A new federal rule threatens to cut federal money to college programs that consistently leave graduates with low pay or unaffordable debt.

College programs that leave graduates underpaid or buried in loans would be cut off from federal money under a proposal issued by the Biden administration on Wednesday.

The Biden administration is moving forward with an overhaul of several student debt forgiveness programs, aiming to make it easier for borrowers to get cancellation if they are duped by their colleges or if they put in a decade of work as public servants.

President Joe Biden hasn't made a decision yet on how he'll handle the student loan debt issue, but his administration is trying to bring closure to one of the most notorious cases of fraud in American higher education.