"The education department's decision isn't merely semantic: If it's finalized, it will affect how much federal aid students are able to receive. Students in the 11 degree fields designated "professional" will be able to borrow up to $50,000 a year and no more than $200,000 in total. For students in other programs, federal loans will be capped at $20,500 per year and a total of $100,000."
"Now, accounting organizations have followed suit. The AICPA and state societies of accounting, the National Association of State Boards of Accountancy (NASBA), and the American Accounting Association (AAA), a professional organization representing accounting educators, have all released formal statements in opposition to the decision. Both the AICPA and AAA statements requested that the education department reconsider classifying accounting degrees as professional, and NASBA wrote in its statement that it "will engage policymakers to ensure accounting is restored to the professional degree category.""
The Department of Education's RISE committee released draft regulations that omit accounting graduate degrees from the federal "professional" category. The classification determines loan caps: designated professional degrees allow borrowing up to $50,000 per year and $200,000 total, while other programs face $20,500 per year and $100,000 total limits. Several professions and professional organizations have publicly objected to the omission. Accounting groups including the AICPA, state societies, NASBA, and the AAA have issued formal statements opposing the change and requested reconsideration. NASBA pledged to engage policymakers to seek restoration of accounting to the professional category.
#higher-education-policy #accounting-education #federal-student-loans #professional-degree-classification
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