Today the Trump Administration proposed to erase the gainful employment rule, which protects hundreds of thousands of students from being swamped by loans they cannot afford.
The gainful employment rule ensures that career education programs cannot leave their graduates with low earnings and unaffordable student debts. Deleting the rule would be costly for both students and taxpayers. A single round of Department of Education data showed that more than 350,000 students graduated from substandard programs with nearly $7.5 billion in unaffordable debt. The gainful employment rule is needed to prevent programs like these from bilking students and taxpayers.