Update on Department of Ed’s Gainful Employment Rule

The Chronicle of Higher Education has some important updates around the proposed GE rule in an article today by Jennifer Gonzalez who is reporting from the annual Career College Association meeting in Las Vegas:

  • Proposed GE rule is expected to come out next week
  • Senate HELP Committee will begin hearings this month on the topic
  • The department’s most-recent draft of the “gainful employment” rule would bar federal aid for programs where a majority of the students’ loan payments would exceed 8 percent of graduates’ expected earnings based on a 10-year repayment plan.
  • A group called Students for Academic Choice has been formed to represent the interests of career-college students and graduates. Their first order of business is to send a letter expressing their concern to Duncan – they’ve gathered over 32,000 signatures for the letter.
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