Did you know that billions of taxpayer dollars fund career-training programs where graduates earn even less than those with a high school diploma?
The good news is that the Biden-Harris administration just took a major step toward fixing this with new regulations.
The new rule, known as the gainful employment regulations, requires career training programs – including all for-profit programs – to deliver students a minimum financial return on investment. If graduates can’t afford to repay their debt or earn less than local high school graduates, the program will lose access to taxpayer funded financial aid.
This is a common-sense, bipartisan idea. There’s one issue: Only career-training programs can be held to this standard unless lawmakers pass a bill to extend these requirements to cover all federal student loan programs.