Several new GE Electronic Announcements were released in October related to Gainful Employment Draft Debt-To-Earnings Rates, the applicable challenge period (ends Dec 7th, 2016) and the upcoming appeals cycle following the release of the official rates in January 2017.
Gainful Employment Electronic Announcement #91 – Release of SSA Earnings Data
After the Department adjudicated all corrections to the GE Completers lists and finalized, it was used to obtain annual earnings data from the Social Security Administration. The earnings data from SSA, along with the loan data from NSLDS, is used to calculate the Draft Debt-To-Earnings Rates. The National Student Loan Data System (NSLDS) provided SSA earnings data to each institution in October. In the near future they will post SSA earnings data on the FSA Data Center, including mean and median 2014 calendar year earnings data for all GE programs with ten or more students with SSA-verified information. The information in the Gainful Employment SSA Earnings Data Report is provided for informational purposes only and no institutional action is permitted or required. http://bit.ly/2dLO2ZX
Gainful Employment Electronic Announcement #92 – Draft GE Debt-to-Earnings (D/E) Rates Distributed
NSLDS Distributed the draft Gainful Employment (GE) Debt-to-Earnings (D/E) rates on October 19th. Debt-to-Earnings (D/E) evaluates the amount of debt that students who completed a GE program incurred to attend the program in comparison to those same students’ discretionary and annual earnings after completing the program.
The underlying detail used to calculate the rates was also provided. Institutions have 45 days to submit challenges to certain loan information included in the GE Debt Measures Backup Data detail file. At this stage in the process, challenges can only be made to specific underlying Title IV loan data that is used to calculate the median debt for the students in a GE program. http://bit.ly/2esaNyU
Gainful Employment Electronic Announcement #93 – Draft GE Debt-to-Earnings (D/E) Rates and Viewer Tool Now Available
The GE Debt-to-Earnings Backup Data Viewer Tool can be used to display an institution’s GE Debt Measures Backup Data detail file in a viewable, user-friendly format. The Viewer Tool can display information regarding D/E rates, including program-level and student-level data for an institution’s GE programs, and can export the data into an Excel spreadsheet application. http://bit.ly/2f1FQp6
Gainful Employment Electronic Announcement #94 – Draft GE Debt-to-Earnings (D/E) Rates Challenge Period: October 24 to December 7, 2016
The 45-day draft Gainful Employment (GE) Debt-to-Earnings (D/E) rates challenge period began on October 24, 2016, and ends on December 7, 2016.
The three primary reasons why an institution may want to submit a challenge are as follows:
- The loan does not belong to the student or to the institution;
- Incorrect loan period dates;
- The Loan Debt Amount is incorrect (although the Loan Debt Amount is not challengeable, the Loan Debt Amount can be updated by challenging the Loan Amount, Cancellation Amount, and/or Refund Amount).
For more information click here: http://bit.ly/2f5WIbz
Gainful Employment Electronic Announcement #95 – Debt-to-Earnings Rate Alternate Earnings Appeals
Once the D/E calculation has been completed, schools will receive an official rate for each GE program. There are three possible outcomes: Passing, Zone or Failing. As part of the Gainful Employment (GE) regulations, an institution may submit an alternate earnings appeal if it has a GE program with a final Debt-to-Earnings (D/E) rate that is failing or in the zone. While final D/E rates will not be issued until January 2017, institutions may submit their Notice of Intent to appeal upon receipt of their draft D/E rates if using the alternate earnings would change a program’s D/E rate from zone to pass or from fail to either zone or pass. An institution electing to submit an alternate earnings appeal must file a Notice of Intent to appeal with the Department no later than 14 days after the issuance of the final D/E rates, which are planned for release in January 2017. http://bit.ly/2e6100M
Updated NSLDS Gainful Employment User Guide (October 2016)
In October, Federal Student Aid released an updated NSLDS Reference Materials. The updated NSLDS Gainful Employment User Guide provides operational guidance related to GE Debt Measures, Challenging GE Debt Measures as well as associated reports and file layouts.
For more information click here: http://bit.ly/2cLiQoW