WASHINGTON (AP) — For-profit colleges that don't produce graduates capable of paying off their student loans could soon face the wrath of the federal government. To meet these "gainful employment" standards, a program will have to show that the estimated annual loan payment of a typical graduate does not exceed 20 percent of his or her discretionary income or 8 percent of total earnings. [...] Steve Gunderson, president and CEO of the Association of Private Sector Colleges and Universities, calls the effort "nothing more than a bad-faith attempt to cut off access to education for millions of students who have been historically underserved by higher education." The regulation, which goes into effect on July 1, is the latest step in a yearslong fight by the Obama administration to improve outcomes and end aggressive recruiting at for-profit colleges. The Consumer Financial Protection Bureau earlier this year filed suit against the large, for-profit college chain ITT Educational Services Inc.