I'm not going to get too deep into this discussion other than to say it's not over yet. This article implies that the previous administration's rule is "good" versus the current administration's second look - staying completely away from the pros or cons of two different administrations (aka the politics of all that), real-life solutions are not usually that easy.
The "problem" is real as far as a school shutting down mid-year and yes there are "worthless" degrees in both for-profit and so-called "public" schools, but the "rule" is a very broad brush broader than needed. Note that student loans for both taxpayer-funded (government backed) and are privately funded, so either the taxpayer or the lenders are going to be hurt with "total" forgiveness - I don't think they are going to invalidate the degrees that have resulted in worthwhile employment - just the borrowed cost of those degrees.
It's not an easy problem/solution for a simple fix. There is another Obama ERA rule that has been used successfully which is the "gainful employment" standard which requires again mostly just toward "'for profit" schools to prove that their degrees are valid based on employment stats - based on the degree aka a teaching degree actually results in a job as a teacher, a computer IT coding degree results in an IT coding job, etc at more or less standard salary levels.
https://studentaid.ed.gov/sa/about/data-center/school/ge
