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    1. Under federal law, an undergraduate program whose completers' median earnings four years out fall below what working 25-to-34-year-olds with only a high school diploma earn in the institution's state, in two of any three consecutive award years, loses eligibility for federal loans. ED’s rule takes effect July 1, 2027.

      Measuring credentials of value is a local sport: the spread in earnings is based on comparing state level data, not national data.