Is Your Campus Ready for New Regulations Effective July 1, 2024?
Jill Desjean
May 6, 2024
NASFAA knows this year’s FAFSA rollercoaster has consumed more of the financial aid office’s energies than in years past. However, this year’s changes aren’t limited to FAFSA simplification. They include several regulatory changes that become effective July 1, 2024. Read on to make sure your campus is prepared to comply with those regulations.
Gainful Employment (GE) and Financial Value Transparency (FVT)
While the GE/FVT rules go into effect on July 1, 2024, the first compliance deadline for these regulations is the institutional program-level and student-level reporting, which is due on October 1, 2024 (delayed by ED from the original July 31 reporting deadline in light of this year’s FAFSA issues.) While NASFAA has asked for a longer delay, as of today the deadline stands at October 1.
Reporting requirements have yet to be finalized, but ED has issued one Electronic Announcement on the topic, with more promised as the reporting deadline approaches. Institutional GE/FVT reporting is extensive, and reporting will involve many campus units including, but not limited to, the offices of financial aid, registrar, institutional reporting, student accounts, and information technology. Be sure to collaborate with all campus offices that will be involved in institutional GE/FVT reporting as soon as possible to ensure your campus is ready to hit the ground running as soon as possible after the reporting window opens in July.
