Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB1972 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	II
2	2	118THCONGRESS
3	3	1
4	4	STSESSION S. 1972
5	5	To increase college transparency, and for other purposes.
6	6	IN THE SENATE OF THE UNITED STATES
7	7	JUNE14, 2023
8	8	Mr. C
9	9	ASSIDY(for himself, Mr. CORNYN, Mr. GRASSLEY, Mr. SCOTTof South
10	10	Carolina, and Mr. T
11	11	UBERVILLE) introduced the following bill; which was
12	12	read twice and referred to the Committee on Health, Education, Labor,
13	13	and Pensions
14	14	A BILL
15	15	To increase college transparency, and for other purposes.
16	16	Be it enacted by the Senate and House of Representa-1
17	17	tives of the United States of America in Congress assembled, 2
18	18	SECTION 1. SHORT TITLE. 3
19	19	This Act may be cited as the ‘‘Lowering Education 4
20	20	Costs and Debt Act’’. 5
21	21	SEC. 2. TABLE OF CONTENTS. 6
22	22	The table of contents of this Act is as follows: 7
23	23	Sec. 1. Short title.
24	24	Sec. 2. Table of contents.
25	25	TITLE I—COLLEGE TRANSPARENCY
26	26	Sec. 101. Postsecondary student data system.
27	27	Sec. 102. Repeal of prohibition on student data system.
28	28	Sec. 103. Institutional requirements.
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31	31	•S 1972 IS
32	32	Sec. 104. Transition provisions.
33	33	TITLE II—UNDERSTANDING THE TRUE COST OF COLLEGE
34	34	Sec. 201. Institution Financial Aid Offer Form.
35	35	Sec. 202. Mandatory form.
36	36	TITLE III—INFORMED STUDENT BORROWING
37	37	Sec. 301. Counseling and financial aid disclosures.
38	38	Sec. 302. Annual requirement to manually enter loan amount.
39	39	Sec. 303. Work study.
40	40	TITLE IV—STREAMLINING ACCOUNTABILITY AND VALUE IN
41	41	EDUCATION FOR STUDENTS
42	42	Sec. 401. Loan repayment simplification and income-driven repayment reform.
43	43	Sec. 402. Taxpayer and consumer protection on student loans.
44	44	Sec. 403. Phase out of income-based repayment.
45	45	TITLE V—GRADUATE OPPORTUNITY AND AFFORDABLE LOANS
46	46	Sec. 501. Loan limits.
47	47	TITLE I—COLLEGE 1
48	48	TRANSPARENCY 2
49	49	SEC. 101. POSTSECONDARY STUDENT DATA SYSTEM. 3
50	50	Section 132 of the Higher Education Act of 1965 (20 4
51	51	U.S.C. 1015a) is amended— 5
52	52	(1) by redesignating subsection (l) as subsection 6
53	53	(m); and 7
54	54	(2) by inserting after subsection (k) the fol-8
55	55	lowing: 9
56	56	‘‘(l) P
57	57	OSTSECONDARYSTUDENTDATASYSTEM.— 10
58	58	‘‘(1) I
59	59	N GENERAL.— 11
60	60	‘‘(A) E
61	61	STABLISHMENT OF SYSTEM .—Not 12
62	62	later than 4 years after the date of enactment 13
63	63	of the Lowering Education Costs and Debt Act, 14
64	64	the Commissioner of the National Center for 15
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67	67	•S 1972 IS
68	68	Education Statistics (referred to in this sub-1
69	69	section as the ‘Commissioner’) shall develop and 2
70	70	maintain a secure and privacy-protected post-3
71	71	secondary student-level data system in order 4
72	72	to— 5
73	73	‘‘(i) accurately evaluate student en-6
74	74	rollment patterns, progression, completion, 7
75	75	and postcollegiate outcomes, and higher 8
76	76	education costs and financial aid; 9
77	77	‘‘(ii) assist with transparency, institu-10
78	78	tional improvement, and analysis of Fed-11
79	79	eral aid programs; 12
80	80	‘‘(iii) provide accurate, complete, and 13
81	81	customizable information for students and 14
82	82	families making decisions about postsec-15
83	83	ondary education; and 16
84	84	‘‘(iv) reduce the reporting burden on 17
85	85	institutions of higher education, in accord-18
86	86	ance with section 104 of the Lowering 19
87	87	Education Costs and Debt Act. 20
88	88	‘‘(B) A
89	89	VOIDING DUPLICATED REPORT -21
90	90	ING.—Notwithstanding any other provision of 22
91	91	this section, to the extent that another provi-23
92	92	sion of this section requires the same reporting 24
93	93	or collection of data that is required under this 25
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96	96	•S 1972 IS
97	97	subsection, an institution of higher education, 1
98	98	or the Secretary or Commissioner, shall use the 2
99	99	reporting or data required for the postsec-3
100	100	ondary student data system under this sub-4
101	101	section to satisfy both requirements. 5
102	102	‘‘(C) D
103	103	EVELOPMENT PROCESS .—In devel-6
104	104	oping the postsecondary student data system 7
105	105	described in this subsection, the Commissioner 8
106	106	shall— 9
107	107	‘‘(i) focus on the needs of— 10
108	108	‘‘(I) users of the data system; 11
109	109	and 12
110	110	‘‘(II) entities, including institu-13
111	111	tions of higher education, reporting to 14
112	112	the data system; 15
113	113	‘‘(ii) take into consideration, to the 16
114	114	extent practicable— 17
115	115	‘‘(I) the guidelines outlined in the 18
116	116	U.S. Web Design Standards main-19
117	117	tained by the General Services Admin-20
118	118	istration and the Digital Services 21
119	119	Playbook and TechFAR Handbook for 22
120	120	Procuring Digital Services Using 23
121	121	Agile Processes of the U.S. Digital 24
122	122	Service; and 25
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125	125	•S 1972 IS
126	126	‘‘(II) the relevant successor docu-1
127	127	ments or recommendations of such 2
128	128	guidelines; 3
129	129	‘‘(iii) use modern, relevant privacy- 4
130	130	and security-enhancing technology, and en-5
131	131	hance and update the data system as nec-6
132	132	essary to carry out the purpose of this sub-7
133	133	section; 8
134	134	‘‘(iv) ensure data privacy and security 9
135	135	is consistent with any relevant Federal law 10
136	136	relating to privacy or data security, includ-11
137	137	ing— 12
138	138	‘‘(I) the requirements of sub-13
139	139	chapter II of chapter 35 of title 44, 14
140	140	United States Code, specifying secu-15
141	141	rity categorization under the Federal 16
142	142	Information Processing Standards or 17
143	143	any relevant successor of such stand-18
144	144	ards; 19
145	145	‘‘(II) security requirements that 20
146	146	are consistent with the Federal agency 21
147	147	responsibilities in section 3554 of title 22
148	148	44, United States Code, or any rel-23
149	149	evant successor of such responsibil-24
150	150	ities; and 25
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153	153	•S 1972 IS
154	154	‘‘(III) security requirements, 1
155	155	guidelines, and controls consistent 2
156	156	with cybersecurity standards and best 3
157	157	practices developed by the National 4
158	158	Institute of Standards and Tech-5
159	159	nology, including frameworks, con-6
160	160	sistent with section 2(c) of the Na-7
161	161	tional Institute of Standards and 8
162	162	Technology Act (15 U.S.C. 272(c)), or 9
163	163	any relevant successor of such frame-10
164	164	works; 11
165	165	‘‘(v) follow Federal data minimization 12
166	166	practices to ensure only the minimum 13
167	167	amount of data is collected to meet the 14
168	168	system’s goals, in accordance with Federal 15
169	169	data minimization standards and guide-16
170	170	lines developed by the National Institute of 17
171	171	Standards and Technology; and 18
172	172	‘‘(vi) provide notice to students out-19
173	173	lining the data included in the system and 20
174	174	how the data are used. 21
175	175	‘‘(2) D
176	176	ATA ELEMENTS.— 22
177	177	‘‘(A) I
178	178	N GENERAL.—Not later than 4 years 23
179	179	after the date of enactment of the Lowering 24
180	180	Education Costs and Debt Act, the Commis-25
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183	183	•S 1972 IS
184	184	sioner, in consultation with the Postsecondary 1
185	185	Student Data System Advisory Committee es-2
186	186	tablished under subparagraph (B), shall deter-3
187	187	mine— 4
188	188	‘‘(i) the data elements to be included 5
189	189	in the postsecondary student data system, 6
190	190	in accordance with subparagraphs (C) and 7
191	191	(D); and 8
192	192	‘‘(ii) how to include the data elements 9
193	193	required under subparagraph (C), and any 10
194	194	additional data elements selected under 11
195	195	subparagraph (D), in the postsecondary 12
196	196	student data system. 13
197	197	‘‘(B) P
198	198	OSTSECONDARY STUDENT DATA 14
199	199	SYSTEM ADVISORY COMMITTEE .— 15
200	200	‘‘(i) E
201	201	STABLISHMENT.—Not later 16
202	202	than 2 years after the date of enactment 17
203	203	of the Lowering Education Costs and Debt 18
204	204	Act, the Commissioner shall establish a 19
205	205	Postsecondary Student Data System Advi-20
206	206	sory Committee (referred to in this sub-21
207	207	section as the ‘Advisory Committee’), 22
208	208	whose members shall include— 23
209	209	‘‘(I) the Chief Privacy Officer of 24
210	210	the Department or an official of the 25
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213	213	•S 1972 IS
214	214	Department delegated the duties of 1
215	215	overseeing data privacy at the Depart-2
216	216	ment; 3
217	217	‘‘(II) the Chief Security Officer 4
218	218	of the Department or an official of 5
219	219	the Department delegated the duties 6
220	220	of overseeing data security at the De-7
221	221	partment; 8
222	222	‘‘(III) representatives of diverse 9
223	223	institutions of higher education, which 10
224	224	shall include equal representation be-11
225	225	tween 2-year and 4-year institutions 12
226	226	of higher education, and from public, 13
227	227	nonprofit, and proprietary institutions 14
228	228	of higher education, including minor-15
229	229	ity-serving institutions; 16
230	230	‘‘(IV) representatives from State 17
231	231	higher education agencies, entities, 18
232	232	bodies, or boards; 19
233	233	‘‘(V) representatives of postsec-20
234	234	ondary students; 21
235	235	‘‘(VI) representatives from rel-22
236	236	evant Federal agencies; 23
237	237	‘‘(VII) individuals with expertise 24
238	238	in data privacy and security; and 25
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241	241	•S 1972 IS
242	242	‘‘(VIII) other stakeholders (in-1
243	243	cluding individuals with consumer 2
244	244	protection and postsecondary edu-3
245	245	cation research). 4
246	246	‘‘(ii) R
247	247	EQUIREMENTS.—The Commis-5
248	248	sioner shall ensure that the Advisory Com-6
249	249	mittee— 7
250	250	‘‘(I) adheres to all requirements 8
251	251	under chapter 10 of title 5, United 9
252	252	States Code (commonly known as the 10
253	253	‘Federal Advisory Committee Act’); 11
254	254	‘‘(II) establishes operating and 12
255	255	meeting procedures and guidelines 13
256	256	necessary to execute its advisory du-14
257	257	ties; and 15
258	258	‘‘(III) is provided with appro-16
259	259	priate staffing and resources to exe-17
260	260	cute its advisory duties. 18
261	261	‘‘(C) R
262	262	EQUIRED DATA ELEMENTS .—The 19
263	263	data elements in the postsecondary student 20
264	264	data system shall include, at a minimum, the 21
265	265	following: 22
266	266	‘‘(i) Student-level data elements nec-23
267	267	essary to calculate the information within 24
268	268	the surveys designated by the Commis-25
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271	271	•S 1972 IS
272	272	sioner as ‘student-related surveys’ in the 1
273	273	Integrated Postsecondary Education Data 2
274	274	System (IPEDS), as such surveys are in 3
275	275	effect on the day before the date of enact-4
276	276	ment of the Lowering Education Costs and 5
277	277	Debt Act, except that in the case that col-6
278	278	lection of such elements would conflict with 7
279	279	subparagraph (F), such elements in con-8
280	280	flict with subparagraph (F) shall be in-9
281	281	cluded in the aggregate instead of at the 10
282	282	student level. 11
283	283	‘‘(ii) Student-level data elements nec-12
284	284	essary to allow for reporting student en-13
285	285	rollment, persistence, retention, transfer, 14
286	286	and completion measures for all credential 15
287	287	levels separately (including certificate, as-16
288	288	sociate, baccalaureate, and advanced de-17
289	289	gree levels), within and across institutions 18
290	290	of higher education (including across all 19
291	291	categories of institution level, control, and 20
292	292	predominant degree awarded). The data 21
293	293	elements shall allow for reporting about all 22
294	294	such data disaggregated by the following 23
295	295	categories: 24
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298	298	•S 1972 IS
299	299	‘‘(I) Enrollment status as a first- 1
300	300	time student, recent transfer student, 2
301	301	or other non-first-time student. 3
302	302	‘‘(II) Attendance intensity, 4
303	303	whether full-time or part-time. 5
304	304	‘‘(III) Credential-seeking status, 6
305	305	by credential level. 7
306	306	‘‘(IV) Race or ethnicity, in a 8
307	307	manner that captures all the racial 9
308	308	groups specified in the most recent 10
309	309	American Community Survey of the 11
310	310	Bureau of the Census. 12
311	311	‘‘(V) Age intervals. 13
312	312	‘‘(VI) Gender. 14
313	313	‘‘(VII) Program of study (as ap-15
314	314	plicable). 16
315	315	‘‘(VIII) Military or veteran ben-17
316	316	efit status (as determined based on 18
317	317	receipt of veteran’s education benefits, 19
318	318	as defined in section 480(c)). 20
319	319	‘‘(IX) Status as a distance edu-21
320	320	cation student, whether exclusively or 22
321	321	partially enrolled in distance edu-23
322	322	cation. 24
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325	325	•S 1972 IS
326	326	‘‘(X) Federal Pell Grant recipient 1
327	327	status under section 401 and Federal 2
328	328	loan recipient status under title IV, 3
329	329	provided that the collection of such in-4
