The U.S. Department of Education is preparing an earnings-based accountability rule that would restrict access to federal student loans—and in some cases Pell Grants—for undergraduate and graduate programs whose graduates do not earn enough after completion. Under the proposal, program outcomes would be compared against benchmark earnings for holders of high school or bachelor’s degrees. The potential impact is broad: the rule would cover everything from short-term career certificates to degree programs in fields where early-career pay can be lower, including cosmetology, fine arts, music, and some health-related programs. Reporting indicates nearly 2,000 colleges and universities could have at least one program at risk, affecting over 600,000 students. The plan uses IRS data to measure median earnings, with timing suggesting the rule could be finalized as early as July 1. Colleges and student advocates have raised concerns that the “do no harm” standard could create unintended financial harm for students whose education is tied to vocation, faith, or service roles. In parallel, a separate policy analysis highlights that faith-based institutions could face disproportionate fallout for religious studies programs, with a risk that failing only a portion of a school’s offerings could jeopardize the institution’s broader eligibility.