Prospective graduate students are about to gain access to a lot more financial outcomes data, which they can use to compare programs. Last week the U.S. Department of Education (DoE) announced that it finalized the Financial Value Transparency framework to consolidate financial outcomes data.
All qualifying graduate programs will be required to submit data to the DoE on program cost, debt, sources of financial aid, and graduates’ earnings starting next July. As applicable, the data compilation will also include licensing outcomes for graduates. For example, law schools will provide data on graduates’ admission to the bar. The data will be consolidated, published, maintained, and made available to the public on a DoE website. As of 2026, the regulations will also stipulate that programs that do not meet an established debt-to-earnings ratio will be subject to a disclosure requirement. For these programs, all prospective students must acknowledge that they have reviewed the data and understand the financial risk, prior to matriculating in the program.
For medical schools, the DoE’s final regulations acknowledge the lengthy nature of medical training in the U.S. where medical school graduates continue in lower-paying residency training programs post-graduation. To accommodate this practice, the DoE extended the horizon for collecting earnings data for medical schools to six years post-graduation.
For business, law, and other graduate programs, the data provided to the DoE will use graduates’ earnings three years post-graduation.