330	330	formation complies with paragraph 5
331	331	(1)(B). 6
332	332	‘‘(D) O
333	333	THER DATA ELEMENTS .— 7
334	334	‘‘(i) I
335	335	N GENERAL.—The Commissioner 8
336	336	may, after consultation with the Advisory 9
337	337	Committee and provision of a public com-10
338	338	ment period, include additional data ele-11
339	339	ments in the postsecondary student data 12
340	340	system, such as those described in clause 13
341	341	(ii), if those data elements— 14
342	342	‘‘(I) are necessary to ensure that 15
343	343	the postsecondary data system fulfills 16
344	344	the purposes described in paragraph 17
345	345	(1)(A); and 18
346	346	‘‘(II) are consistent with data 19
347	347	minimization principles, including the 20
348	348	collection of only those additional ele-21
349	349	ments that are necessary to ensure 22
350	350	such purposes. 23
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353	353	•S 1972 IS
354	354	‘‘(ii) DATA ELEMENTS.—The data ele-1
355	355	ments described in clause (i) may in-2
356	356	clude— 3
357	357	‘‘(I) status as a first generation 4
358	358	college student, as defined in section 5
359	359	402A(h); 6
360	360	‘‘(II) economic status; 7
361	361	‘‘(III) participation in postsec-8
362	362	ondary remedial coursework or gate-9
363	363	way course completion; or 10
364	364	‘‘(IV) other data elements that 11
365	365	are necessary in accordance with 12
366	366	clause (i). 13
367	367	‘‘(E) R
368	368	EEVALUATION.—Not less than once 14
369	369	every 3 years after the implementation of the 15
370	370	postsecondary student data system described in 16
371	371	this subsection, the Commissioner, in consulta-17
372	372	tion with the Advisory Committee described in 18
373	373	subparagraph (B), shall review the data ele-19
374	374	ments included in the postsecondary student 20
375	375	data system and may revise the data elements 21
376	376	to be included in such system. 22
377	377	‘‘(F) P
378	378	ROHIBITIONS.—The Commissioner 23
379	379	shall not include individual health data (includ-24
380	380	ing data relating to physical health or mental 25
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383	383	•S 1972 IS
384	384	health), student discipline records or data, ele-1
385	385	mentary and secondary education data, an 2
386	386	exact address, citizenship status, migrant sta-3
387	387	tus, or national origin status for students or 4
388	388	their families, course grades, postsecondary en-5
389	389	trance examination results, political affiliation, 6
390	390	or religion in the postsecondary student data 7
391	391	system under this subsection. 8
392	392	‘‘(3) P
393	393	ERIODIC MATCHING WITH OTHER FED -9
394	394	ERAL DATA SYSTEMS.— 10
395	395	‘‘(A) D
396	396	ATA SHARING AGREEMENTS .— 11
397	397	‘‘(i) The Commissioner shall ensure 12
398	398	secure and privacy-protected periodic data 13
399	399	matches by entering into data sharing 14
400	400	agreements with each of the following Fed-15
401	401	eral agencies and offices: 16
402	402	‘‘(I) The Secretary of the Treas-17
403	403	ury and the Commissioner of the In-18
404	404	ternal Revenue Service, in order to 19
405	405	calculate aggregate program- and in-20
406	406	stitution-level earnings of postsec-21
407	407	ondary students. 22
408	408	‘‘(II) The Secretary of Defense, 23
409	409	in order to assess the use of postsec-24
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412	412	•S 1972 IS
413	413	ondary educational benefits and the 1
414	414	outcomes of servicemembers. 2
415	415	‘‘(III) The Secretary of Veterans 3
416	416	Affairs, in order to assess the use of 4
417	417	postsecondary educational benefits 5
418	418	and outcomes of veterans. 6
419	419	‘‘(IV) The Director of the Bu-7
420	420	reau of the Census, in order to assess 8
421	421	the earnings outcomes of former post-9
422	422	secondary education students. 10
423	423	‘‘(V) The Chief Operating Officer 11
424	424	of the Office of Federal Student Aid, 12
425	425	in order to analyze the use of postsec-13
426	426	ondary educational benefits provided 14
427	427	under this Act. 15
428	428	‘‘(VI) The Commissioner of the 16
429	429	Social Security Administration, in 17
430	430	order to evaluate labor market out-18
431	431	comes of former postsecondary edu-19
432	432	cation students. 20
433	433	‘‘(VII) The Commissioner of the 21
434	434	Bureau of Labor Statistics, in order 22
435	435	to assess the wages of former postsec-23
436	436	ondary education students. 24
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439	439	•S 1972 IS
440	440	‘‘(ii) The heads of Federal agencies 1
441	441	and offices described under clause (i) shall 2
442	442	enter into data sharing agreements with 3
443	443	the Commissioner to ensure secure and 4
444	444	privacy-protected periodic data matches as 5
445	445	described in this paragraph. 6
446	446	‘‘(B) C
447	447	ATEGORIES OF DATA .—The Com-7
448	448	missioner shall, at a minimum, seek to ensure 8
449	449	that the secure and privacy-protected periodic 9
450	450	data matches described in subparagraph (A) 10
451	451	permit consistent reporting of the following cat-11
452	452	egories of data for all postsecondary students: 12
453	453	‘‘(i) Enrollment, retention, transfer, 13
454	454	and completion outcomes for all postsec-14
455	455	ondary students. 15
456	456	‘‘(ii) Financial indicators for postsec-16
457	457	ondary students receiving Federal grants 17
458	458	and loans, including grant and loan aid by 18
459	459	source, cumulative student debt, loan re-19
460	460	payment status, and repayment plan. 20
461	461	‘‘(iii) Post-completion outcomes for all 21
462	462	postsecondary students, including earnings, 22
463	463	employment, and further education, by 23
464	464	program of study and credential level and 24
465	465	as measured— 25
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468	468	•S 1972 IS
469	469	‘‘(I) immediately after leaving 1
470	470	postsecondary education; and 2
471	471	‘‘(II) at time intervals appro-3
472	472	priate to the credential sought and 4
473	473	earned. 5
474	474	‘‘(C) P
475	475	ERIODIC DATA MATCH STREAM -6
476	476	LINING AND CONFIDENTIALITY .— 7
477	477	‘‘(i) S
478	478	TREAMLINING.—In carrying out 8
479	479	the secure and privacy-protected periodic 9
480	480	data matches under this paragraph, the 10
481	481	Commissioner shall— 11
482	482	‘‘(I) ensure that such matches 12
483	483	are not continuous, but occur only pe-13
484	484	riodically at appropriate intervals, as 14
485	485	determined by the Commissioner to 15
486	486	meet the goals of subparagraph (A); 16
487	487	and 17
488	488	‘‘(II) seek to— 18
489	489	‘‘(aa) streamline the data 19
490	490	collection and reporting require-20
491	491	ments for institutions of higher 21
492	492	education; 22
493	493	‘‘(bb) minimize duplicative 23
494	494	reporting across or within Fed-24
495	495	eral agencies or departments, in-25
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498	498	•S 1972 IS
499	499	cluding reporting requirements 1
500	500	applicable to institutions of high-2
501	501	er education under the Workforce 3
502	502	Innovation and Opportunity Act 4
503	503	(29 U.S.C. 3101 et seq.) and the 5
504	504	Carl D. Perkins Career and 6
505	505	Technical Education Act of 2006; 7
506	506	‘‘(cc) protect student pri-8
507	507	vacy; and 9
508	508	‘‘(dd) streamline the applica-10
509	509	tion process for student loan ben-11
510	510	efit programs available to bor-12
511	511	rowers based on data available 13
512	512	from different Federal data sys-14
513	513	tems. 15
514	514	‘‘(ii) R
515	515	EVIEW.—Not less often than 16
516	516	once every 3 years after the establishment 17
517	517	of the postsecondary student data system 18
518	518	under this subsection, the Commissioner, 19
519	519	in consultation with the Advisory Com-20
520	520	mittee, shall review methods for stream-21
521	521	lining data collection from institutions of 22
522	522	higher education and minimizing duplica-23
523	523	tive reporting within the Department and 24
524	524	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
525	525	pbinns on DSKJLVW7X2PROD with $$_JOB 19
526	526	•S 1972 IS
527	527	across Federal agencies that provide data 1
528	528	for the postsecondary student data system. 2
529	529	‘‘(iii) C
530	530	ONFIDENTIALITY.—The Com-3
531	531	missioner shall ensure that any periodic 4
532	532	matching or sharing of data through peri-5
533	533	odic data system matches established in 6
534	534	accordance with this paragraph— 7
535	535	‘‘(I) complies with the security 8
536	536	and privacy protections described in 9
537	537	paragraph (1)(C)(iv) and other Fed-10
538	538	eral data protection protocols; 11
539	539	‘‘(II) follows industry best prac-12
540	540	tices commensurate with the sensi-13
541	541	tivity of specific data elements or 14
542	542	metrics; 15
543	543	‘‘(III) does not result in the cre-16
544	544	ation of a single standing, linked Fed-17
545	545	eral database at the Department that 18
546	546	maintains the information reported 19
547	547	across other Federal agencies; and 20
548	548	‘‘(IV) discloses to postsecondary 21
549	549	students what data are included in the 22
550	550	data system and periodically matched 23
551	551	and how the data are used. 24
552	552	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00019 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
553	553	pbinns on DSKJLVW7X2PROD with $$_JOB 20
554	554	•S 1972 IS
555	555	‘‘(iv) CORRECTION.—The Commis-1
556	556	sioner, in consultation with the Advisory 2
557	557	Committee, shall establish a process for 3
558	558	students to request access to only their 4
559	559	personal information for inspection and re-5
560	560	quest corrections to inaccuracies in a man-6
561	561	ner that protects the student’s personally 7
562	562	identifiable information. The Commissioner 8
563	563	shall respond in writing to every request 9
564	564	for a correction from a student. 10
565	565	‘‘(4) P
566	566	UBLICLY AVAILABLE INFORMATION .— 11
567	567	‘‘(A) I
568	568	N GENERAL.—The Commissioner 12
569	569	shall make the summary aggregate information 13
570	570	described in subparagraph (C), at a minimum, 14
571	571	publicly available through a user-friendly con-15
572	572	sumer information website and analytic tool 16
573	573	that— 17
574	574	‘‘(i) provides appropriate mechanisms 18
575	575	for users to customize and filter informa-19
576	576	tion by institutional and student character-20
577	577	istics; 21
578	578	‘‘(ii) allows users to build summary 22
579	579	aggregate reports of information, including 23
580	580	reports that allow comparisons across mul-24
581	581	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00020 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
582	582	pbinns on DSKJLVW7X2PROD with $$_JOB 21
583	583	•S 1972 IS
584	584	tiple institutions and programs, subject to 1
585	585	subparagraph (B); 2
586	586	‘‘(iii) uses appropriate statistical dis-3
587	587	closure limitation techniques necessary to 4
588	588	ensure that the data released to the public 5
589	589	cannot be used to identify specific individ-6
590	590	uals; and 7
591	591	‘‘(iv) provides users with appropriate 8
592	592	contextual factors to make comparisons, 9
593	593	which may include national median figures 10
594	594	of the summary aggregate information de-11
595	595	scribed in subparagraph (C). 12
596	596	‘‘(B) N
597	597	O PERSONALLY IDENTIFIABLE IN -13
598	598	FORMATION AVAILABLE .—The summary aggre-14
599	599	gate information described in this paragraph 15
600	600	shall not include personally identifiable informa-16
601	601	tion. 17
602	602	‘‘(C) S
603	603	UMMARY AGGREGATE INFORMATION 18
604	604	AVAILABLE.—The summary aggregate informa-19
605	605	tion described in this paragraph shall, at a min-20
606	606	imum, include each of the following for each in-21
607	607	stitution of higher education: 22
608	608	‘‘(i) Measures of student access, in-23
609	609	cluding— 24
610	610	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00021 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
611	611	pbinns on DSKJLVW7X2PROD with $$_JOB 22
612	612	•S 1972 IS
613	613	‘‘(I) admissions selectivity and 1
614	614	yield; and 2
615	615	‘‘(II) enrollment, disaggregated 3
616	616	by each category described in para-4
617	617	graph (2)(C)(ii). 5
618	618	‘‘(ii) Measures of student progression, 6
619	619	including retention rates and persistence 7
620	620	rates, disaggregated by each category de-8
621	621	scribed in paragraph (2)(C)(ii). 9
622	622	‘‘(iii) Measures of student completion, 10
623	623	including— 11
624	624	‘‘(I) transfer rates and comple-12
625	625	tion rates, disaggregated by each cat-13
626	626	egory described in paragraph 14
627	627	(2)(C)(ii); and 15
628	628	‘‘(II) number of completions, 16
629	629	disaggregated by each category de-17
630	630	scribed in paragraph (2)(C)(ii). 18
631	631	‘‘(iv) Measures of student costs, in-19
632	632	cluding— 20
633	633	‘‘(I) tuition, required fees, total 21
634	634	cost of attendance, and net price after 22
635	635	total grant aid, disaggregated by in- 23
636	636	State tuition or in-district tuition sta-24
637	637	tus (if applicable), program of study 25
638	638	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00022 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
639	639	pbinns on DSKJLVW7X2PROD with $$_JOB 23
640	640	•S 1972 IS
641	641	(if applicable), and credential level; 1
642	642	and 2
643	643	‘‘(II) typical grant amounts and 3
644	644	loan amounts received by students re-4
645	645	ported separately from Federal, State, 5
