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 the One Big Beautiful Bill Act, replacing the existing Financial Value Transparency framework. Under the rule, institutions must publish expanded program-level disclosures—including costs, debt, earnings outcomes, and accreditation status—and must link to a centralized federal site from admissions and financial-aid pages. Programs that repeatedly fail earnings benchmarks could lose eligibility to participate in Federal Direct Loans, and in limited cases, other Title IV aid. The new measure changes the compliance landscape for colleges and universities, increasing the risk that low-earning programs face federal financial aid consequences while also raising disclosure workload for enrollment, registrar, and institutional research teams.