As we reported yesterday, the Department of Education (Department) released the Notice of Proposed Rule Making (NPRM) for the gainful employment rule this morning. The NPRM is long – 841 pages in the pre-publication format. While we will have more on this topic as we pour through the NPRM, it looks like the proposed rule is very similar to the version discussed at the December 13, 2013 negotiated rule making session. One change is that the Department will only review programs with 30 or more completers – rather than 10 completers as originally proposed. Also, it appears that the Department will be using a graduated amortization rate (10 years for certificate and associates programs; 15 years for bachelor’s and master’s degree programs; and 20 years for doctoral and first-professional degree programs) for determining the annual loan payment.