646	646	local, and institutional sources, and 6
647	647	cumulative debt, disaggregated by 7
648	648	each category described in paragraph 8
649	649	(2)(C)(ii) and completion status. 9
650	650	‘‘(v) Measures of postcollegiate stu-10
651	651	dent outcomes, including employment 11
652	652	rates, mean and median earnings, loan re-12
653	653	payment and default rates, and further 13
654	654	education rates. These measures shall— 14
655	655	‘‘(I) be disaggregated by each 15
656	656	category described in paragraph 16
657	657	(2)(C)(ii) and completion status; and 17
658	658	‘‘(II) be measured immediately 18
659	659	after leaving postsecondary education 19
660	660	and at time intervals appropriate to 20
661	661	the credential sought or earned. 21
662	662	‘‘(D) D
663	663	EVELOPMENT CRITERIA .—In devel-22
664	664	oping the method and format of making the in-23
665	665	formation described in this paragraph publicly 24
666	666	available, the Commissioner shall— 25
667	667	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00023 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
668	668	pbinns on DSKJLVW7X2PROD with $$_JOB 24
669	669	•S 1972 IS
670	670	‘‘(i) focus on the needs of the users of 1
671	671	the information, which will include stu-2
672	672	dents, families of students, potential stu-3
673	673	dents, researchers, and other consumers of 4
674	674	education data; 5
675	675	‘‘(ii) take into consideration, to the 6
676	676	extent practicable, the guidelines described 7
677	677	in paragraph (1)(C)(ii)(I), and relevant 8
678	678	successor documents or recommendations 9
679	679	of such guidelines; 10
680	680	‘‘(iii) use modern, relevant technology 11
681	681	and enhance and update the postsecondary 12
682	682	student data system with information, as 13
683	683	necessary to carry out the purpose of this 14
684	684	paragraph; 15
685	685	‘‘(iv) ensure data privacy and security 16
686	686	in accordance with standards and guide-17
687	687	lines developed by the National Institute of 18
688	688	Standards and Technology, and in accord-19
689	689	ance with any other Federal law relating to 20
690	690	privacy or security, including complying 21
691	691	with the requirements of subchapter II of 22
692	692	chapter 35 of title 44, United States Code, 23
693	693	specifying security categorization under the 24
694	694	Federal Information Processing Standards, 25
695	695	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00024 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
696	696	pbinns on DSKJLVW7X2PROD with $$_JOB 25
697	697	•S 1972 IS
698	698	and security requirements, and setting of 1
699	699	National Institute of Standards and Tech-2
700	700	nology security baseline controls at the ap-3
701	701	propriate level; and 4
702	702	‘‘(v) conduct consumer testing to de-5
703	703	termine how to make the information as 6
704	704	meaningful to users as possible. 7
705	705	‘‘(5) P
706	706	ERMISSIBLE DISCLOSURES OF DATA .— 8
707	707	‘‘(A) D
708	708	ATA REPORTS AND QUERIES .— 9
709	709	‘‘(i) I
710	710	N GENERAL.—Not later than 4 10
711	711	years after the date of enactment of the 11
712	712	Lowering Education Costs and Debt Act, 12
713	713	the Commissioner shall develop and imple-13
714	714	ment a secure and privacy-protected proc-14
715	715	ess for making student-level, non-person-15
716	716	ally identifiable information, with direct 16
717	717	identifiers removed, from the postsec-17
718	718	ondary student data system available for 18
719	719	vetted research and evaluation purposes 19
720	720	approved by the Commissioner in a man-20
721	721	ner compatible with practices for disclosing 21
722	722	National Center for Education Statistics 22
723	723	restricted-use survey data as in effect on 23
724	724	the day before the date of enactment of the 24
725	725	Lowering Education Costs and Debt Act, 25
726	726	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00025 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
727	727	pbinns on DSKJLVW7X2PROD with $$_JOB 26
728	728	•S 1972 IS
729	729	or by applying other research and disclo-1
730	730	sure restrictions to ensure data privacy 2
731	731	and security. Such process shall be ap-3
732	732	proved by the National Center for Edu-4
733	733	cation Statistics’ Disclosure Review Board 5
734	734	(or successor body). 6
735	735	‘‘(ii) P
736	736	ROVIDING DATA REPORTS AND 7
737	737	QUERIES TO INSTITUTIONS AND STATES .— 8
738	738	‘‘(I) I
739	739	N GENERAL.—The Commis-9
740	740	sioner shall provide feedback reports, 10
741	741	at least annually, to each institution 11
742	742	of higher education, each postsec-12
743	743	ondary education system that fully 13
744	744	participates in the postsecondary stu-14
745	745	dent data system, and each State 15
746	746	higher education body as designated 16
747	747	by the governor. 17
748	748	‘‘(II) F
749	749	EEDBACK REPORTS .—The 18
750	750	feedback reports provided under this 19
751	751	clause shall include program-level and 20
752	752	institution-level information from the 21
753	753	postsecondary student data system re-22
754	754	garding students who are associated 23
755	755	with the institution or, for State rep-24
756	756	resentatives, the institutions within 25
757	757	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00026 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
758	758	pbinns on DSKJLVW7X2PROD with $$_JOB 27
759	759	•S 1972 IS
760	760	that State, on or before the date of 1
761	761	the report, on measures including stu-2
762	762	dent mobility and workforce outcomes, 3
763	763	provided that the feedback aggregate 4
764	764	summary reports protect the privacy 5
765	765	of individuals. 6
766	766	‘‘(III) D
767	767	ETERMINATION OF CON -7
768	768	TENT.—The content of the feedback 8
769	769	reports shall be determined by the 9
770	770	Commissioner in consultation with the 10
771	771	Advisory Committee. 11
772	772	‘‘(iii) P
773	773	ERMITTING STATE DATA QUE -12
774	774	RIES.—The Commissioner shall, in con-13
775	775	sultation with the Advisory Committee and 14
776	776	as soon as practicable, create a process 15
777	777	through which States may submit lists of 16
778	778	secondary school graduates within the 17
779	779	State to receive summary aggregate out-18
780	780	comes for those students who enrolled at 19
781	781	an institution of higher education, includ-20
782	782	ing postsecondary enrollment and college 21
783	783	completion, provided that those data pro-22
784	784	tect the privacy of individuals and that the 23
785	785	State data submitted to the Commissioner 24
786	786	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00027 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
787	787	pbinns on DSKJLVW7X2PROD with $$_JOB 28
788	788	•S 1972 IS
789	789	are not stored in the postsecondary edu-1
790	790	cation system. 2
791	791	‘‘(iv) R
792	792	EGULATIONS.—The Commis-3
793	793	sioner shall promulgate regulations to en-4
794	794	sure fair, secure and privacy-protected, and 5
795	795	equitable access to data reports and que-6
796	796	ries under this paragraph. 7
797	797	‘‘(B) D
798	798	ISCLOSURE LIMITATIONS .—In car-8
799	799	rying out the public reporting and disclosure re-9
800	800	quirements of this subsection, the Commis-10
801	801	sioner shall use appropriate statistical disclo-11
802	802	sure limitation techniques necessary to ensure 12
803	803	that the data released to the public cannot in-13
804	804	clude personally identifiable information or be 14
805	805	used to identify specific individuals. 15
806	806	‘‘(C) S
807	807	ALE OF DATA PROHIBITED .—Data 16
808	808	collected under this subsection, including the 17
809	809	public-use data set and data comprising the 18
810	810	summary aggregate information available under 19
811	811	paragraph (4), shall not be sold to any third 20
812	812	party by the Commissioner, including any insti-21
813	813	tution of higher education or any other entity. 22
814	814	‘‘(D) L
815	815	IMITATION ON USE BY OTHER FED -23
816	816	ERAL AGENCIES.— 24
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818	818	pbinns on DSKJLVW7X2PROD with $$_JOB 29
819	819	•S 1972 IS
820	820	‘‘(i) IN GENERAL.—The Commissioner 1
821	821	shall not allow any other Federal agency to 2
822	822	use data collected under this subsection for 3
823	823	any purpose except— 4
824	824	‘‘(I) for vetted research and eval-5
825	825	uation conducted by the other Federal 6
826	826	agency, as described in subparagraph 7
827	827	(A)(i); or 8
828	828	‘‘(II) for a purpose explicitly au-9
829	829	thorized by this Act. 10
830	830	‘‘(ii) P
831	831	ROHIBITION ON LIMITATION OF 11
832	832	SERVICES.—The Secretary, or the head of 12
833	833	any other Federal agency, shall not use 13
834	834	data collected under this subsection to 14
835	835	limit services to students. 15
836	836	‘‘(E) L
837	837	AW ENFORCEMENT .—Personally 16
838	838	identifiable information collected under this 17
839	839	subsection shall not be used for any Federal, 18
840	840	State, or local law enforcement activity or any 19
841	841	other activity that would result in adverse ac-20
842	842	tion against any student or a student’s family, 21
843	843	including debt collection activity or enforcement 22
844	844	of immigration laws. 23
845	845	‘‘(F) L
846	846	IMITATION OF USE FOR FEDERAL 24
847	847	RANKINGS OR SUMMATIVE RATING SYSTEM .— 25
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850	850	•S 1972 IS
851	851	The comprehensive data collection and analysis 1
852	852	necessary for the postsecondary student data 2
853	853	system under this subsection shall not be used 3
854	854	by the Secretary or any Federal entity to estab-4
855	855	lish any Federal ranking system of institutions 5
856	856	of higher education or a system that results in 6
857	857	a summative Federal rating of institutions of 7
858	858	higher education. 8
859	859	‘‘(G) R
860	860	ULE OF CONSTRUCTION .—Nothing 9
861	861	in this paragraph shall be construed to prevent 10
862	862	the use of individual categories of aggregate in-11
863	863	formation to be used for accountability pur-12
864	864	poses. 13
865	865	‘‘(H) R
866	866	ULE OF CONSTRUCTION REGARDING 14
867	867	COMMERCIAL USE OF DATA .—Nothing in this 15
868	868	paragraph shall be construed to prohibit third- 16
869	869	party entities from using publicly available in-17
870	870	formation in this data system for commercial 18
871	871	use. 19
872	872	‘‘(6) S
873	873	UBMISSION OF DATA.— 20
874	874	‘‘(A) R
875	875	EQUIRED SUBMISSION.—Each insti-21
876	876	tution of higher education participating in a 22
877	877	program under title IV, or the assigned agent 23
878	878	of such institution, shall, for each eligible pro-24
879	879	gram, in accordance with section 487(a)(17), 25
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881	881	pbinns on DSKJLVW7X2PROD with $$_JOB 31
882	882	•S 1972 IS
883	883	collect, and submit to the Commissioner, the 1
884	884	data requested by the Commissioner to carry 2
885	885	out this subsection. 3
886	886	‘‘(B) V
887	887	OLUNTARY SUBMISSION .—Any insti-4
888	888	tution of higher education not participating in 5
889	889	a program under title IV may voluntarily par-6
890	890	ticipate in the postsecondary student data sys-7
891	891	tem under this subsection by collecting and sub-8
892	892	mitting data to the Commissioner, as the Com-9
893	893	missioner may request to carry out this sub-10
894	894	section. 11
895	895	‘‘(C) P
896	896	ERSONALLY IDENTIFIABLE INFOR -12
897	897	MATION.—In accordance with paragraph 13
898	898	(2)(C)(i), if the submission of an element of 14
899	899	student-level data is prohibited under para-15
900	900	graph (2)(F) (or otherwise prohibited by law), 16
901	901	the institution of higher education shall submit 17
902	902	that data to the Commissioner in the aggregate. 18
903	903	‘‘(7) U
904	904	NLAWFUL WILLFUL DISCLOSURE .— 19
905	905	‘‘(A) I
906	906	N GENERAL.—It shall be unlawful 20
907	907	for any person who obtains or has access to 21
908	908	personally identifiable information in connection 22
909	909	with the postsecondary student data system de-23
910	910	scribed in this subsection to willfully disclose to 24
911	911	any person (except as authorized in this Act or 25
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913	913	pbinns on DSKJLVW7X2PROD with $$_JOB 32
914	914	•S 1972 IS
915	915	by any Federal law) such personally identifiable 1
916	916	information. 2
917	917	‘‘(B) P
918	918	ENALTY.—Any person who violates 3
919	919	subparagraph (A) shall be subject to a penalty 4
920	920	described under section 3572(f) of title 44, 5
921	921	United States Code, and section 183(d)(6) of 6
922	922	the Education Sciences Reform Act of 2002 (20 7
923	923	U.S.C. 9573(d)(6)). 8
924	924	‘‘(C) E
925	925	MPLOYEE OF OFFICER OF THE 9
926	926	UNITED STATES.—If a violation of subpara-10
927	927	graph (A) is committed by any officer or em-11
928	928	ployee of the United States, the officer or em-12
929	929	ployee shall be dismissed from office or dis-13
930	930	charged from employment upon conviction for 14
931	931	the violation. 15
932	932	‘‘(8) D
933	933	ATA SECURITY.—The Commissioner shall 16
934	934	produce and update as needed guidance and regula-17
935	935	tions relating to privacy, security, and access which 18
936	936	shall govern the use and disclosure of data collected 19
937	937	in connection with the activities authorized in this 20
938	938	subsection. The guidance and regulations developed 21
939	939	and reviewed shall protect data from unauthorized 22
940	940	access, use, and disclosure, and shall include— 23
