The U.S. Department of Education is finalizing proposed earnings-test guidelines that would treat low alumni earnings as a ground to restrict federal student aid for many graduate programs in visual arts, music and performance. The proposal would apply to university programs nationally and could reduce enrollment as institutions anticipate students losing eligibility for federal loans. Under the framework, the Department would calculate alumni earnings four years after graduation for master’s programs and compare them with a median benchmark tied to working adults aged 25 to 34 with bachelor’s degrees. Programs that fail the test twice within three years could lose the ability to enroll students using federal loan funding. Experts cited in the reporting warn of sharp enrollment declines and potential program closures, particularly for arts disciplines where earnings outcomes can be difficult to predict and vary widely. The proposal also marks a shift from earlier thresholds that used high school earning baselines for prior tests.