; (C) that the quality of demonstration of competence is judged at mastery for each competency that is assessed for the award of a recognized educational credential; (D) a standard for the amount of learning that is included in a unit of competency; (E) reasonable benchmarks for graduation rates and the employment and earnings of graduates, including placements in a field for which the program prepares students, debt-to-earnings ratios, loan repayment rates, and student satisfaction; and (F) regular evaluation of whether the program meets the benchmarks under subparagraph (E). (3) Standards for determining when to deny, withdraw, suspend, or terminate the accreditation of the program if the benchmarks under paragraph (2)(E) are not achieved, including standards for providing sufficient opportunity— (A) for the eligible entity or program to provide a written response regarding the failure to achieve such benchmarks be considered by the agency or association in the manner described in section 496(a)(6)(B); and (B) for the eligible entity or program to appeal any adverse action under this subparagraph before an appeals panel that meets the requirements of section 496(a)(6)(C). (d) Selection (1) In general Not later than 9 months after the date of enactment, the Secretary shall select not more than 100 eligible entities to carry out a demonstration project under this section under which at least 1 competency-based education program is offered. (2) Considerations In selecting eligible entities under paragraph (1), the Secretary shall— (A) consider the number and quality of applications received; (B) consider an eligible entity’s— (i) ability to successfully execute the demonstration project as described in the eligible entity’s application under subsection (b); (ii) commitment and ability to effectively finance the demonstration project; (iii) ability to provide administrative capability and the expertise to evaluate student progress based on measures other than credit hours or clock hours