“Some people go to college [and] take out loans for programs that really just don’t have a whole lot of economic value”
“Some people go to college take out loans for programs that really just don’t have a whole lot of economic value”Trump wants to cut federal loans from college programs that don’t pay off.
College cosmetology, fine arts, and music programs are at risk Earlier this month, the Department of Education proposed a new rule that would cut off federal student loan access to college programs whose students earn too little after they graduate. For undergraduate programs, those diploma holders would generally need to earn at least as much as young workers with only a high school degree.
For graduate programs, graduates would need to beat a benchmark based on workers with only a bachelor’s degree. In certain cases, programs that fall short could also lose access to Pell Grants. The programs most at risk vary widely and span both traditional four-year colleges and more technical, career-focused institutions. Some are short-term certificate programs, including cosmetology and other vocational training fields.
Others are degree programs in areas where graduates often earn less early in their careers, such as music, fine and studio arts, and certain health-related fields. Out of the nearly 20 million post-secondary students, some 95% are enrolled in a program that is likely to pass the earnings test.
But, close to 2,000 colleges and universities in the U.S. have at least one program at risk of failing the earnings test, and it could leave over 600,000 students at risk, according to Preston Cooper, a senior fellow at the American Enterprise Institute who tracks higher education reform. . Cooper pointed out this isn’t only an issue for one’s career prospects.
Instead, he pointed to the $1.7 trillion in outstanding federal student loan debt as a reason why these programs should be held accountable for potential financial harm.
“Some people go to college take out loans for programs that really just don’t have a whole lot of economic value,” Cooper told Fortune. “They end up with a lot of debt, and then they don’t really have the earnings in order to be able to repay that debt. ”
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