S.2032 - POST Act112th Congress (2011-2012)
|Sponsor:||Sen. Durbin, Richard J. [D-IL] (Introduced 01/23/2012)|
|Committees:||Senate - Health, Education, Labor, and Pensions|
|Latest Action:||Senate - 01/23/2012 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S44-45) (All Actions)|
This bill has the status Introduced
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Summary: S.2032 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in Senate (01/23/2012)
Protecting Our Students and Taxpayers Act or POST Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require proprietary institutions of higher education to derive at least 15% of their revenue from sources other than federal funds or become ineligible for title IV funding. (Currently, the 90/10 rule requires these schools to derive at least 10% of their revenue from sources other than title IV or become ineligible for title IV funding.)
Defines "federal funds" as federal financial assistance provided through a grant, contract, subsidy, loan, guarantee, insurance, or other means to a proprietary institution, including federal financial assistance that is provided to an institution on behalf of a student or to a student to attend the institution. Excludes monthly housing stipends provided under the Post-9/11 Veterans Educational Assistance program from consideration as federal funds.
Limits what a proprietary institution may treat as revenue to the school in calculating whether it derives at least 15% of its revenue from non-federal funds.