NEW YORK --The U.S. Department of Education on Thursday will release the final version of its much-awaited "gainful employment" rule that punishes career-training programs for graduating students with heavy debt loads.

The rule, one of the most controversial to come out of that office in years, is an effort to ensure the programs are preparing students for legitimate jobs. This final version is less severe than a draft released last summer, giving programs more opportunities to right themselves if they run afoul of the measure....