New Biden rule cuts funds to programs leaving college grads with high debt, low pay

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New Biden rule cuts funds to programs leaving college grads with high debt, low pay
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'There is nothing valuable about being ripped off or sold on a worthless degree,” Education Secretary Miguel Cardona said about the rule estimated to protect about 700,000 students a year.

“Higher education is supposed to be an invaluable investment in your future. There is nothing valuable about being ripped off or sold on a worthless degree,” Education Secretary Miguel Cardona said at a press briefing.

The first test will check whether a program’s graduates carry heavy student debt compared to their earnings. Programs will pass if their graduates have annual loan payments averaging no more than 8% of their total income, or 20% of their discretionary income. The final rule made few changes to the initial proposal, despite sharp criticism from Republicans and the for-profit industry.

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