The phrase “grad school” carries a lot of baggage. Some consider it the logical next step after completing their undergraduate degree, while others see it as their ticket to a promotion. Sadly, many believe grad school is nothing more than an unattainable dream.

The hard truth is that there are barriers to pursuing a graduate education. Students are increasingly wary of becoming saddled with debt when the guarantee of securing a high-salaried position after graduation can be elusive — who can blame them? — and graduate enrollment is “softening.”

Now for the good news. In 2024, the gainful employment rule went into effect. This policy is designed to protect students by potentially penalizing colleges and universities that fail to provide graduates with a fair return on their investment. Nondegree programs at all institutions and degree programs at for-profit colleges must meet two federally regulated metrics: a debt-to-earnings ratio and an earnings premium test.

These metrics ensure that graduates won’t be left with exorbitant debt and that their degree will lead to equitable employment opportunities and wages. The rule will also increase transparency by providing better information about program costs, loan burden and graduate earnings through a Department of Education disclosure website.

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The mission of the Graduate School at Hood College has long been aligned with this policy, as we are committed to offering an accessible, affordable option for anyone on the fence about earning a master’s degree. Because of this, we attract a diverse student body — recent undergraduates, career changers, military veterans and international transfer students.

The rule is ultimately about setting up students for success, removing financial barriers and reining in institutions that resort to predatory price gouging practices. A master’s degree should be accessible, especially when it comes to cost. Another benefit is that economic accessibility fosters diversity in higher education.

Graduate school will challenge you, but it’s not impossible. Thankfully, the gainful employment rule empowers students to choose the school that is right for them. It will hold institutions accountable and provide better outcomes for students, especially those from underrepresented populations.

April Boulton, associate provost and dean of the Graduate School at Hood College