Linked are an advanced copy of the Department of Education June 2 press release (here) and a power point (here) from the U.S. Department of Education. Bottom line, the Department changed the timeline but kept the metrics – – the 35% non-repayment, the 30% share of disposable income and the 12% share of total earnings and added some up-front disclosure requirements. They have adjusted the consequences of failing, by requiring that a program fail 3 years out of 4 before it is ineligible for Title IV funds. For the first two years, the warnings you have to give to students get tougher before losing eligibility. The Department estimates that 18% of programs will fail at some point and that 5% will lose eligibility.
The final regulation is available at http://www.ed.gov/news/press-releases/gainful-employment-regulations. Click on the press release header and on the right you will see links to the rule (it is over 400 pages) and additional information.