Two federal rule changes—the new gainful‑employment (GE) and financial value transparency (FVT) policies—are forcing colleges to prove that programs deliver economic returns above high‑school alternatives. The rules require programs to demonstrate “value‑add” in earnings and cap risky student debt, putting certain certificate and non‑degree offerings at risk of losing federal aid eligibility. Inside Higher Ed’s analysis of One Big Beautiful Bill Act (OBBBA) implementation warns that negotiated rulemaking deadlines and tight data requirements will strain institutional capacity. Experts say the measures could accelerate program closures, shift enrollment demand, and require institutions to recalibrate how they document outcomes and align workforce pathways.