; and . G General provisions relating to student assistance programs 4601. Definition of eligible program (a) Eligible program Section 481(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1088(b) )— (1) in paragraph (1)(A)(i), by striking profession and inserting occupation ; (2) in paragraph (2)— (A) in subparagraph (A)— (i) by redesignating clause (iii) as clause (vi); and (ii) by inserting after clause (ii) the following: (iii) has a verified annual earnings rate among individuals who completed the program, as determined under subparagraph (D), that is not less than the average or median annual earnings rate of individuals with only a high school diploma (or the equivalent) based on the most recently available data from the Bureau of Labor Statistics or the Bureau of the Census with respect to— (I) such average or median earnings rate in the United States; or (II) subject to subparagraph (E), such average or median earnings rate in the State or local area in which the institution offering the program is located; (iv) prepares students for gainful employment in a recognized occupation; (v) has been in operation for not less than two consecutive years; and ; and (B) by adding at the end the following: (C) (i) For each subsequent year for which a program seeks eligibility under this paragraph, the Secretary shall reevaluate whether the program continues to meet the requirements of clauses (i), (iii), (iv), and (vi) of subparagraph (A). A program that does not meet such requirements for two consecutive award years (or, in the case of a program that does not meet the requirements under subparagraph (A)(iv), for a period of time determined by the Secretary) shall be ineligible to participate in programs under this title— (I) for the period of two award years following the last award year for which the program was eligible to participate in such programs