Financial Value Transparency and Gainful Employment Reporting Requirements

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
FVT-GE Regulations Information Collection Public Comment Responses Table.docx	Supplementary Document	Uploaded 2024-05-14	Repair queued
1845-NEW Gainful Employment Reporting Requirements Supporting Statement 2024 30D rev.docx	Supporting Statement A	Uploaded 2024-05-14	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
265463	Financial Value Transparency and Gainful Employment Reporting Requirements	Other-FVTGE Submittal Student Batch User Guide Layouts Vol1	New
265462	Financial Value Transparency and Gainful Employment Reporting Requirements	Other-FVTGE Submittal Student Batch User Guide Layouts Vol1	New
265307	Financial Value Transparency and Gainful Employment Reporting Requirements	Other-FVTGE Submittal Student Batch User Guide Layouts Vol1	New

ICR Details

OMB Control No: 1845-0184	ICR Reference No: 202402-1845-004
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: ED/FSA	Agency Tracking No: ED-2024-SCC-0030
Title: Financial Value Transparency and Gainful Employment Reporting Requirements
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 06/28/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 05/17/2024
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2027	36 Months From Approved
Responses	284,575	0	0
Time Burden (Hours)	2,300,810	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The regulations in § 668.408 in Subpart Q – Financial Value Transparency, that were negotiated in 2022 and the Final Rule published in 2023, establish reporting requirements for postsecondary institutions who participate in the title IV programs under the Higher Education Act of 1965, as amended, to report on their students who enroll in, complete, or withdraw from a gainful employment (GE) program or an eligible non-GE program in specified award years. The new regulations also define the timeframes for institutions to report the required information. This is a new collection. We calculate the average annual burden hours as 2,300,810 for the average 284,574 responses by 4,518 respondents over 3 years. We divided the total 3 year burden hours 6,902,430 by the 853,723 responses to obtain these averages.

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Authorizing Statute(s): US Code: 20 USC 1221e-3 Name of Law: General Education Provisions Act (GEPA)
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 13059	02/21/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 43390	05/17/2024
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 3

table that charts list of burden

IC Title	Form No.	Form Name
Financial Value Transparency and Gainful Employment Reporting Requirements
Financial Value Transparency and Gainful Employment Reporting Requirements
Financial Value Transparency and Gainful Employment Reporting Requirements

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ICR Summary of Burden

table that charts list of burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	284,575	0	0	284,575	0	0
Annual Time Burden (Hours)	2,300,810	0	0	2,300,810	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is a new collection. We calculate the average annual burden hours as 2,300,810 for the average 284,574 responses by 4,518 respondents over 3 years. We divided the total 3 year burden hours 6,902,430 by the 853,723 responses to obtain these averages.

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Annual Cost to Federal Government: $13,220,000

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 05/17/2024

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