941	941	‘‘(A) an audit capability, including manda-24
942	942	tory and regularly conducted audits; 25
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945	945	•S 1972 IS
946	946	‘‘(B) access controls; 1
947	947	‘‘(C) requirements to ensure sufficient data 2
948	948	security, quality, validity, and reliability; 3
949	949	‘‘(D) confidentiality protection in accord-4
950	950	ance with the applicable provisions of sub-5
951	951	chapter III of chapter 35 of title 44, United 6
952	952	States Code; 7
953	953	‘‘(E) appropriate and applicable privacy 8
954	954	and security protection, including data retention 9
955	955	and destruction protocols and data minimiza-10
956	956	tion, in accordance with the most recent Fed-11
957	957	eral standards developed by the National Insti-12
958	958	tute of Standards and Technology; and 13
959	959	‘‘(F) protocols for managing a breach, in-14
960	960	cluding breach notifications, in accordance with 15
961	961	the standards of National Center for Education 16
962	962	Statistics. 17
963	963	‘‘(9) D
964	964	ATA COLLECTION.—The Commissioner 18
965	965	shall ensure that data collection, maintenance, and 19
966	966	use under this subsection complies with section 552a 20
967	967	of title 5, United States Code. 21
968	968	‘‘(10) D
969	969	EFINITIONS.—In this subsection: 22
970	970	‘‘(A) I
971	971	NSTITUTION OF HIGHER EDU -23
972	972	CATION.—The term ‘institution of higher edu-24
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975	975	•S 1972 IS
976	976	cation’ has the meaning given the term in sec-1
977	977	tion 102. 2
978	978	‘‘(B) M
979	979	INORITY-SERVING INSTITUTION.— 3
980	980	The term ‘minority-serving institution’ means 4
981	981	an institution of higher education listed in sec-5
982	982	tion 371(a). 6
983	983	‘‘(C) P
984	984	ERSONALLY IDENTIFIABLE INFOR -7
985	985	MATION.—The term ‘personally identifiable in-8
986	986	formation’ means personally identifiable infor-9
987	987	mation within the meaning of section 444 of the 10
988	988	General Education Provisions Act.’’. 11
989	989	SEC. 102. REPEAL OF PROHIBITION ON STUDENT DATA SYS-12
990	990	TEM. 13
991	991	Section 134 of the Higher Education Act of 1965 (20 14
992	992	U.S.C. 1015c) is repealed. 15
993	993	SEC. 103. INSTITUTIONAL REQUIREMENTS. 16
994	994	(a) I
995	995	NGENERAL.—Paragraph (17) of section 487(a) 17
996	996	of the Higher Education Act of 1965 (20 U.S.C. 1094(a)) 18
997	997	is amended to read as follows: 19
998	998	‘‘(17) The institution or the assigned agent of 20
999	999	the institution will collect and submit data to the 21
1000	1000	Commissioner for Education Statistics in accordance 22
1001	1001	with section 132(l), the nonstudent related surveys 23
1002	1002	within the Integrated Postsecondary Education Data 24
1003	1003	System (IPEDS), or any other Federal institution of 25
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1006	1006	•S 1972 IS
1007	1007	higher education data collection effort (as designated 1
1008	1008	by the Secretary), in a timely manner and to the 2
1009	1009	satisfaction of the Secretary.’’. 3
1010	1010	(b) E
1011	1011	FFECTIVEDATE.—The amendment made by 4
1012	1012	subsection (a) shall take effect on the date that is 4 years 5
1013	1013	after the date of enactment of this Act. 6
1014	1014	SEC. 104. TRANSITION PROVISIONS. 7
1015	1015	The Secretary of Education and the Commissioner 8
1016	1016	for Education Statistics shall take such steps as are nec-9
1017	1017	essary to ensure that the development and maintenance 10
1018	1018	of the postsecondary student data system required under 11
1019	1019	section 132(l) of the Higher Education Act of 1965, as 12
1020	1020	added by section 101 of this Act, occurs in a manner that 13
1021	1021	reduces the reporting burden for entities that reported 14
1022	1022	into the Integrated Postsecondary Education Data System 15
1023	1023	(IPEDS). 16
1024	1024	TITLE II—UNDERSTANDING THE 17
1025	1025	TRUE COST OF COLLEGE 18
1026	1026	SEC. 201. INSTITUTION FINANCIAL AID OFFER FORM. 19
1027	1027	Section 484 of the Higher Education Opportunity 20
1028	1028	Act (20 U.S.C. 1092 note) is amended to read as follows: 21
1029	1029	‘‘SEC. 484. INSTITUTION FINANCIAL AID OFFER FORM. 22
1030	1030	‘‘(a) S
1031	1031	TANDARDFORMAT ANDTERMINOLOGY.—The 23
1032	1032	Secretary of Education, in consultation with the heads of 24
1033	1033	relevant Federal agencies, shall develop standard termi-25
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1035	1035	pbinns on DSKJLVW7X2PROD with $$_JOB 36
1036	1036	•S 1972 IS
1037	1037	nology and a standard format for financial aid offer forms 1
1038	1038	based on recommendations from representatives of stu-2
1039	1039	dents, veterans, servicemembers, students’ families, insti-3
1040	1040	tutions of higher education (including community colleges, 4
1041	1041	for-profit institutions, four-year public institutions, and 5
1042	1042	four-year private nonprofit institutions), financial aid ex-6
1043	1043	perts, secondary school and postsecondary counselors, 7
1044	1044	nonprofit organizations, and consumer groups. 8
1045	1045	‘‘(b) K
1046	1046	EYREQUIREDCONTENTS FOR OFFER 9
1047	1047	F
1048	1048	ORM.—The standard format developed under subsection 10
1049	1049	(a) shall include, in a consumer-friendly manner that is 11
1050	1050	simple and understandable, a form titled ‘Financial Aid 12
1051	1051	Offer’, which shall include the following items, with costs 13
1052	1052	listed first followed by grants and scholarships, clearly 14
1053	1053	separated from each other with separate headings: 15
1054	1054	‘‘(1) C
1055	1055	OST INFORMATION.— 16
1056	1056	‘‘(A) Information on the student’s esti-17
1057	1057	mated cost of attendance, including the fol-18
1058	1058	lowing: 19
1059	1059	‘‘(i) Total direct costs, including the 20
1060	1060	component totals each for— 21
1061	1061	‘‘(I) tuition and fees, as deter-22
1062	1062	mined under section 472 of the High-23
1063	1063	er Education Act of 1965 (20 U.S.C. 24
1064	1064	1087ll); and 25
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1067	1067	•S 1972 IS
1068	1068	‘‘(II) college-sponsored housing 1
1069	1069	and food costs (as determined based 2
1070	1070	on the costs for room and board 3
1071	1071	under such section). 4
1072	1072	‘‘(ii) Total estimated other expenses, 5
1073	1073	including— 6
1074	1074	‘‘(I) the component totals each 7
1075	1075	for housing and food costs for stu-8
1076	1076	dents who reside off-campus; and 9
1077	1077	‘‘(II) for all students, books, sup-10
1078	1078	plies, transportation, and miscella-11
1079	1079	neous personal expenses (which may 12
1080	1080	include costs of health insurance and 13
1081	1081	dependent care), as determined under 14
1082	1082	section 472 of the Higher Education 15
1083	1083	Act of 1965 (20 U.S.C. 1087ll). 16
1084	1084	‘‘(B) An indication of the academic period 17
1085	1085	covered by the financial aid offer, and an expla-18
1086	1086	nation that the financial aid offered may 19
1087	1087	change for academic periods not covered by the 20
1088	1088	aid offer or by program. 21
1089	1089	‘‘(C) An indication of whether cost and aid 22
1090	1090	estimates are based on full-time or part-time 23
1091	1091	enrollment. 24
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1094	1094	•S 1972 IS
1095	1095	‘‘(D) An indication, as applicable, about 1
1096	1096	whether the tuition and fees are estimated 2
1097	1097	based on the previous year, or are set, for the 3
1098	1098	academic period indicated in accordance with 4
1099	1099	subparagraph (B). 5
1100	1100	‘‘(2) G
1101	1101	RANTS AND SCHOLARSHIPS .—The aggre-6
1102	1102	gate amount of grants and scholarships by source 7
1103	1103	that the student does not have to repay, such as 8
1104	1104	grant aid offered under title IV of the Higher Edu-9
1105	1105	cation Act of 1965 (20 U.S.C. 1070 et seq.) and 10
1106	1106	grant aid offered through other Federal programs, 11
1107	1107	grant aid offered by the institution, grant aid of-12
1108	1108	fered by the State, and, if known, grant aid from an 13
1109	1109	outside source to the student for such academic pe-14
1110	1110	riod, including— 15
1111	1111	‘‘(A) a disclosure that the grants and 16
1112	1112	scholarships do not have to be repaid; and 17
1113	1113	‘‘(B) if institutional aid is included— 18
1114	1114	‘‘(i) the conditions under which the 19
1115	1115	student can expect to receive similar 20
1116	1116	amounts of such financial aid for each aca-21
1117	1117	demic period the student is enrolled at the 22
1118	1118	institution; and 23
1119	1119	‘‘(ii) whether the institutional aid 24
1120	1120	offer may change if grants or scholarships 25
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1123	1123	•S 1972 IS
1124	1124	from outside sources are applied after the 1
1125	1125	student receives the offer form, and, if ap-2
1126	1126	plicable, how that aid will change. 3
1127	1127	‘‘(3) N
1128	1128	ET PRICE.— 4
1129	1129	‘‘(A) The net price that the student, or the 5
1130	1130	student’s family on behalf of the student, is es-6
1131	1131	timated to have to pay for the student to attend 7
1132	1132	the institution for such academic period, equal 8
1133	1133	to— 9
1134	1134	‘‘(i) the cost of attendance as de-10
1135	1135	scribed in paragraph (1)(A) for the stu-11
1136	1136	dent for the period indicated in paragraph 12
1137	1137	(1)(B); minus 13
1138	1138	‘‘(ii) the amount of grant aid de-14
1139	1139	scribed in paragraph (2) that is included in 15
1140	1140	the financial aid offer form. 16
1141	1141	‘‘(B) A disclosure that the net price is an 17
1142	1142	estimate of the total expenses for the year and 18
1143	1143	not equivalent to the amount the student will 19
1144	1144	owe directly to the institution. 20
1145	1145	‘‘(4) L
1146	1146	OANS.— 21
1147	1147	‘‘(A) Information on any loan under part 22
1148	1148	D or part E of title IV of the Higher Education 23
1149	1149	Act of 1965 (20 U.S.C. 1087a et seq.; 20 24
1150	1150	U.S.C. 1087aa et seq.) (except a Federal Direct 25
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1152	1152	pbinns on DSKJLVW7X2PROD with $$_JOB 40
1153	1153	•S 1972 IS
1154	1154	PLUS Loan under part D of that Act) that the 1
1155	1155	institution recommends for the student for the 2
1156	1156	academic period covered by the offer, which 3
1157	1157	shall be made— 4
1158	1158	‘‘(i) with clear use of the word ‘loan’ 5
1159	1159	to describe the recommended loan 6
1160	1160	amounts; and 7
1161	1161	‘‘(ii) with clear labeling of subsidized 8
1162	1162	and unsubsidized loans. 9
1163	1163	‘‘(B) A disclosure that such loans have to 10
1164	1164	be repaid and a disclosure that the student can 11
1165	1165	borrow a lesser or, if applicable, greater amount 12
1166	1166	than the recommended loan amount. 13
1167	1167	‘‘(C) A disclosure that the interest rates 14
1168	1168	and fees on such loans are set annually and af-15
1169	1169	fect total cost over time, and a link to a De-16
1170	1170	partment of Education website that includes 17
1171	1171	current information on interest rates and fees. 18
1172	1172	‘‘(D) A link to the Department of Edu-19
1173	1173	cation’s repayment calculator website for stu-20
1174	1174	dents with instruction that this website contains 21
1175	1175	customizable estimates of expected repayment 22
1176	1176	costs under different loan repayment plans. 23
1177	1177	‘‘(5) P
1178	1178	ROCESS FOR ACCEPTING OR DECLINING 24
1179	1179	AID AND NEXT STEPS.— 25
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1182	1182	•S 1972 IS
1183	1183	‘‘(A) The deadlines and a summary of the 1
1184	1184	process (including the next steps) for— 2
1185	1185	‘‘(i) accepting the financial aid offered 3
1186	1186	in the financial aid offer form; 4
1187	1187	‘‘(ii) requesting higher loan amounts 5
1188	1188	if recommended loan amounts were in-6
1189	1189	cluded; and 7
1190	1190	‘‘(iii) declining aid offered in the 8
1191	1191	form. 9
1192	1192	‘‘(B) Information on when and how direct 10
1193	1193	costs to the institution must be paid. 11
1194	1194	‘‘(C) A disclosure that verification of finan-12
1195	1195	cial circumstances may require the student to 13
1196	1196	submit further documentation. 14
1197	1197	‘‘(D) Information about where a student or 15
1198	1198	the student’s family can seek additional infor-16
1199	1199	mation regarding the financial aid offered, in-17
1200	1200	cluding contact information for the institution’s 18
1201	1201	financial aid office and the Department of Edu-19
1202	1202	cation’s website on financial aid. 20
1203	1203	‘‘(6) A
1204	1204	DDITIONAL INFORMATION .—Any other 21
1205	1205	information the Secretary of Education, in consulta-22
1206	1206	tion with the heads of relevant Federal agencies, in-23
1207	1207	cluding the Secretary of the Treasury and the Direc-24
1208	1208	tor of the Bureau of Consumer Financial Protection, 25
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1211	1211	•S 1972 IS
1212	1212	determines necessary (based on the results of the 1
1213	1213	consumer testing under paragraph (g)(2)) so that 2
1214	1214	students and parents can make informed loan bor-3
1215	1215	rowing decisions, which may include— 4
1216	1216	‘‘(A) the most recent cohort default rate, 5
1217	1217	as defined in section 435(m) of the Higher 6
1218	1218	Education Act of 1965 (20 U.S.C. 1085(m)) 7
1219	1219	with respect to an institution where more than 8
1220	1220	30 percent of enrolled students borrow loans to 9
1221	1221	pay for their education, and a comparison to 10
1222	1222	the national average cohort default rate; 11
