The U.S. Department of Education issued a final rule creating the Student Tuition and Transparency System (STATS) and new programmatic earnings accountability requirements tied to graduate outcomes. The rule replaces the current Financial Value Transparency (FVT) framework and modifies Gainful Employment regulations to align with requirements in the “One Big Beautiful Bill Act.” Under STATS, the department will publish expanded program-level information through a centralized federal site, including costs, debt, and earnings outcomes, along with program length and accreditation status. Institutions must link prominently to this data from admissions and financial-aid pages and provide additional disclosures for low-earning programs. The final rule also adds an earnings accountability measure: programs must demonstrate that graduates earn more than similarly situated high school graduates (undergraduate) or earn above bachelor’s degree holders (graduate). Programs that fail the earnings premium in two out of three consecutive years may lose eligibility to participate in the Federal Direct Loan program, changing the risk profile for institutional program portfolios.