The expanded gainful employment regulations take effect in 2027 and require bachelor's programs to out-earn typical high school graduates, while master's programs must out-earn bachelor's degree holders. High-risk fields include theology, fine arts, and graphic design. For example, a 2021 analysis of the USC social work master's program found that half of the graduates earned $52,000 or less two years after finishing their degrees, despite holding a median debt of $112,000.
