Board hears update on proposed Education Department rule that could restrict student loan eligibility for accounting

Bonnie, a board participant, told the State Board of Accountancy that a recent U.S. Department of Education proposal would narrow which credentials qualify as "professional" for certain federal student aid programs and that accounting was included among majors removed in the draft, a change she said could affect students who rely on loans to pursue accounting education. She said the AICPA and state societies are working the accounting portion and that Mark Peterson, who leads AICPA government relations, will present at a town-hall session next Wednesday beginning at 9 a.m., with the education portion starting about 9:30 a.m.

"It does look like the Department of Education is going to move forward with those changes," Bonnie said, adding that the draft is not yet final and that stakeholders have been surprised that the agency has not yet backed off. She warned the board that if implemented, the proposal would reduce eligibility for some students who depend on federal loans.

Board members asked logistical questions about the town hall and whether non-members could attend; Bonnie said she would circulate a link for those interested. The board's chair noted national groups including AICPA and NASBA are advocating against the draft and that the changes run counter to the profession's workforce and public-protection goals.

Why it matters: If the Department of Education finalizes rules that narrow which programs count as "professional," fewer students in certain degree programs could qualify for particular federal aid streams, potentially constricting the pipeline into professions that rely on loan access, board members said.

What’s next: The board was informed the AICPA exposure and outreach are underway and was invited to follow the upcoming town hall; no formal board action was taken during the meeting.