sure you visit the FVT/GE page on Compliance Central for convenient access to all our resources on signing up for, activating, and using our FVT/GE reporting solution.
In addition, the Clearinghouse is holding free FVT/GE webinars and providing updates on Compliance Central. You can check our Enrollment Reporting & Compliance events calendar to sign up for our live webinars and visit the Clearinghouse Academy to watch our on-demand webinars. Don’t forget to subscribe to Compliance Central to receive our latest compliance and Enrollment Reporting updates.