The U.S. Department of Education issued a final rule establishing the Student Tuition and Transparency System (STATS) and new programmatic earnings accountability under the One Big Beautiful Bill Act, replacing the previous Financial Value Transparency (FVT) framework. STATS will require expanded program-level reporting on costs, debt, earnings outcomes, and accreditation status through a centralized federal website, with institutions required to link to the data on admissions and financial-aid webpages and provide additional disclosures. The rule also introduces a new accountability measure tied to whether program graduates earn more than similarly situated high school graduates (for undergraduate programs) and more than bachelor’s degree holders (for graduate programs). Programs that fail these earnings premium benchmarks in two out of three consecutive years may lose eligibility for Federal Direct Loans, with certain circumstances extending to Title IV aid. Institutions are likely to face major compliance and disclosure planning work now that program-level outcomes and federal warning notices become part of ongoing eligibility risk management.