A First Step

By Representative Mark Takano. After months of deliberation, the Obama administration issued a proposed gainful employment regulation in an effort to protect students from programs at for-profit colleges that leave them with unmanageable debt and worthless degrees. The proposed rule includes provisions requiring career education programs to meet certain standards related to the debt-to-earnings ratio and default rate of graduates. While I would have liked to see a stronger rule – one that includes, for example, loan repayment rates as a metric and a new program approval process – it is a step forward. Read more...