Two policy developments are forcing colleges to reassess program viability and degree strategy. A provision known as “do no harm,” part of the Trump administration’s 2026 borrowing reforms, will require programs to demonstrate graduates earn more than peers with a high‑school diploma; analysts estimate roughly 2% of programs and about 40,000 students could be affected. At the same time, experts and institutions are parsing the broader effects of the administration’s “big, beautiful bill,” which tightens borrowing and fosters growth of alternative pathways. Higher‑education leaders warn the changes could accelerate demand for shorter credentials and “un‑college” options while pressuring traditional degree programs with weak labor outcomes. Colleges said they are auditing program outcomes, strengthening career services, and expanding CTE and nondegree offerings to retain eligibility for federal loans. State policymakers and accreditors face mounting pressure to reconcile workforce signals with access protections.