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B-335678 Oct 26, 2023 1 (2023-10-26)

handle is hein.gao/gaopik0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-335678 October 26, 2023 The Honorable Bernard Sanders Chairman The Honorable Bill Cassidy Ranking Member Committee on Health, Education, Labor, and Pensions United States Senate The Honorable Virginia Foxx Chairwoman The Honorable Bobby Scott Ranking Member Committee on Education and the Workforce House of Representatives Subject: Department of Education: Financial Value Transparency and Gainful Employment Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of Education (ED) entitled Financial Value Transparency and Gainful Employment (RIN: 1840-AD57). We received the rule on October 13, 2023. It was published in the Federal Register as final regulations on October 10, 2023. 88 Fed. Reg. 70004. The effective date is July 1, 2024. ED states that the final rule establishes and amends regulations related to gainful employment to address ongoing concerns about educational programs designed to prepare students for gainful employment in a recognized occupation, but that instead leave them with unaffordable amounts of student loan debt in relation to their earnings, or with no gain in earnings compared to others with no more than a high school education. ED further states that the final rule seeks to enhance transparency by providing information about financial costs and benefits to students at nearly all academic programs at postsecondary institutions that are eligible to participate in title IV of the Higher Education Act of 1965, Pub. L. No. 89-329, 79 Stat. 1219 (Nov. 8, 1965), as amended. Enclosed is our assessment of ED's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel

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