1223	1223	‘‘(B) the percentage of students at the in-12
1224	1224	stitution who borrow student loans; 13
1225	1225	‘‘(C) the median loan debt at graduation 14
1226	1226	for students at the institution (clearly marked 15
1227	1227	as including only Federal loans if private loan 16
1228	1228	data are not available to be included); and 17
1229	1229	‘‘(D) any additional calculations deter-18
1230	1230	mined necessary for ensuring that students un-19
1231	1231	derstand full college costs, financial aid gaps, 20
1232	1232	and options for covering those gaps. 21
1233	1233	‘‘(c) O
1234	1234	THERREQUIREDCONTENTS FOR THE OFFER 22
1235	1235	F
1236	1236	ORM.—The standard form developed under subsection 23
1237	1237	(a) shall include, in addition to the information described 24
1238	1238	in subsection (b), the following information to be included 25
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1241	1241	•S 1972 IS
1242	1242	on the financial aid offer form in a concise format deter-1
1243	1243	mined by the Secretary of Education, in consultation with 2
1244	1244	the heads of relevant Federal agencies: 3
1245	1245	‘‘(1) At the institution’s discretion— 4
1246	1246	‘‘(A) additional options and potential re-5
1247	1247	sources for paying for the amount listed in sub-6
1248	1248	section (b)(3), such as tuition payment plans; 7
1249	1249	and 8
1250	1250	‘‘(B) a disclosure that Federal Direct 9
1251	1251	PLUS Loans or private education loans may be 10
1252	1252	available to cover remaining need, except that 11
1253	1253	the institution may not include an amount for 12
1254	1254	Federal Direct PLUS Loans or private edu-13
1255	1255	cation loans and must include a disclosure for 14
1256	1256	Federal Direct PLUS Loans that such loans 15
1257	1257	are subject to an additional application process, 16
1258	1258	and a disclosure that both types of loans have 17
1259	1259	to be repaid by the borrower, and may not be 18
1260	1260	eligible for all the benefits available for Federal 19
1261	1261	Direct Stafford Loans or Federal Direct Un-20
1262	1262	subsidized Stafford Loans. 21
1263	1263	‘‘(2) The following information relating to pri-22
1264	1264	vate student loans: 23
1265	1265	‘‘(A) A statement that students consid-24
1266	1266	ering borrowing to cover the cost of attendance 25
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1269	1269	•S 1972 IS
1270	1270	should consider available Federal student loans 1
1271	1271	prior to applying for private education loans, in-2
1272	1272	cluding an explanation that Federal student 3
1273	1273	loans offer generally more favorable terms and 4
1274	1274	beneficial repayment options than private loans. 5
1275	1275	‘‘(B) The impact of a proposed private 6
1276	1276	education loan on the student’s potential eligi-7
1277	1277	bility for other financial assistance, including 8
1278	1278	Federal financial assistance under title IV of 9
1279	1279	the Higher Education Act of 1965 (20 U.S.C. 10
1280	1280	1070 et seq.). 11
1281	1281	‘‘(C) A statement explaining the student’s 12
1282	1282	ability to select a private educational lender of 13
1283	1283	the student’s choice. 14
1284	1284	‘‘(3) Information on work-study employment 15
1285	1285	opportunities, offered in accordance with part C of 16
1286	1286	title IV of the Higher Education Act of 1965 (20 17
1287	1287	U.S.C. 1087–51 et seq.) including a disclosure that 18
1288	1288	the work-study aid offered is subject to the avail-19
1289	1289	ability of qualified employment opportunities and is 20
1290	1290	disbursed over time as earned by the student. Work- 21
1291	1291	study employment opportunities (or a student’s po-22
1292	1292	tential income based on those opportunities) shall 23
1293	1293	not be included in the category of financial aid de-24
1294	1294	scribed under subsection (b)(2). 25
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1297	1297	•S 1972 IS
1298	1298	‘‘(d) ADDITIONALREQUIREMENTS FOR FINANCIAL 1
1299	1299	A
1300	1300	IDOFFERFORM.—The financial aid offer form shall 2
1301	1301	meet the following requirements: 3
1302	1302	‘‘(1) Include, in addition to the requirements 4
1303	1303	described in subsections (b) and (c), a concise sum-5
1304	1304	mary, in plain language, of— 6
1305	1305	‘‘(A) the terms and conditions of financial 7
1306	1306	aid recommended under paragraphs (2) and (4) 8
1307	1307	of subsection (b) and subsection (c)(3), and a 9
1308	1308	method to provide students with additional in-10
1309	1309	formation about such terms and conditions, 11
1310	1310	such as links to the supplementary information; 12
1311	1311	and 13
1312	1312	‘‘(B) Federal, State, or institutional condi-14
1313	1313	tions required to receive and renew financial aid 15
1314	1314	and a method to provide students with addi-16
1315	1315	tional information about these conditions, such 17
1316	1316	as links to the supplementary information. 18
1317	1317	‘‘(2) Clearly distinguish between the aid offered 19
1318	1318	under paragraphs (2) and (4) of subsection (b) and 20
1319	1319	subsection (c)(3), by including a subtotal for the aid 21
1320	1320	offered in each of such paragraphs and by refraining 22
1321	1321	from commingling the different types of aid de-23
1322	1322	scribed in such paragraphs. 24
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1325	1325	•S 1972 IS
1326	1326	‘‘(3) Use standard terminology and definitions, 1
1327	1327	as described in subsection (e)(1) and use plain lan-2
1328	1328	guage where possible. 3
1329	1329	‘‘(4) If an institution’s recommended Federal 4
1330	1330	student loan aid offered in subsection (b)(4) is less 5
1331	1331	than the Federal maximum available to the student, 6
1332	1332	the institution shall provide additional information 7
1333	1333	on Federal student loans, including the types and 8
1334	1334	amounts for which the student is eligible in an at-9
1335	1335	tached document or web page. 10
1336	1336	‘‘(5) Use the standard offer form described in 11
1337	1337	subsection (e)(2). 12
1338	1338	‘‘(6) Include the standardized statement regard-13
1339	1339	ing the possible availability of Federal education 14
1340	1340	benefits, as established by the Secretary in accord-15
1341	1341	ance with subsection (e)(3). 16
1342	1342	‘‘(7) Include a delivery confirmation for elec-17
1343	1343	tronic financial aid offer forms, except that receipt 18
1344	1344	of the financial aid offer form shall not be consid-19
1345	1345	ered an acceptance or rejection of aid by the stu-20
1346	1346	dent. 21
1347	1347	‘‘(8) With respect to dependent students, any 22
1348	1348	reference to private education loans shall be accom-23
1349	1349	panied by— 24
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1352	1352	•S 1972 IS
1353	1353	‘‘(A) information about the availability of, 1
1354	1354	and terms and conditions associated with, Fed-2
1355	1355	eral Direct PLUS Loans under section 455 of 3
1356	1356	the Higher Education Act of 1965 (20 U.S.C. 4
1357	1357	1087e) for the student’s parents regardless of 5
1358	1358	family income; and 6
1359	1359	‘‘(B) a notification of the student’s in-7
1360	1360	creased eligibility for Federal student loans 8
1361	1361	under title IV of the Higher Education Act of 9
1362	1362	1965 (20 U.S.C. 1070 et seq.) if the student’s 10
1363	1363	parents are not able to borrow under the Fed-11
1364	1364	eral Direct PLUS Loan program. 12
1365	1365	‘‘(e) S
1366	1366	TANDARDINFORMATION ESTABLISHED BY 13
1367	1367	THESECRETARY.— 14
1368	1368	‘‘(1) S
1369	1369	TANDARD TERMINOLOGY .—Not later 15
1370	1370	than 3 months after the date of enactment of the 16
1371	1371	Lowering Education Costs and Debt Act, the Sec-17
1372	1372	retary of Education, in consultation with the heads 18
1373	1373	of relevant Federal agencies, including the Secretary 19
1374	1374	of the Treasury and the Director of the Consumer 20
1375	1375	Financial Protection Bureau, representatives of in-21
1376	1376	stitutions of higher education, nonprofit consumer 22
1377	1377	groups, students, and secondary school and higher 23
1378	1378	education guidance counselors, shall establish stand-24
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1381	1381	•S 1972 IS
1382	1382	ard terminology and definitions for the terms de-1
1383	1383	scribed in subsection (b). 2
1384	1384	‘‘(2) S
1385	1385	TANDARD FORM.— 3
1386	1386	‘‘(A) I
1387	1387	N GENERAL.—The Secretary of Edu-4
1388	1388	cation shall develop multiple draft financial aid 5
1389	1389	offer forms for consumer testing, carry out con-6
1390	1390	sumer testing for such forms, and establish a fi-7
1391	1391	nalized standard financial aid offer form, in ac-8
1392	1392	cordance with the process established in sub-9
1393	1393	section (g) and the requirements of this section. 10
1394	1394	‘‘(B) S
1395	1395	EPARATE FINANCIAL AID OFFER 11
1396	1396	FORMS.—The Secretary may develop separate 12
1397	1397	financial aid offer forms for— 13
1398	1398	‘‘(i) undergraduate students and grad-14
1399	1399	uate students; and 15
1400	1400	‘‘(ii) first-time students and returning 16
1401	1401	students. 17
1402	1402	‘‘(3) A
1403	1403	DDITIONAL BENEFITS.—The Secretary of 18
1404	1404	Education, in consultation with the heads of relevant 19
1405	1405	Federal agencies, including the Secretary of the 20
1406	1406	Treasury, the Secretary of Veterans Affairs, the Sec-21
1407	1407	retary of Defense, and the Director of the Consumer 22
1408	1408	Financial Protection Bureau, shall establish stand-23
1409	1409	ard language notifying students that they may be el-24
1410	1410	igible for education benefits (and where students can 25
1411	1411	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00048 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1412	1412	pbinns on DSKJLVW7X2PROD with $$_JOB 49
1413	1413	•S 1972 IS
1414	1414	locate more information about such benefits) includ-1
1415	1415	ing benefits in accordance with each of the following: 2
1416	1416	‘‘(A) Chapter 30, 31, 32, 33, 34, or 35 of 3
1417	1417	title 38, United States Code. 4
1418	1418	‘‘(B) Chapter 101, 105, 106A, 1606, 1607, 5
1419	1419	or 1608 of title 10, United States Code. 6
1420	1420	‘‘(C) Section 1784a, 2005, or 2007 of title 7
1421	1421	10, United States Code. 8
1422	1422	‘‘(f) S
1423	1423	UPPLEMENTAL INFORMATION; REMOVAL OF 9
1424	1424	I
1425	1425	NFORMATION.— 10
1426	1426	‘‘(1) Nothing in this section shall preclude an 11
1427	1427	institution from supplementing the financial aid 12
1428	1428	offer form with additional information if such addi-13
1429	1429	tional information supplements the financial aid 14
1430	1430	offer form and is not located on the financial aid 15
1431	1431	offer form, and provided such information utilizes 16
1432	1432	the same standard terminology identified in sub-17
1433	1433	section (e)(1). 18
1434	1434	‘‘(2) Nothing in this section shall preclude an 19
1435	1435	institution from deleting a required item if the stu-20
1436	1436	dent is ineligible for such aid. 21
1437	1437	‘‘(g) D
1438	1438	EVELOPMENT OF FINANCIALAIDOFFER 22
1439	1439	F
1440	1440	ORM.— 23
1441	1441	‘‘(1) D
1442	1442	RAFT FORM.—Not later than 9 months 24
1443	1443	after the date of enactment of the Lowering Edu-25
1444	1444	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00049 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1445	1445	pbinns on DSKJLVW7X2PROD with $$_JOB 50
1446	1446	•S 1972 IS
1447	1447	cation Costs and Debt Act, the Secretary of Edu-1
1448	1448	cation, in consultation with the heads of relevant 2
1449	1449	Federal agencies, including the Secretary of the 3
1450	1450	Treasury and the Director of the Consumer Finan-4
1451	1451	cial Protection Bureau, representatives of institu-5
1452	1452	tions of higher education, nonprofit consumer 6
1453	1453	groups, students, and secondary school and higher 7
1454	1454	education guidance counselors, shall design and 8
1455	1455	produce multiple draft financial aid offer forms for 9
1456	1456	consumer testing with postsecondary students or 10
1457	1457	prospective students. In developing that form, the 11
1458	1458	Secretary shall ensure— 12
1459	1459	‘‘(A) that the headings described in para-13
1460	1460	graphs (1) through (4) of subsection (b) are in 14
1461	1461	the same font, appear in the same order, and 15
1462	1462	are displayed prominently on the financial aid 16
1463	1463	offer form, such that none of that information 17
1464	1464	is inappropriately omitted or de-emphasized; 18
1465	1465	‘‘(B) that the other information required 19
1466	1466	in subsection (b) appears in a standard format 20
1467	1467	and design on the financial aid offer form; and 21
1468	1468	‘‘(C) that the institution may include a 22
1469	1469	logo or brand alongside the title of the financial 23
1470	1470	aid offer form. 24
1471	1471	‘‘(2) C
1472	1472	ONSUMER TESTING.— 25
1473	1473	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00050 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1474	1474	pbinns on DSKJLVW7X2PROD with $$_JOB 51
1475	1475	•S 1972 IS
1476	1476	‘‘(A) IN GENERAL.—Not later than 9 1
1477	1477	months after the date of enactment of the Low-2
1478	1478	ering Education Costs and Debt Act, the Sec-3
1479	1479	retary of Education, in consultation with the 4
1480	1480	heads of relevant Federal agencies, shall estab-5
1481	1481	lish a process to submit the financial aid offer 6
1482	1482	form drafts developed under paragraph (1) for 7
1483	1483	consumer testing among representatives of stu-8
1484	1484	dents (including low-income students, first gen-9
1485	1485	eration college students, adult students, vet-10
