The U.S. Department of Education issued a final rule implementing the Student Tuition and Transparency System (STATS) and new programmatic earnings accountability requirements tied to the One Big Beautiful Bill Act, according to an AGB policy alert. The rule replaces the Financial Value Transparency (FVT) framework and expands program-level disclosure. STATS will require institutions to link to centralized federal program data covering program length, costs, debt, earnings, accreditation status, and earnings outcomes. Critically, programs that fail the new earnings-premium measure may lose eligibility for Federal Direct Loans—and, in limited circumstances, other Title IV aid—after repeated failures across two out of three consecutive years. The final rule also increases reporting obligations and warning notices for low-earning programs, creating a new accountability structure intended to align federal funding with measurable graduate outcomes.