New rule will cut federal money to college programs that leave grads with high debt, low pay

By COLLIN BINKLEY
AP Education Writer

WASHINGTON (AP) — A new federal rule threatens to cut federal money to college programs that consistently leave graduates with low pay or unaffordable debt. The gainful employment rule finalized by the Biden administration on Wednesday applies mostly to for-profit colleges, along with certificate programs at traditional universities. The Education Department says it’s a step toward accountability for America’s higher education system. An association of for-profit colleges denounced it as an unfair attack, saying any policy should be applied evenly across all types of schools. Education Secretary Miguel Cardona said there’s “nothing valuable about being ripped off or sold on a worthless degree.”