1486	1486	erans, servicemembers, and prospective stu-11
1487	1487	dents), students’ families (including low-income 12
1488	1488	families, families with first generation college 13
1489	1489	students, and families with prospective stu-14
1490	1490	dents), institutions of higher education, sec-15
1491	1491	ondary school and postsecondary counselors, 16
1492	1492	and nonprofit consumer groups. 17
1493	1493	‘‘(B) P
1494	1494	ILOT.—During such consumer test-18
1495	1495	ing, the Secretary shall ensure that not less 19
1496	1496	than 16 and not more than 24 eligible institu-20
1497	1497	tions use the draft forms developed under para-21
1498	1498	graph (1), including institutions— 22
1499	1499	‘‘(i) that reflect a proportionate rep-23
1500	1500	resentation (based on the total number of 24
1501	1501	students enrolled in postsecondary edu-25
1502	1502	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00051 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1503	1503	pbinns on DSKJLVW7X2PROD with $$_JOB 52
1504	1504	•S 1972 IS
1505	1505	cation) of community colleges, for-profit 1
1506	1506	institutions, four-year public institutions, 2
1507	1507	and four-year private nonprofit institu-3
1508	1508	tions; and 4
1509	1509	‘‘(ii) that reflect geographic diversity. 5
1510	1510	‘‘(C) L
1511	1511	ENGTH OF CONSUMER TESTING .— 6
1512	1512	The Secretary of Education shall ensure that 7
1513	1513	the consumer testing under this paragraph lasts 8
1514	1514	no longer than 8 months after the process for 9
1515	1515	consumer testing is developed under subpara-10
1516	1516	graph (A). 11
1517	1517	‘‘(3) F
1518	1518	INAL FORM.— 12
1519	1519	‘‘(A) I
1520	1520	N GENERAL.—The results of con-13
1521	1521	sumer testing under paragraph (2) shall be 14
1522	1522	used in the final development of the financial 15
1523	1523	aid offer form. 16
1524	1524	‘‘(B) R
1525	1525	EPORTING REQUIREMENT .—Not 17
1526	1526	later than 3 months after the date the con-18
1527	1527	sumer testing under paragraph (2) concludes, 19
1528	1528	the Secretary of Education shall submit to Con-20
1529	1529	gress and publish on its website the final stand-21
1530	1530	ard financial aid offer form and a report detail-22
1531	1531	ing the results of such testing, including wheth-23
1532	1532	er the Secretary of Education added any addi-24
1533	1533	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00052 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1534	1534	pbinns on DSKJLVW7X2PROD with $$_JOB 53
1535	1535	•S 1972 IS
1536	1536	tional items to the standard financial aid offer 1
1537	1537	form pursuant to subsection (b)(6). 2
1538	1538	‘‘(4) A
1539	1539	UTHORITY TO MODIFY .—The Secretary 3
1540	1540	of Education may modify the definitions, terms, for-4
1541	1541	matting, and design of the financial aid offer form 5
1542	1542	based on the results of consumer testing required 6
1543	1543	under this subsection and before finalizing the form, 7
1544	1544	or in subsequent consumer testing. The Secretary 8
1545	1545	may also recommend additional changes to Con-9
1546	1546	gress.’’. 10
1547	1547	SEC. 202. MANDATORY FORM. 11
1548	1548	Part B of title I of the Higher Education Act of 1965 12
1549	1549	(20 U.S.C. 1011 et seq.) is amended by adding at the end 13
1550	1550	the following: 14
1551	1551	‘‘SEC. 124. USE OF MANDATORY FINANCIAL AID OFFER 15
1552	1552	FORM AND TERMS. 16
1553	1553	‘‘(a) I
1554	1554	NGENERAL.—Notwithstanding any other pro-17
1555	1555	vision of law, each institution of higher education that re-18
1556	1556	ceives Federal financial assistance under this Act shall— 19
1557	1557	‘‘(1) use the financial aid offer form developed 20
1558	1558	under section 484 of the Higher Education Oppor-21
1559	1559	tunity Act (20 U.S.C. 1092 note) in providing 22
1560	1560	paper, mobile-optimized offers, or other electronic of-23
1561	1561	fers to all students who apply for aid and are accept-24
1562	1562	ed at the institution; and 25
1563	1563	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00053 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1564	1564	pbinns on DSKJLVW7X2PROD with $$_JOB 54
1565	1565	•S 1972 IS
1566	1566	‘‘(2) use the standard terminology and defini-1
1567	1567	tions developed by the Secretary of Education under 2
1568	1568	subsection (e)(1) of that Act for all communications 3
1569	1569	from the institution related to financial aid offers. 4
1570	1570	‘‘(b) E
1571	1571	FFECTIVEDATES.—The requirements under 5
1572	1572	this section shall take effect at the start of the first award 6
1573	1573	year after the Secretary of Education finalizes the stand-7
1574	1574	ard terminology and form developed in accordance with 8
1575	1575	section 484 of the Higher Education Opportunity Act (20 9
1576	1576	U.S.C. 1092 note).’’. 10
1577	1577	‘‘(c) A
1578	1578	DMINISTRATIVEPROCEDURES.—Section 492 11
1579	1579	of the Higher Education Act (20 U.S.C. 1098a) shall not 12
1580	1580	apply with respect to regulations promulgated in accord-13
1581	1581	ance with this section.’’. 14
1582	1582	TITLE III—INFORMED STUDENT 15
1583	1583	BORROWING 16
1584	1584	SEC. 301. COUNSELING AND FINANCIAL AID DISCLOSURES. 17
1585	1585	Section 485(l) of the Higher Education Act of 1965 18
1586	1586	(20 U.S.C. 1092(l)) is amended— 19
1587	1587	(1) in the subsection heading, by striking ‘‘E
1588	1588	N-20
1589	1589	TRANCE’’; 21
1590	1590	(2) in paragraph (1)(A)— 22
1591	1591	(A) in the matter preceding clause (i), by 23
1592	1592	striking ‘‘a disbursement to a first-time bor-24
1593	1593	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00054 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1594	1594	pbinns on DSKJLVW7X2PROD with $$_JOB 55
1595	1595	•S 1972 IS
1596	1596	rower’’ and inserting ‘‘the first disbursement to 1
1597	1597	a borrower in each award year’’; and 2
1598	1598	(B) in the matter preceding subclause (I) 3
1599	1599	of paragraph clause (ii), by striking ‘‘may’’ and 4
1600	1600	inserting ‘‘shall’’; 5
1601	1601	(3) in paragraph (2)— 6
1602	1602	(A) by redesignating subparagraphs (A) 7
1603	1603	through (K) as subparagraphs (B) through (L); 8
1604	1604	(B) by inserting before subparagraph (B), 9
1605	1605	as so redesignated, the following: 10
1606	1606	‘‘(A) An explanation that the borrower will 11
1607	1607	need to affirmatively determine and manually 12
1608	1608	enter, in accordance with subsection (n), the 13
1609	1609	Federal loan amount that the borrower will bor-14
1610	1610	row (which may be equal to or less than the 15
1611	1611	Federal loan amount for which the borrower is 16
1612	1612	eligible) for each award year.’’; 17
1613	1613	(C) by striking subparagraph (G) and in-18
1614	1614	serting the following: 19
1615	1615	‘‘(G) Sample monthly repayment amounts, 20
1616	1616	under a standard repayment plan and under 21
1617	1617	the income-driven repayment plan that had the 22
1618	1618	highest enrollment in the previous year for bor-23
1619	1619	rowers (excluding parent borrowers), based 24
1620	1620	on— 25
1621	1621	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00055 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1622	1622	pbinns on DSKJLVW7X2PROD with $$_JOB 56
1623	1623	•S 1972 IS
1624	1624	‘‘(i)(I) the median levels of indebted-1
1625	1625	ness, as appropriate, of— 2
1626	1626	‘‘(aa) undergraduate borrowers of 3
1627	1627	Federal Direct Stafford Loans or 4
1628	1628	Federal Unsubsidized Stafford Loans 5
1629	1629	who were enrolled in the institution; 6
1630	1630	‘‘(bb) graduate borrowers of Fed-7
1631	1631	eral Direct Stafford Loans, Federal 8
1632	1632	Unsubsidized Stafford Loans, or Fed-9
1633	1633	eral Direct Plus Loans who were en-10
1634	1634	rolled in the institution; and 11
1635	1635	‘‘(cc) parent borrowers of Federal 12
1636	1636	Direct Plus Loans made on behalf of 13
1637	1637	dependent students who were enrolled 14
1638	1638	at the institution; 15
1639	1639	‘‘(II) the median cumulative indebted-16
1640	1640	ness of borrowers of loans described in 17
1641	1641	subclause (I) in the same program as the 18
1642	1642	borrower at the same institution; and 19
1643	1643	‘‘(ii) the median annual earnings for 20
1644	1644	individuals who attended the institution, as 21
1645	1645	described in subparagraph (N).’’; and 22
1646	1646	(D) by adding at the end the following: 23
1647	1647	‘‘(M) A statement that the borrower does 24
1648	1648	not have to accept the full amount of loans for 25
1649	1649	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00056 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1650	1650	pbinns on DSKJLVW7X2PROD with $$_JOB 57
1651	1651	•S 1972 IS
1652	1652	which the borrower is eligible, and an expla-1
1653	1653	nation that loan eligibility calculations are de-2
1654	1654	termined based on a cost of attendance that 3
1655	1655	may include expenses such as housing, food, 4
1656	1656	and transportation. 5
1657	1657	‘‘(N) The most recent College Scorecard 6
1658	1658	information (or information from a similar suc-7
1659	1659	cessor website) that shows the median annual 8
1660	1660	earnings of students who received Federal stu-9
1661	1661	dent aid and who are no longer enrolled at the 10
1662	1662	institution and are working, at the time that is 11
1663	1663	10 years after the date of such students’ entry 12
1664	1664	to the institution— 13
1665	1665	‘‘(i) for individuals who were enrolled 14
1666	1666	in the institution; and 15
1667	1667	‘‘(ii) if available through the College 16
1668	1668	Scorecard (or similar successor website), 17
1669	1669	for individuals who were enrolled in the 18
1670	1670	borrower’s undergraduate or graduate pro-19
1671	1671	gram. 20
1672	1672	‘‘(O) The percentage of borrowers who at-21
1673	1673	tended the institution and have completed or 22
1674	1674	are no longer enrolled that are in active repay-23
1675	1675	ment (as compared to all borrowers who at-24
1676	1676	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00057 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1677	1677	pbinns on DSKJLVW7X2PROD with $$_JOB 58
1678	1678	•S 1972 IS
1679	1679	tended the institution and have completed or 1
1680	1680	are no longer enrolled). 2
1681	1681	‘‘(P) For undergraduate borrowers, the 3
1682	1682	completion rate of the institution, as available 4
1683	1683	through the College Scorecard (or similar suc-5
1684	1684	cessor website), for the most recent year for 6
1685	1685	which data are available. 7
1686	1686	‘‘(Q) A statement that— 8
1687	1687	‘‘(i) the statistics provided under this 9
1688	1688	paragraph are averages and median values 10
1689	1689	based on past years; 11
1690	1690	‘‘(ii) the borrower’s repayment 12
1691	1691	amounts, median earnings, and likelihood 13
1692	1692	of completion may vary from such statis-14
1693	1693	tics; and 15
1694	1694	‘‘(iii) as appropriate, parent borrowers 16
1695	1695	should be aware that information about 17
1696	1696	the median earnings, completion rate, and 18
1697	1697	percentage of borrowers in active repay-19
1698	1698	ment is based on data that excludes parent 20
1699	1699	borrowers. 21
1700	1700	‘‘(R) A statement in writing and in a form 22
1701	1701	the borrower may keep, of the annual percent-23
1702	1702	age rate applicable to the loan based on a 10- 24
1703	1703	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00058 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1704	1704	pbinns on DSKJLVW7X2PROD with $$_JOB 59
1705	1705	•S 1972 IS
1706	1706	year standard repayment plan, taking into ac-1
1707	1707	count— 2
1708	1708	‘‘(i) the amount of the loan; 3
1709	1709	‘‘(ii) the stated interest rate of the 4
1710	1710	loan; 5
1711	1711	‘‘(iii) the standard term for a loan of 6
1712	1712	the same type; 7
1713	1713	‘‘(iv) any fees or additional costs asso-8
1714	1714	ciated with the loan; and 9
1715	1715	‘‘(v) any capitalization of interest on 10
1716	1716	the loan.’’; and 11
1717	1717	(4) by adding at the end the following: 12
1718	1718	‘‘(3) I
1719	1719	NFORMATION FROM THE DEPARTMENT OF 13
1720	1720	EDUCATION.—The Secretary shall provide institu-14
1721	1721	tions with the data and statistics necessary to enable 15
1722	1722	institutions to carry out this subsection.’’. 16
1723	1723	SEC. 302. ANNUAL REQUIREMENT TO MANUALLY ENTER 17
1724	1724	LOAN AMOUNT. 18
1725	1725	Section 485 of the Higher Education Act of 1965 (20 19
1726	1726	U.S.C. 1092), as amended by section 301, is further 20
1727	1727	amended by adding at the end the following: 21
1728	1728	‘‘(n) A
1729	1729	NNUALREQUIREMENTTOMANUALLYENTER 22
1730	1730	L
1731	1731	OANAMOUNT.— 23
1732	1732	‘‘(1) I
1733	1733	N GENERAL.—In addition to the other re-24
1734	1734	quirements of this section and in accordance with 25
1735	1735	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00059 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1736	1736	pbinns on DSKJLVW7X2PROD with $$_JOB 60
1737	1737	•S 1972 IS
1738	1738	paragraph (2), each eligible institution shall ensure 1
1739	1739	that, for each award year, each borrower enrolled in 2
1740	1740	the institution who receives a Federal Direct Loan 3
1741	1741	(other than a Federal Direct Consolidation Loan) 4
1742	1742	and each parent borrower who is borrowing a Fed-5
1743	1743	eral Direct PLUS Loan made on behalf of a student 6
1744	1744	who is enrolled in the institution, for such year, shall 7
1745	1745	manually enter, either in writing or through elec-8
1746	1746	tronic means, the exact dollar amount of Federal Di-9
1747	1747	rect Loan funding that such borrower desires to bor-10
1748	1748	row for such year. 11
