New provisions in the Republicans’ overhaul of student loans — including a "do no harm" rule that could cut federal loan access for programs whose graduates earn less than high‑school graduates — threaten roughly 2% of U.S. degree programs, analysts say. The policy, part of the so‑called 'big, beautiful bill,' is accelerating interest in shorter credentials, career‑focused two‑year programs and non‑degree alternatives ('un‑college'). Institutions that rely on federal aid for marginal programs face compliance decisions and potential revenue loss; students and workforce partners are weighing tradeoffs between credential length, cost and labor‑market outcomes.