Biden administration proposes new rule to tackle student debt and low income after graduation.
The Biden administration has proposed a new rule that would cut off federal money to college programs that leave graduates underpaid or buried in loans, but the rules would apply only to for-profit colleges and a tiny fraction of programs at traditional universities. The proposal revives an Obama-era policy known as gainful employment, which was dismantled by the Trump administration before it took full effect. The new proposal would apply to all programs at for-profit colleges, but only to certificate programs at traditional universities. The proposal could take effect no sooner than July 2024.