If your degree doesnt pay enough, you cant borrow. Federal loans cut for low-wage programs

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Set us as preferred College students pursuing majors, advanced degrees or certifications in fields that consistently earn low incomes will no longer be able to take out federal loans to pay for their schooling under new Trump administration rules.Many of the degree programs that educate social workers, artists, teacher aides and especially certification programs for barbers and nail technicians are likely to fail a new federal litmus test: Will they make more money upon graduation than if they never enrolled in the first place? The new federal rule, finalized this month by the Education Department, comes amid a national crisis in student loan defaults — and is part of a larger effort to ensure a college degree or professional certification serves as an avenue for economic advancement rather than a debt trap.

It has also provoked debate over whether the mission of higher education — and help paying for it — should be tied to a paycheck after graduation.But unlike other aspects of the administration’s education actions, the new policy has relatively broad support, with some student advocates saying it should be tougher.The Education Department hasn’t yet calculated the final data against which institutions will be judged, leaving uncertainty on exactly what programs will face consequences.

The vast majority of college and university bachelor‘s and advanced degree programs at public and nonprofit institutions are expected to be safe, with about 3% expected to fail, according to the department’s estimates.However, about 33% of programs at for-profit schools are expected to fail.Overall, 4.2% of students who receive federal loans or grants are enrolled in programs expected to fail the new benchmark, according to the Education Department.An estimated 5.2% of programs overall may fail, but not all students take out fe...