1749	1749	‘‘(2) M
1750	1750	ETHOD.—The eligible institution shall 12
1751	1751	ensure that the borrower carries out the activity de-13
1752	1752	scribed in paragraph (1)— 14
1753	1753	‘‘(A) in the case of a student borrower, in 15
1754	1754	the course of the process used by the institution 16
1755	1755	for students to accept a student loan award; 17
1756	1756	‘‘(B) prior to the institution certifying a 18
1757	1757	Federal Direct Loan (other than a Federal Di-19
1758	1758	rect Consolidation Loan), including a Federal 20
1759	1759	Direct PLUS Loan made on behalf of a stu-21
1760	1760	dent, for disbursement to a borrower; and 22
1761	1761	‘‘(C) in the case of a student borrower, 23
1762	1762	after ensuring that the student has completed 24
1763	1763	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00060 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1764	1764	pbinns on DSKJLVW7X2PROD with $$_JOB 61
1765	1765	•S 1972 IS
1766	1766	all of the counseling requirements under sub-1
1767	1767	section (l).’’. 2
1768	1768	SEC. 303. WORK STUDY. 3
1769	1769	Section 485 of the Higher Education Act of 1965 (20 4
1770	1770	U.S.C. 1092), as amended by sections 301 and 302, is 5
1771	1771	further amended by adding at the end the following: 6
1772	1772	‘‘(o) W
1773	1773	ORKSTUDY.—If an institution provides a stu-7
1774	1774	dent or a prospective student with a financial aid award 8
1775	1775	notification that includes work study, the institution shall 9
1776	1776	ensure that the notification includes an explanation that 10
1777	1777	any work study funds are not directly awarded to the stu-11
1778	1778	dent or institution, and such amounts must be earned 12
1779	1779	through the student’s completion of work over time.’’. 13
1780	1780	TITLE IV—STREAMLINING AC-14
1781	1781	COUNTABILITY AND VALUE 15
1782	1782	IN EDUCATION FOR STU-16
1783	1783	DENTS 17
1784	1784	SEC. 401. LOAN REPAYMENT SIMPLIFICATION AND IN-18
1785	1785	COME-DRIVEN REPAYMENT REFORM. 19
1786	1786	Section 455 of the Higher Education Act of 1965 (20 20
1787	1787	U.S.C. 1087e) is amended— 21
1788	1788	(1) in subsection (d)— 22
1789	1789	(A) in paragraph (1)— 23
1790	1790	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00061 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1791	1791	pbinns on DSKJLVW7X2PROD with $$_JOB 62
1792	1792	•S 1972 IS
1793	1793	(i) in subparagraph (B), by inserting 1
1794	1794	‘‘not later than June 30, 2024,’’ before ‘‘a 2
1795	1795	graduated’’; 3
1796	1796	(ii) in subparagraph (C), by inserting 4
1797	1797	‘‘not later than June 30, 2024,’’ before 5
1798	1798	‘‘an extended’’; 6
1799	1799	(iii) in subparagraph (D)— 7
1800	1800	(I) by inserting ‘‘not later than 8
1801	1801	June 30, 2024,’’ before ‘‘an income 9
1802	1802	contingent’’; and 10
1803	1803	(II) by striking ‘‘and’’ after the 11
1804	1804	semicolon; 12
1805	1805	(iv) in subparagraph (E)— 13
1806	1806	(I) by inserting ‘‘and not later 14
1807	1807	than June 30, 2024,’’ after ‘‘begin-15
1808	1808	ning on July 1, 2009,’’; and 16
1809	1809	(II) by striking the period at the 17
1810	1810	end and inserting ‘‘; and’’; and 18
1811	1811	(v) by adding at the end the following: 19
1812	1812	‘‘(F) beginning on July 1, 2024, an income 20
1813	1813	contingent repayment plan known as the ‘Re-21
1814	1814	vised Pay As You Earn Repayment plan’, con-22
1815	1815	sistent with subsection (e)(9).’’; 23
1816	1816	(B) in paragraph (2), by striking ‘‘in sub-24
1817	1817	paragraph (A), (B), or (C) of paragraph (1)’’ 25
1818	1818	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00062 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1819	1819	pbinns on DSKJLVW7X2PROD with $$_JOB 63
1820	1820	•S 1972 IS
1821	1821	and inserting ‘‘in subparagraph (A) or (F) of 1
1822	1822	paragraph (1)’’; and 2
1823	1823	(C) in paragraph (4), by inserting ‘‘not 3
1824	1824	later than June 30, 2024, and’’ after ‘‘The Sec-4
1825	1825	retary may provide,’’; and 5
1826	1826	(2) in subsection (e), by adding at the end the 6
1827	1827	following: 7
1828	1828	‘‘(9) R
1829	1829	EVISED PAY AS YOU EARN REPAYMENT 8
1830	1830	PLAN.— 9
1831	1831	‘‘(A) I
1832	1832	N GENERAL.—The Secretary shall 10
1833	1833	carry out a Revised Pay As You Earn Repay-11
1834	1834	ment plan in accordance with section 12
1835	1835	685.209(c) of title 34, Code of Federal Regula-13
1836	1836	tions, as in effect on December 17, 2015, ex-14
1837	1837	cept as otherwise provided in this paragraph as 15
1838	1838	follows: 16
1839	1839	‘‘(i) A borrower may complete loan re-17
1840	1840	habilitation on a defaulted loan through 18
1841	1841	making eligible payments in accordance 19
1842	1842	with this paragraph for 9 consecutive 20
1843	1843	months. 21
1844	1844	‘‘(ii) A borrower who no longer wishes 22
1845	1845	to repay under the Revised Pay As You 23
1846	1846	Earn Repayment plan may change only to 24
1847	1847	a standard repayment plan. 25
1848	1848	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00063 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1849	1849	pbinns on DSKJLVW7X2PROD with $$_JOB 64
1850	1850	•S 1972 IS
1851	1851	‘‘(iii) In addition to that provided 1
1852	1852	under paragraph (5)(iv) of such section 2
1853	1853	685.209(c), a qualifying monthly payment 3
1854	1854	may also include a month for which the 4
1855	1855	borrower received— 5
1856	1856	‘‘(I) deferment under subsection 6
1857	1857	(f)(3) due to receiving treatment for 7
1858	1858	cancer; 8
1859	1859	‘‘(II) deferment under subsection 9
1860	1860	(f)(2) for rehabilitation training; 10
1861	1861	‘‘(III) deferment under sub-11
1862	1862	section (f)(2) for unemployment; 12
1863	1863	‘‘(IV) deferment under subsection 13
1864	1864	(f)(2) for economic hardship, includ-14
1865	1865	ing any period of deferment for Peace 15
1866	1866	Corps service; 16
1867	1867	‘‘(V) deferment under subsection 17
1868	1868	(f)(2) for military service; 18
1869	1869	‘‘(VI) deferment under subsection 19
1870	1870	(f)(2) for post-active duty service; 20
1871	1871	‘‘(VII) forbearance under section 21
1872	1872	428(c)(3)(A)(i)(III), for national serv-22
1873	1873	ice; 23
1874	1874	‘‘(VIII) forbearance under section 24
1875	1875	685.205(a)(7) of title 34, Code of 25
1876	1876	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00064 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1877	1877	pbinns on DSKJLVW7X2PROD with $$_JOB 65
1878	1878	•S 1972 IS
1879	1879	Federal Regulations, for National 1
1880	1880	Guard Duty; 2
1881	1881	‘‘(IX) forbearance under section 3
1882	1882	428(c)(3)(A)(i)(IV), for service for 4
1883	1883	which the borrower would qualify for 5
1884	1884	a partial repayment of his or her loan 6
1885	1885	under the Student Loan Repayment 7
1886	1886	Programs administered by the De-8
1887	1887	partment of Defense; or 9
1888	1888	‘‘(X) administrative forbearance 10
1889	1889	under paragraph (8) or (9) of section 11
1890	1890	685.205(b) of title 34, Code of Fed-12
1891	1891	eral Regulations. 13
1892	1892	‘‘(iv) A borrower shall be automati-14
1893	1893	cally enrolled in a Revised Pay As You 15
1894	1894	Earn Repayment plan for a loan at 75 16
1895	1895	days delinquent on such loan. 17
1896	1896	‘‘(v) A borrower who missed quali-18
1897	1897	fying payments during a forbearance or 19
1898	1898	deferment period not listed in clause (iii), 20
1899	1899	shall have the opportunity to provide a 21
1900	1900	back payment for the missed payments in 22
1901	1901	order have those payments counted toward 23
1902	1902	the 20-year or 25-year forgiveness period, 24
1903	1903	except there shall be no opportunity to pro-25
1904	1904	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00065 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1905	1905	pbinns on DSKJLVW7X2PROD with $$_JOB 66
1906	1906	•S 1972 IS
1907	1907	vide a back payment for periods of in- 1
1908	1908	school deferment. 2
1909	1909	‘‘(vi) For a borrower who is solely an 3
1910	1910	undergraduate borrower— 4
1911	1911	‘‘(I) who has borrowed $10,000 5
1912	1912	or less in total in loans under this 6
1913	1913	part, not including loan fees, the Sec-7
1914	1914	retary may determine that the bor-8
1915	1915	rower has met the loan forgiveness re-9
1916	1916	quirements after 120 payments under 10
1917	1917	the Revised Pay As You Earn Repay-11
1918	1918	ment plan; 12
1919	1919	‘‘(II) who has borrowed more 13
1920	1920	than $10,000 but $11,000 or less in 14
1921	1921	total in loans under this part, not in-15
1922	1922	cluding loan fees, the Secretary may 16
1923	1923	determine that the borrower has met 17
1924	1924	the loan forgiveness requirements 18
1925	1925	after 132 payments under the Revised 19
1926	1926	Pay As You Earn Repayment plan; 20
1927	1927	‘‘(III) who has borrowed more 21
1928	1928	than $11,000 but $12,000 or less in 22
1929	1929	total in loans under this part, not in-23
1930	1930	cluding loan fees, the Secretary may 24
1931	1931	determine that the borrower has met 25
1932	1932	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00066 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1933	1933	pbinns on DSKJLVW7X2PROD with $$_JOB 67
1934	1934	•S 1972 IS
1935	1935	the loan forgiveness requirements 1
1936	1936	after 144 payments under the Revised 2
1937	1937	Pay As You Earn Repayment plan; 3
1938	1938	‘‘(IV) who has borrowed more 4
1939	1939	than $12,000 but $13,000 or less in 5
1940	1940	total in loans under this part, not in-6
1941	1941	cluding loan fees, the Secretary may 7
1942	1942	determine that the borrower has met 8
1943	1943	the loan forgiveness requirements 9
1944	1944	after 156 payments under the Revised 10
1945	1945	Pay As You Earn Repayment plan; 11
1946	1946	‘‘(V) who has borrowed more 12
1947	1947	than $13,000 but $14,000 or less in 13
1948	1948	total in loans under this part, not in-14
1949	1949	cluding loan fees, the Secretary may 15
1950	1950	determine that the borrower has met 16
1951	1951	the loan forgiveness requirements 17
1952	1952	after 168 payments under the Revised 18
1953	1953	Pay As You Earn Repayment plan; 19
1954	1954	‘‘(VI) who has borrowed more 20
1955	1955	than $14,000 but $15,000 or less in 21
1956	1956	total in loans under this part, not in-22
1957	1957	cluding loan fees, the Secretary may 23
1958	1958	determine that the borrower has met 24
1959	1959	the loan forgiveness requirements 25
1960	1960	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00067 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1961	1961	pbinns on DSKJLVW7X2PROD with $$_JOB 68
1962	1962	•S 1972 IS
1963	1963	after 180 payments under the Revised 1
1964	1964	Pay As You Earn Repayment plan; 2
1965	1965	‘‘(VII) who has borrowed more 3
1966	1966	than $15,000 but $16,000 or less in 4
1967	1967	total in loans under this part, not in-5
1968	1968	cluding loan fees, the Secretary may 6
1969	1969	determine that the borrower has met 7
1970	1970	the loan forgiveness requirements 8
1971	1971	after 192 payments under the Revised 9
1972	1972	Pay As You Earn Repayment plan; 10
1973	1973	‘‘(VIII) who has borrowed more 11
1974	1974	than $16,000 but $17,000 or less in 12
1975	1975	total in loans under this part, not in-13
1976	1976	cluding loan fees, the Secretary may 14
1977	1977	determine that the borrower has met 15
1978	1978	the loan forgiveness requirements 16
1979	1979	after 204 payments under the Revised 17
1980	1980	Pay As You Earn Repayment plan; 18
1981	1981	‘‘(IX) who has borrowed more 19
1982	1982	than $17,000 but $18,000 or less in 20
1983	1983	total in loans under this part, not in-21
1984	1984	cluding loan fees, the Secretary may 22
1985	1985	determine that the borrower has met 23
1986	1986	the loan forgiveness requirements 24
1987	1987	after 216 payments under the Revised 25
1988	1988	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00068 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
1989	1989	pbinns on DSKJLVW7X2PROD with $$_JOB 69
1990	1990	•S 1972 IS
1991	1991	Pay As You Earn Repayment plan; 1
1992	1992	and 2
1993	1993	‘‘(X) who has borrowed more 3
1994	1994	than $18,000 but $19,000 or less in 4
1995	1995	total in loans under this part, not in-5
1996	1996	cluding loan fees, the Secretary may 6
1997	1997	determine that the borrower has met 7
1998	1998	the loan forgiveness requirements 8
1999	1999	after 228 payments under the Revised 9
2000	2000	Pay As You Earn Repayment plan. 10
2001	2001	‘‘(B) T
2002	2002	RANSFER OF BORROWERS IN RE -11
2003	2003	PAYMENT.—Notwithstanding any other provi-12
2004	2004	sion of this Act, on July 1, 2024, the Secretary 13
2005	2005	shall transfer each borrower who is in repay-14
2006	2006	ment on a loan made under this part under an 15
2007	2007	income contingent repayment plan pursuant to 16
2008	2008	subsection (d)(1)(D) to the Revised Pay As You 17
2009	2009	Earn Repayment plan under this paragraph.’’. 18
2010	2010	SEC. 402. TAXPAYER AND CONSUMER PROTECTION ON STU-19
2011	2011	DENT LOANS. 20
2012	2012	Section 487(a) of the Higher Education Act of 1965 21
2013	2013	(20 U.S.C. 1094(a)) is amended by adding at the end the 22
2014	2014	following: 23
2015	2015	‘‘(30)(A) The institution certifies that no funds 24
2016	2016	available under this title may be used by an under-25
2017	2017	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00069 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
2018	2018	pbinns on DSKJLVW7X2PROD with $$_JOB 70
2019	2019	•S 1972 IS
2020	2020	graduate student for enrollment in an educational 1
2021	2021	program offered by the institution that is described 2
2022	2022	in subparagraph (B). 3
2023	2023	‘‘(B) An educational program at an institution 4
