[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 4772 Introduced in Senate (IS)]
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117th CONGRESS
2d Session
S. 4772
To require institutions of higher education participating in Federal
financial aid programs to pay a percentage of the cost of attendance
for each enrolled full-time student, based on the endowment fund of the
institution, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
August 4, 2022
Mr. Scott of Florida introduced the following bill; which was read
twice and referred to the Committee on Health, Education, Labor, and
Pensions
_______________________________________________________________________
A BILL
To require institutions of higher education participating in Federal
financial aid programs to pay a percentage of the cost of attendance
for each enrolled full-time student, based on the endowment fund of the
institution, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Changing Our Learning, Loans,
Endowments, and Graduation Expectations Act'' or the ``COLLEGE Act''.
SEC. 2. COST MATCH REQUIREMENT.
Part G of title IV of the Higher Education Act of 1965 (20 U.S.C.
1088 et seq.) is amended by adding at the end the following:
``SEC. 494A. COST MATCH REQUIREMENT AND COST AND ENDOWMENT REPORT.
``(a) Cost Match Requirement.--
``(1) In general.--For each award year, each institution of
higher education participating in a program under this title
that has an endowment fund that is maintained for the purpose
of generating income for the support of the institution and is
greater than $1,000,000,000 shall pay the covered percentage of
the cost of attendance for each full-time student enrolled at
the institution of higher education.
``(2) Covered percentage.--The covered percentage shall be:
``(A) In the case of an institution of higher
education that has an endowment fund that is greater
than $1,000,000,000, but less than $5,000,000,000, 25
percent.
``(B) In the case of an institution of higher
education that has an endowment fund that is
$5,000,000,000 or greater, but less than
$10,000,000,000, 50 percent.
``(C) In the case of an institution of higher
education that has an endowment fund that is
$10,000,000,000 or greater, 75 percent.
``(b) Cost and Endowment Report.--Not later than July 1 of each
year, each institution of higher education participating in a program
under this title shall submit a report to the Secretary containing the
following information:
``(1) The total cost of attendance for a full-time student
for the upcoming award year.
``(2) If the total cost of attendance for the upcoming
award year is greater than the cost of attendance for the prior
award year--
``(A) the amount of the increase in the cost of
attendance from the prior award year; and
``(B) an explanation of the basis for such
increase.
``(3) A statement of whether the institution of higher
education has an endowment fund, and if so--
``(A) the amount of the endowment fund as of the
date the report is submitted; and
``(B) the total increase in the amount of the
endowment fund over the preceding 4 fiscal quarters,
specifying the growth attributable to--
``(i) contributions to the endowment fund,
including charitable donations, gifts,
bequests, and similar contributions of money or
assets; and
``(ii) investments of amounts in the
endowment fund, including bonds, securities,
asset acquisitions or sales, and similar
financial investments and transactions.''.
SEC. 3. PROGRAM PARTICIPATION AGREEMENT.
Section 487(a) of the Higher Education Act of 1965 (20 U.S.C.
1094(a)) is amended by adding at the end the following:
``(30) The institution will--
``(A) pay the covered percentage of the cost of
attendance for each full-time enrolled student, as
described in section 494A(a); and
``(B) annually submit the cost and endowment report
described in section 494A(b).''.
SEC. 4. RISK-SHARING PAYMENTS FOR FEDERAL DIRECT LOANS.
Section 454 of the Higher Education Act of 1965 (20 U.S.C.
1087d(a)) is amended--
(1) in subsection (a)--
(A) in paragraph (5), by striking ``and'' after the
semicolon;
(B) by redesignating paragraph (6) as paragraph
(8); and
(C) by inserting after paragraph (5) the following:
``(6) provide that the institution accepts the
institutional risk-sharing requirements under subsection
(d);''; and
(2) by adding at the end the following:
``(d) Institutional Risk-Sharing Based on Loan Default.--
``(1) In general.--Beginning with the first fiscal year
that begins after the date of enactment of the COLLEGE Act, and
each succeeding fiscal year, each institution of higher
education participating in the direct student loan program
under this part shall remit to the Secretary, at such times as
the Secretary may specify, an institutional risk-sharing
payment, as determined under paragraph (2).
``(2) Determination of risk-sharing payments.--
``(A) Determination of cohort loan balance.--The
cohort loan balance of an institution for a fiscal year
equals the total principal amount of all loans made
under this part to attend such institution for the
cohort of borrowers who entered repayment, deferment,
or forbearance on such loans in the third preceding
fiscal year for which the determination is made.
``(B) Determination of cohort nonrepayment loan
balance.--The cohort nonrepayment loan balance of an
institution for a fiscal year equals, from the total
amount of the loans described in subparagraph (A), the
total loan balance of those borrowers who have gone
into default in the 3 consecutive fiscal years since
their loans entered repayment, deferment, or
forbearance.
``(C) Determination of payment.--The risk-sharing
payment of an institution for a fiscal year shall
equal, for the first fiscal year after the date of
enactment of the COLLEGE Act through the twenty-fifth
fiscal year after such date, an amount equal to 1
percent of the cohort nonrepayment loan balance
determined under subparagraph (B) through 25 percent of
that balance, respectively, for each year.''.
SEC. 5. PROGRAM INTEGRITY.
(a) Institutional Reporting.--Section 454 of the Higher Education
Act of 1965 (20 U.S.C. 1087d), as amended by section 4, is further
amended--
(1) in subsection (a), by inserting after paragraph (6) (as
added by section 4), the following:
``(7) provide that the institution will collect and by July
1 of each year report to the Secretary data, in the aggregate
and disaggregated by academic major, regarding--
``(A) the 4-year graduation rate for each academic
program offered at the institution;
``(B) the percentage of graduates who are employed
full-time or continuing their education full-time 1, 3,
and 5 years after graduating;
``(C) the median full-time wages of graduates for
each academic program 1, 3, and 5 years after
graduating;
``(D) the total cost of tuition and fees for the
mandatory credit hours necessary to graduate with a
degree for each academic program;
``(E) the cost to graduate with a degree for each
academic program by major (including tuition, fees,
room and board, and books and supplies);
``(F) the average monthly payment due for loans
made under part B, D, or E, for graduates of each
academic program;
``(G) the average total student loan debt of
graduates for each academic program; and
``(H) the average 3-year student loan default rate
of graduates for each academic program; and''; and
(2) by adding at the end the following:
``(e) Publicly Available Information.--The Secretary shall publish
and make publicly available the data described in subsection (a)(7).''.
(b) Program Review and Data.--Section 498A(a)(1) of the Higher
Education Act of 1965 (20 U.S.C. 1099c-1(a)(1)) is amended by striking
``title;'' and inserting ``title, which shall include annually
collecting and reporting, for each institution--
``(A) the average amount of Federal student loan
debt owed for an individual student on the date of
graduation from that institution; and
``(B) the rate of loan deferment, rate of
forbearance, rate of default, and rate of delinquency
(each expressed separately) for borrowers of all
Federal student loans, 5, 7, and 10 years after the
borrowers' date of graduation from the institution;''.
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