Tie Student Loans to Graduate Earnings

A federal rule conditions program eligibility for student loans on graduates' earnings relative to simple benchmarks (e.g., high‑school or bachelor comparators). The bar is intentionally low and uses short windows (two of three years) so only a small share of programs are expected to lose eligibility, shifting risk back to taxpayers while changing colleges' incentives. — This reframes student‑loan policy from individual access to a taxpayer‑risk and regulatory‑incentive problem, with implications for what degrees get created, subsidized, or shuttered.