Gas Jockeys helps you stay in compliance with federal and state gainful employment reporting and disclosure requirements.
New 2015 federal gainful employment regulations set minimum requirements for the debt-to-income rates of students graduating from programs at for-profit higher education institutions and nondegree programs at community colleges. The new regulations are more rigorous than the 2011 rules, with a higher completion requirement and a shorter path to ineligibility for financial aid.
If you have a clock hour program, compliance with this new law is crucial to the survival of that program, and possibly of your school. Programs that fail to meet these minimum requirements could lose access to all federal financial aid for a period, putting them at risk.
Gas Jockey’s services fuel your successful compliance with this new gainful employment law:
- Student placement and employment/salary verification
- Staff training
- Student engagement programs to support academic success
- Implementation of the Department of Education’s official Gainful Employment Disclosure Template (GEDT) to provide disclosures for each of your programs on your website
- Proprietary job readiness workshops for your students
Our proven program teaches students to market themselves with interview skills, effective resume writing, and job search
New Gainful Employment Rules
Under the new Department of Education rules:
- Institutions must certify that all career-education programs meet applicable accreditation requirements, along with state and/or federal licensure standards.
- Institutions must publicly disclose information about the program costs, debt, and performance of their career education programs so that students can make informed decisions.
- A program will be labeled failing if typical graduates have loan payments that surpass 30% of discretionary income or 12% of annual earnings. (Discretionary income is defined as above 150% of the poverty line.)
- Programs will be given a warning if a student’s loan payments amount to 20% to 30% of discretionary income, or 8% to 12% of total annual income.
- Programs that fail in two out of any three consecutive years, or receive a warning for four consecutive years, will be ineligible for financial aid.
Executive Order 13607, the Principles of Excellence for Educational Institutions Serving Service Members, Veterans, Spouses, and Other Family Members, includes additional standards for federal military and veterans educational benefits programs that serve over 450,000 veterans, service members and their dependents.
For more information:
How to Calculate Gainful Employment White Paper https://www.thompsoncoburn.com/Libraries/Newsletters/Gainful_Employment_White_Paper.pdf
Department of Education: Gainful Employment Information 2014/2015