The Office of Postsecondary Education (ED) wants to continue its “gainful employment” reporting requirements for the nation’s colleges and universities. Under federal law, institutions of higher education must report certain information to participate in federal financial aid programs.
The gainful employment regulations are the White House’s preferred method to curtail burdensome student loan debt, targeting institutions offering curriculums not leading to gainful employment, mainly at for-profit institutions.
In a Federal Register notice, OPE wants colleges and universities to maintain reporting on certain information for each student who, during an award year, began attending or completed a program that leads to gainful employment in a recognized occupation.
The reporting includes:
- Student identity and the location of the institution the student attended.
- Classification of Instructional Program code for each occupational training program that each student either began or completed.
- Completion date.
- Amount of private education loans and institutional financing incurred by each graduate.
- Whether a student continued on to a higher credentialed program of study at the same or another institution.
Students to receive same details
Additionally, colleges and universities would still be expected to provide certain information to prospective students about their programs. Specifically, the following information would be required from colleges and universities:
- Name and Standard Occupational Classification code for each occupational training program and links to the DOL’s O-Net site to obtain occupation profile data using a SOC code, or a representative sample of SOC codes for graduates of its program.
- Information about on-time graduation rates for students completing the program.
- Total amount of tuition and fees charged for completing the program within the normal time it takes to complete the course requirements as published in the institution’s catalog, along with the typical costs for books and supplies.
- Cost of room and board, if applicable, including providing a Web link or access to the program cost information the institution makes available to all enrolled and prospective students.
- Median loan debt incurred by students who completed the program as provided by ED.
- Accreditation and licensing information.
Final regulations go into effect this summer
In addition to continuing these reporting requirements, ED has released its ‘gainful employment’ final regulations () that establish measures for determining whether certain for-profit colleges and universities prepare students for well-paying jobs in recognized occupations. Additionally, the regulations set the conditions under which the for-profit educational programs remain eligible to participate in federal student aid programs. The regulations go into effect on July 1.
Keep in mind: The gainful employment regulations are to ensure ED that colleges and universities are offering quality programs and prospective students have pertinent details as they make higher education choices.
Republicans aren’t enamored with the White House’s gainful employment regulations.
Info: Beth Grebeldinger, 202/377-4018.