This bill introduces significant consumer protections for students by amending the Higher Education Act of 1965 to ensure educational programs provide value and lead to gainful employment. It primarily focuses on establishing rigorous debt-to-earnings standards for programs receiving federal financial assistance, strengthening requirements for programs leading to state licensure , and mandating proper state authorization for distance education offerings. A new section, 498C, defines "debt-to-earnings" rates, including both annual and discretionary calculations, which consider median loan debt and median annual earnings of program completers. Programs will fail these standards if, for two out of three consecutive award years, their discretionary debt-to-earnings rate is 20 percent or higher, and their annual debt-to-earnings rate is 8 percent or higher. These calculations will incorporate both federal and private education loan debt. Institutions offering programs that fail these debt-to-earnings standards will be prohibited from disbursing federal funds to students enrolled in those programs. Such ineligible programs, or substantially similar ones, cannot reestablish eligibility for three years. The Secretary of Education is mandated to annually calculate and publish these rates, notify institutions of determinations, and require warnings to students about failing or at-risk programs. For programs designed to prepare students for occupations requiring state licensure, institutions will lose eligibility for federal funds unless the program fully qualifies students to take required examinations and obtain certification or licensure in their state of residence and any state where the institution markets the program. This includes satisfying all programmatic and specialized accreditation requirements and providing timely placements for pre-licensure requirements like clinicals or internships. Furthermore, the bill requires institutions offering distance education or correspondence courses to be legally authorized in every state where their enrolled students are located. This requirement can be met through participation in State Authorization Reciprocity Agreements (SARAs) , provided the institution documents that each participating state has a public process for reviewing and addressing student complaints. These provisions apply equally to all categories of programs and professions, including those with tipped earnings.