Trick or Treat? U.S. Department of Education Publishes Final Gainful Employment Regulations
The U.S. Department of Education published final regulations concerning gainful employment and institutional eligibility for Title IV federal student aid in the Federal Register on October 31, 2014. The new regulations define gainful employment based on whether students are left with unaffordable levels of loan debt as compared with their earnings after they complete the program.
The final rule is 945 pages in length, up from the 841 pages in the Notice of Proposed Rulemaking (NPRM) that was published in the Federal Register on March 25, 2014. The U.S. Department of Education received about 95,000 public comments on the NPRM.
Since the final rules were published before November 1, 2014, the new regulations will become effective on July 1, 2015.
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