This table lists 1,091 programs at 45 colleges that 16 publicly traded companies own or operate. The figures come from the U.S. Department of Education. The ownership columns are ours.
Select a company to filter the table below. Tested programs have a department result; the rest had too few graduates. Students and loans are for 2024-25. A dash means no program failed.
| Parent company | Relationship | Total programs | Programs tested | Programs failing | Total students | Students in failing programs | Total loans | Loans in failing programs |
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Each program the department published for these schools that has a result or had students in 2024-25. Earnings are for graduates of 2017-18 and 2018-19. Students and loans are for 2024-25. Search, filter, or select a column heading to sort.
The One Big Beautiful Bill Act of 2025 sets an earnings test. A program passes if its graduates' median earnings equal or exceed those of a comparison group. For undergraduate programs, the group is working adults aged 25 to 34 who hold only a high-school diploma, in the college's state. The Education Department uses the national figure when fewer than half the students live in that state. For graduate programs, the group is working adults aged 25 to 34 who hold a bachelor's degree; the department uses the lowest of several state, national and same-field figures.
The law names undergraduate degrees, graduate and professional degrees, and graduate certificates. The department's final rule of July 1, 2026, extends the test to undergraduate certificates and drops the debt-to-earnings test of the 2023 gainful-employment rule.
A program that fails in two of three consecutive years loses federal student loans. The school must wait two years to reapply. A second penalty applies when such programs draw more than half a school's federal aid dollars, or enroll more than half its aid recipients, in two of three consecutive years. Those programs then lose all federal aid, including Pell Grants, and the school goes on provisional status.
The department published these results in January 2026, before the rule took effect. They cover one year: students who finished in 2017-18 or 2018-19, with earnings measured in 2022 and 2023. The rule takes effect July 1, 2027. The department expects its first official calculation to use the 2025 earnings of students who finished in 2020-21, and the first penalties to fall in the award year that begins July 2028. Small programs and programs tied to tipped work follow a later schedule.
A program marked as failing here would fail if the department applied the test today. It is at risk. It has not been penalized.
OPEID is the department's six-digit number for an institution. It covers the main campus and its branches. Program is the field of study. A field can appear at more than one credential level.
Earnings count only graduates who received federal aid. Earnings and comparison figures are in 2024 dollars. The comparison figures come from the Census Bureau's 2023 five-year survey. HS means high-school graduates; BA means holders of a bachelor's degree.
Undergraduate and post-baccalaureate certificates show "Not Listed in Section 84001" because the law does not name them. The department measured them against high-school graduates, and its rule covers them. A failing certificate program is at risk like any other.
Students are those enrolled in 2024-25 who received federal aid in the program, that year or earlier. Loans are all federal loans disbursed for the program in 2024-25, including loans to parents.
Ownership history marks schools bought after 2017. Their measured graduates attended under the previous owner.
A blank earnings figure or result means the department withheld it. The department withholds earnings when fewer than 16 graduates had earnings on file with the IRS, or when its privacy adjustment moved the median by more than 9 percent. Published medians carry small privacy adjustments.
The department reports any student count from 10 to 19 as 15. It leaves counts of 9 or fewer blank, and sometimes blanks a larger count to protect a hidden one. A blank loan figure usually means few students borrowed.
The totals on this page add what the department published, so they run slightly low. Of the 36 failing programs, 2 show 15 students, 4 show no student count and 6 show no loan figure. The department's file gives loan totals of $10 million or more to three significant figures.
No government dataset records which colleges belong to public companies. We compiled the list on October 2, 2026, from company filings, press releases and the department's college directory. "Operated" means the company runs the school under a services agreement. "Owned" includes HCA's majority stake in Galen College of Nursing.
American Public Education merged Rasmussen and Hondros into American Public University System in August 2026; the department's data still lists them separately. Aspen Group and National American University Holdings trade over the counter and no longer file with the SEC.
The department's program data omits three Covista schools: Ross University School of Medicine, Ross University School of Veterinary Medicine and American University of the Caribbean. We left out South University because Perdoceo's purchase, announced in September 2026, has not closed.
U.S. Department of Education, Program Performance Data, released December 2025 and corrected January 2026, with its program enrollment and aid files for 2024-25. The rule: Public Law 119-21, Section 84001, and the department's final rule, 91 FR 40136 (July 1, 2026).