New federal guidelines threaten eligibility and financial support for many graduate arts programs, according to the report. The concern is that earnings-based assumptions for alumni may undervalue typical arts career pathways, which can depress or eliminate federal aid access for students enrolled in these programs. For higher education leaders, the issue is an immediate compliance and enrollment-risk story: if institutional eligibility or student aid availability changes mid-cycle, programs may face sudden demand impacts and difficult restructuring decisions tied to federal policy interpretation.