Schools that were not able to complete their Financial Value Transparency (FVT) and Gainful Employment (GE) Debt Reporting by January 15 now have an additional month to do so.
In a January 17 Electronic Announcement, the Department of Education announced that they reopened the reporting process for debt reporting until February 18 to allow schools that weren’t able to meet the earlier deadline. This will still allow the Department to make the data available to students this spring.
Included in the announcement is a detailed list of some of the common issues identified by the Department during the debt reporting process and how schools can address these issues.
While the regulations state that a school that does not provide all the debt reporting information must provide an explanation as to why they were unable to comply, the announcement emphasizes that schools should not submit explanations at this time as the Department will not process them.
Schools that are unable to complete the debt reporting by February 18 will be subject to the explanation requirement. The Department is creating a standardized process for schools to use to provide this information. Once the process is available in the spring, schools can then provide their explanations at that time and will be given a reasonable amount of time to do so. Schools should watch for a future Electronic Announcement providing details on this process.
