S.2640 - Students Not Profits Act of 2019116th Congress (2019-2020)
|Sponsor:||Sen. Brown, Sherrod [D-OH] (Introduced 10/17/2019)|
|Committees:||Senate - Health, Education, Labor, and Pensions|
|Latest Action:||Senate - 10/17/2019 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (All Actions)|
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Summary: S.2640 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (10/17/2019)
Students Not Profits Act of 2019
This bill makes certain institutions of higher education (IHEs) ineligible to receive federal financial student assistance.
Specifically, the bill makes for-profit institutions of higher education ineligible to receive such assistance. The bill also makes ineligible any institution that has (1) filed for bankruptcy; (2) been convicted of, or pled nolo contendere or guilty to, a crime involving federal student aid; (3) committed fraud, substantial misrepresentation, or false certification involving federal student aid; or (4) executive officers who were previously employed at an institution receiving federal student aid that closed.
Additionally, the bill establishes certain criteria that an IHE must meet to be eligible for conversion from a for-profit IHE to a nonprofit IHE. Before approving such conversion, the Department of Education must publish the application in the Federal Register for notice and comment.