The Biden administration is cracking down on for-profit college programs that don't adequately prepare graduates for gainful employment and leave them with unaffordable loans.
"There is nothing valuable about being ripped off or sold on a worthless degree," U.S. Education Secretary Miguel Cardona said at a press briefing announcing the final rule. He is shown here in January 2022 in Washington, D.C."There is nothing valuable about being ripped off or sold on a worthless degree," U.S. Education Secretary Miguel Cardona said at a press briefing announcing the final rule. He is shown here in January 2022 in Washington, D.C.
"Higher education is supposed to be an invaluable investment in your future. There is nothing valuable about being ripped off or sold on a worthless degree," Education Secretary Miguel Cardona said at a press briefing announcing the final rules. The gainful employment rule is meant to safeguard students from making a bad investment at for-profit institutions and non-degree, certificate programs. If programs don't earn their graduates adequate pay, or if graduates' earnings are too low to afford their student loan payments, programs could lose access to federal money."Too often, students and parents navigate decisions without a clear picture of which schools offer the best value for your money," Cardona said.
Starting next school year – July 1, 2024 – programs will have to demonstrate that graduates are able to afford their student debt payments and make more money than an adult in their state who didn't go to college. If a program fails either of those metrics, students will get a warning before they take out federal student loans. If a program fails the same metric twice in a three-year period, it will lose eligibility to collect federal student aid money from students.
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