The U.S. Department of Education proposed a rule that would restrict federal student loan access for higher education programs that do not meet post-graduation earnings thresholds. For undergraduate programs, outcomes would need to match or exceed earnings for young workers with only a high school degree; graduate programs would be compared to benchmarks based on bachelor’s-level workers. The rule could also affect Pell Grant eligibility in some cases, potentially exposing programs in areas where graduates often earn less early in their careers, including cosmetology, fine and studio arts, music, and some health-related fields. The department’s approach would use IRS earnings data to score programs, and it could be finalized as early as July 1—an accelerated timeline that increases uncertainty for campuses and prospective students.