Biden sets new limits on for-profit colleges

From Times Higher Education: “The Biden administration has outlined new regulations to crack down on for-profit colleges by limiting their access to federal aid and restricting their ability to claim a conversion to non-profit status. … The new general aid eligibility restriction on for-profit colleges concerns the 90/10 rule, a federal prohibition against institutions deriving more than 90 per cent of their revenue from federal student aid programmes. The 90/10 rule is meant to fight fraud and abuse by requiring a minimum demonstrated financial commitment from students willing to attend. … The changes would take effect next summer, in time for the 2023-24 academic year.”