Generally, in order to be eligible for funding under the HEA Title IV student assistance programs, an educational program must lead to a degree or it must prepare students for “gainful employment in a recognized occupation.” With very few exceptions, all educational programs offered at for-profit institutions must lead to gainful employment in a recognized occupation. Under the regulations that go into effect on July 1, 2012, an educational program is considered to provide training that leads to gainful employment in a recognized occupation if the most recent repayment activity of the students that previously attended the program result in an average Repayment Rate of at least 35 percent; or the average annual earnings for students that completed the program compared to the annual loan payments on those earnings results in a Debt-to-Earnings ratio of no more than 12 percent; or no more than 30 percent of the average discretionary income for those former students. Gainful Employment rates for MECC programs include graduates from July 1, 2013 and June 30, 2014.