The Department of Education (the “Department”) previously attempted to define “an eligible program of training to prepare students for gainful employment in a recognized occupation.” After a federal court invalidated the Department’s regulation, the Department established a negotiated rulemaking committee to consider the issue of gainful employment, and appointed Strayer University’s General Counsel to serve on the committee. In September, the Department circulated a proposed draft of the new rule that would apply the two debt-to-income ratios used in the 2011 rule, modified in several material ways, but that did not include the prior Loan Repayment Rate metric. The negotiated rulemaking committee continues its work, and the Department has indicated that it expects to issue a Notice of Proposed Rulemaking for public comment in 2014. Given the uncertainty as to the terms and application of any final rules, the Company is unable to determine what impact, if any, the rules will have on its financial condition or results of operations.