On September 28, 2023, the U.S. Department of Education, Office of Postsecondary Education, published a new Final Rule governing Gainful Employment programs and, separately, a new Financial Value Transparency Framework that would apply to “nearly all academic programs at postsecondary institutions.” The Department will establish performance benchmarks for each program based on information institutions will be required to report and earnings data to be provided by a federal agency. Information regarding each program’s performance will then be available on the Department’s website, and institutions will be required to disclose its availability to prospective and current students. For graduate degree programs with failing outcomes under the debt-burden measures, prospective students will be required to acknowledge viewing the Department’s new website before entering into an enrollment agreement. For failing non-degree programs, institutions must adhere to warning and disclosure requirements for both prospective and current students. And non-degree programs that fail multiple years will lose Title IV eligibility.
Join us for this 2-hour webinar in which two expert NACUA member attorneys will discuss:
- The origins of the Financial Value Transparency and Gainful Employment Rule,
- The new reporting and disclosure requirements under the Rule and the logistical challenges to expect in establishing compliance,
- How the Department will evaluate each academic program and the likely potential consequences of receiving “high-debt-burden” or “low-earning” labels, and
- How to prepare campus leaders and stakeholders to build Financial Value Transparency evaluations into academic program planning and review.
This webinar will be of interest to lawyers employed by colleges and universities within the Office of General Counsel and in various roles throughout the institution, outside counsel, and senior institutional leaders.