2010 PLS Career Summit: Tom Kosel, Director of Government Relations, Globe University
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The document discusses potential regulations around gainful employment and their impact on for-profit career colleges. It notes that student loan debt is increasing across higher education but is highest on average for students at for-profit institutions. For-profit schools have not consistently tracked outcomes data to demonstrate the value they provide students. The potential regulations would require schools to report more detailed employment and earnings data for graduates to show their career training programs are eligible and provide access to gainful employment. The regulations would take effect on July 1, 2012.
2010 PLS Career Summit: Tom Kosel, Director of Government Relations, Globe University
- 1. Gainful Employment PanelTom Kosel, Director of Government RelationsGlobe University / Minnesota School of Business
- 2. Gainful Employment Since 1965, For-Profit Career Colleges have assisted their graduates in obtaining gainful employment by helping them secure a position in their field of study.
- 3. Potential Final Gainful Employment Regs 7/1/2012
- 4. Key Factors Driving Gainful EmploymentStudent loan debt is increasing in all sectors of higher educationFor-Profit institutions graduate students with the highest average debt and the highest % of students with debtLack of consistent, valid data on the ROI and the value- added received by our graduates Bias against For-Profit Educational Businesses
- 5. The ChallengeTo provide student-centered, career-focused educational programs while reducing student loan debt
- 6. Measuring the Outcomes of the OperationWe have not tracked outcomes in a consistent manner. We do not have verifiable data to support our claim that we add value to the lives of our students.The gainful employment regs will require us to track data to demonstrate the eligibility and accessibility of our programs.
- 7. Gainful Employment RequirementsSee handout titled “Program Integrity: Gainful Employment – New Programs 10/29/2010 New ProgramsReporting RequirementsDisclosure Requirements
- 8. 10/29/10 Final Regulations Effective 7/1/11Gainful Employment – new programsInstitutions must notify DOE of new program at least 90 days before first day of classes If DOE wants additional information, they must alert the institution 30 days before the first day of classes.
- 9. 10/29/10 Final Regulations Effective 7/1/11Gainful Employment – reportsAnnual reports by program from 7/1 to 6/30 with the following data:All students entering the programAll students completing the programCompletion dateAmount student received from private educational loans and institutional financing that is owedWhether student matriculated to higher credential program at same institution or at another institutionTotal enrollment as of 6/30
- 10. 10/29/10 Final Regulations Effective 7/1/11Gainful Employment – disclosuresDisclosures must be in all promotional material and websites:Occupation the program prepares students to enterOn-Time graduation rate for programThe cost of the program including tuition, fees, books and suppliesPlacement rate for students completing the program using the methodology developed by NCESMedian loan debt of all students completing the program
- 11. Final Gainful Employment Regs 7/1/2012
- 12. Gainful Employment: Suggested reading listSee one page handout – for electronic version, send email request to tkosel@globeuniversity.edu