2024	2024	is described in this subparagraph if the program is 5
2025	2025	a program— 6
2026	2026	‘‘(i) in the case of a program that awards 7
2027	2027	an associate’s degree or a lesser degree or cre-8
2028	2028	dential, in which the median earnings of stu-9
2029	2029	dents 6 years after the date of entry into the 10
2030	2030	program who are no longer enrolled in the pro-11
2031	2031	gram and are working is, for not less than 2 of 12
2032	2032	the 3 years preceding the date of the deter-13
2033	2033	mination, less than the median earnings of a 14
2034	2034	working adult who is aged 25 to 34 with only 15
2035	2035	a high school diploma or its recognized equiva-16
2036	2036	lent, as determined under subparagraph (C) 17
2037	2037	and in accordance with subparagraph (D); or 18
2038	2038	‘‘(ii) in the case of a program that awards 19
2039	2039	a bachelor’s degree, in which the median earn-20
2040	2040	ings of students 10 years after the date of entry 21
2041	2041	into the program who are no longer enrolled in 22
2042	2042	the program and are working is, for not less 23
2043	2043	than 2 of the 3 years preceding the date of the 24
2044	2044	determination, less than the median earnings of 25
2045	2045	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00070 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
2046	2046	pbinns on DSKJLVW7X2PROD with $$_JOB 71
2047	2047	•S 1972 IS
2048	2048	a working adult who is aged 25 to 34 with only 1
2049	2049	a high school diploma or its recognized equiva-2
2050	2050	lent, as determined under subparagraph (C) 3
2051	2051	and in accordance with subparagraph (D). 4
2052	2052	‘‘(C) The median earnings of a working adult 5
2053	2053	who is aged 25 to 34 with only a high school di-6
2054	2054	ploma or its recognized equivalent shall be based on 7
2055	2055	data from the Census Bureau— 8
2056	2056	‘‘(i) for the State in which the institution 9
2057	2057	is located; or 10
2058	2058	‘‘(ii) if fewer than 50 percent of the stu-11
2059	2059	dents enrolled in the institution reside in the 12
2060	2060	State where the institution is located, for the 13
2061	2061	entire United States. 14
2062	2062	‘‘(D) For any year for which the programmatic 15
2063	2063	cohort is fewer than 30 individuals, the Secretary 16
2064	2064	shall— 17
2065	2065	‘‘(i) first, aggregate additional years of 18
2066	2066	programmatic data in order to achieve a cohort 19
2067	2067	of at least 30 individuals; 20
2068	2068	‘‘(ii) second, aggregate additional cohort 21
2069	2069	years of programmatic data for degrees or cer-22
2070	2070	tificates of equivalent length in order to achieve 23
2071	2071	a cohort of at least 30 individuals; and 24
2072	2072	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00071 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
2073	2073	pbinns on DSKJLVW7X2PROD with $$_JOB 72
2074	2074	•S 1972 IS
2075	2075	‘‘(iii) if such data cannot be aggregated, 1
2076	2076	use an institution-based undergraduate-level 2
2077	2077	measure, in lieu of a programmatic measure. 3
2078	2078	‘‘(E) An educational program shall not lose eli-4
2079	2079	gibility under subparagraph (A) unless the institu-5
2080	2080	tion has had the opportunity to appeal the pro-6
2081	2081	grammatic median earnings of students working and 7
2082	2082	not enrolled determination. During such appeal, the 8
2083	2083	Secretary may permit the educational program to 9
2084	2084	continue to participate in a program under this title. 10
2085	2085	If an educational program continues to participate 11
2086	2086	in a program under this title, and the institution’s 12
2087	2087	appeal of the loss of eligibility is unsuccessful, the 13
2088	2088	institution shall pay to the Secretary an amount 14
2089	2089	equal to the amount of interest, and any related 15
2090	2090	payments made by the Secretary (or which the Sec-16
2091	2091	retary is obligated to make) with respect to loans 17
2092	2092	made under this title to students attending, or plan-18
2093	2093	ning to attend, that educational program during the 19
2094	2094	pendency of such appeal. 20
2095	2095	‘‘(31)(A) The institution certifies that no funds 21
2096	2096	available under this title may be used by a graduate 22
2097	2097	student for enrollment in an educational program of-23
2098	2098	fered by the institution that is described in subpara-24
2099	2099	graph (B). 25
2100	2100	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00072 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
2101	2101	pbinns on DSKJLVW7X2PROD with $$_JOB 73
2102	2102	•S 1972 IS
2103	2103	‘‘(B) An educational program at an institution 1
2104	2104	is described in this subparagraph if the program is 2
2105	2105	a program— 3
2106	2106	‘‘(i) in the case of a program that awards 4
2107	2107	a master’s degree or a lesser degree or creden-5
2108	2108	tial, in which the median earnings of students 6
2109	2109	6 years after the date of entry into the program 7
2110	2110	who are no longer enrolled in the program and 8
2111	2111	are working is, for not less than 2 of the 3 9
2112	2112	years preceding the date of the determination, 10
2113	2113	less than the median earnings of a working 11
2114	2114	adult who is aged 25 to 34 with only a bach-12
2115	2115	elor’s degree, as determined under subpara-13
2116	2116	graph (C) and in accordance with subparagraph 14
2117	2117	(D); or 15
2118	2118	‘‘(ii) in the case of program that awards a 16
2119	2119	professional degree or doctoral degree, in which 17
2120	2120	the median earnings of students 10 years after 18
2121	2121	the date of entry into the program who are no 19
2122	2122	longer enrolled in the program and are working 20
2123	2123	is, for not less than 2 of the 3 years preceding 21
2124	2124	the date of the determination, less than the me-22
2125	2125	dian earnings of a working adult who is aged 23
2126	2126	25 to 34 with only a bachelor’s degree, as de-24
2127	2127	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00073 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
2128	2128	pbinns on DSKJLVW7X2PROD with $$_JOB 74
2129	2129	•S 1972 IS
2130	2130	termined under subparagraph (C) and in ac-1
2131	2131	cordance with subparagraph (D). 2
2132	2132	‘‘(C) The median earnings of a working adult 3
2133	2133	who is aged 25 to 34 with only a bachelor’s degree 4
2134	2134	shall be based on data from the Census Bureau— 5
2135	2135	‘‘(i) for the State in which the institution 6
2136	2136	is located; or 7
2137	2137	‘‘(ii) if fewer than 50 percent of the stu-8
2138	2138	dents enrolled in the institution reside in the 9
2139	2139	State where the institution is located, for the 10
2140	2140	entire United States. 11
2141	2141	‘‘(D) For any year for which the programmatic 12
2142	2142	cohort is fewer than 30 individuals, the Secretary 13
2143	2143	shall— 14
2144	2144	‘‘(i) first, aggregate additional years of 15
2145	2145	programmatic data in order to achieve a cohort 16
2146	2146	of at least 30 individuals; 17
2147	2147	‘‘(ii) second, aggregate additional cohort 18
2148	2148	years of programmatic data for degrees or cer-19
2149	2149	tificates of equivalent length in order to achieve 20
2150	2150	a cohort of at least 30 individuals; and 21
2151	2151	‘‘(iii) if such data cannot be aggregated, 22
2152	2152	use an institution-based graduate-level measure, 23
2153	2153	in lieu of a programmatic measure. 24
2154	2154	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00074 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
2155	2155	pbinns on DSKJLVW7X2PROD with $$_JOB 75
2156	2156	•S 1972 IS
2157	2157	‘‘(E) An educational program shall not lose eli-1
2158	2158	gibility under subparagraph (A) unless the institu-2
2159	2159	tion has had the opportunity to appeal the pro-3
2160	2160	grammatic median earnings of students working and 4
2161	2161	not enrolled determination. During such appeal, the 5
2162	2162	Secretary may permit the educational program to 6
2163	2163	continue to participate in a program under this title. 7
2164	2164	If an educational program continues to participate 8
2165	2165	in a program under title, and the institution’s appeal 9
2166	2166	of the loss of eligibility is unsuccessful, the institu-10
2167	2167	tion shall pay to the Secretary an amount equal to 11
2168	2168	the amount of interest, and any related payments 12
2169	2169	made by the Secretary (or which the Secretary is ob-13
2170	2170	ligated to make) with respect to loans made under 14
2171	2171	this title to students attending, or planning to at-15
2172	2172	tend, that educational program during the pendency 16
2173	2173	of such appeal.’’. 17
2174	2174	SEC. 403. PHASE OUT OF INCOME-BASED REPAYMENT. 18
2175	2175	Section 493C of the Higher Education Act of 1965 19
2176	2176	(20 U.S.C. 1098e) is amended— 20
2177	2177	(1) in subsection (b)(1), by inserting ‘‘who en-21
2178	2178	ters repayment on such loan before July 1, 2024, 22
2179	2179	and’’ after ‘‘a borrower of any loan made, insured, 23
2180	2180	or guaranteed under part B or D (other than an ex-24
2181	2181	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00075 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
2182	2182	pbinns on DSKJLVW7X2PROD with $$_JOB 76
2183	2183	•S 1972 IS
2184	2184	cepted PLUS loan or excepted consolidation loan)’’; 1
2185	2185	and 2
2186	2186	(2) in subsection (e)— 3
2187	2187	(A) in the subsection heading by inserting 4
2188	2188	‘‘,
2189	2189	ANDBEFOREJULY1, 2024’’ after ‘‘JULY1, 5
2190	2190	2014’’; and 6
2191	2191	(B) by inserting ‘‘, and before July 1, 7
2192	2192	2024’’ after ‘‘July 1, 2014’’. 8
2193	2193	TITLE V—GRADUATE OPPOR-9
2194	2194	TUNITY AND AFFORDABLE 10
2195	2195	LOANS 11
2196	2196	SEC. 501. LOAN LIMITS. 12
2197	2197	Section 455 of the Higher Education Act of 1965 (20 13
2198	2198	U.S.C. 1087e) is amended— 14
2199	2199	(1) in subsection (a)— 15
2200	2200	(A) in paragraph (3)(A)— 16
2201	2201	(i) in the matter preceding clause (i), 17
2202	2202	by striking ‘‘part B’’ and inserting ‘‘part 18
2203	2203	B—’’; 19
2204	2204	(ii) beginning in the matter preceding 20
2205	2205	clause (i), by striking ‘‘for any period’’ and 21
2206	2206	all that follows through ‘‘professional stu-22
2207	2207	dent’’ and inserting the following: 23
2208	2208	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00076 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
2209	2209	pbinns on DSKJLVW7X2PROD with $$_JOB 77
2210	2210	•S 1972 IS
2211	2211	‘‘(i) for any period of instruction be-1
2212	2212	ginning on or after July 1, 2012, a grad-2
2213	2213	uate or professional student’’; and 3
2214	2214	(iii) in clause (ii), by inserting ‘‘for 4
2215	2215	any period of instruction beginning on July 5
2216	2216	1, 2012, and ending on June 30, 2024 6
2217	2217	(subject to paragraph (4)(C)),’’ before ‘‘the 7
2218	2218	maximum annual’’; and 8
2219	2219	(B) by adding at the end the following: 9
2220	2220	‘‘(4) G
2221	2221	RADUATE AND PROFESSIONAL ANNUAL 10
2222	2222	AND AGGREGATE LIMITS FOR UNSUBSIDIZED STAF -11
2223	2223	FORD LOANS BEGINNING JULY 1 , 2024.— 12
2224	2224	‘‘(A) A
2225	2225	NNUAL LIMITS BEGINNING JULY 1 , 13
2226	2226	2024.—Subject to subparagraph (C), beginning 14
2227	2227	on July 1, 2024, the maximum annual amount 15
2228	2228	of Federal Direct Unsubsidized Stafford 16
2229	2229	loans— 17
2230	2230	‘‘(i) a graduate student, who is not a 18
2231	2231	professional student, may borrow in any 19
2232	2232	academic year (as defined in section 20
2233	2233	481(a)(2)) or its equivalent shall be 21
2234	2234	$20,500; and 22
2235	2235	‘‘(ii) a professional student may bor-23
2236	2236	row in any academic year (as defined in 24
2237	2237	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00077 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
2238	2238	pbinns on DSKJLVW7X2PROD with $$_JOB 78
2239	2239	•S 1972 IS
2240	2240	section 481(a)(2)) or its equivalent shall be 1
2241	2241	$40,500. 2
2242	2242	‘‘(B) A
2243	2243	GGREGATE LIMITS BEGINNING JULY 3
2244	2244	1, 2024.—Subject to subparagraph (C), begin-4
2245	2245	ning on July 1, 2024, the maximum aggregate 5
2246	2246	amount of Federal Direct Unsubsidized Staf-6
2247	2247	ford loans— 7
2248	2248	‘‘(i) a graduate student, who is not a 8
2249	2249	professional student, may borrow is 9
2250	2250	$65,000, in addition to the amount bor-10
2251	2251	rowed for undergraduate education; and 11
2252	2252	‘‘(ii) a professional student may bor-12
2253	2253	row is $130,000, in addition to the amount 13
2254	2254	borrowed for undergraduate education. 14
2255	2255	‘‘(C) P
2256	2256	HASE OUT PROVISIONS .—Notwith-15
2257	2257	standing the date of the applicability of the lim-16
2258	2258	its set forth in this paragraph, an eligible grad-17
2259	2259	uate student, including a professional student, 18
2260	2260	who received a disbursement of a Federal Di-19
2261	2261	rect Unsubsidized Stafford loan after June 30, 20
2262	2262	2023, and before July 1, 2024, for the 2023– 21
2263	2263	2024 award year, may receive a Federal Direct 22
2264	2264	Unsubsidized Stafford loan for the 2024–2025 23
2265	2265	award year in amounts that are subject to the 24
2266	2266	annual and aggregate loan limits applicable 25
2267	2267	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00078 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
2268	2268	pbinns on DSKJLVW7X2PROD with $$_JOB 79
2269	2269	•S 1972 IS
2270	2270	prior to July 1, 2024, if the borrower did not 1
2271	2271	graduate prior to the 2024–2025 award year. 2
2272	2272	‘‘(D) D
2273	2273	EFINITIONS.—In this paragraph: 3
2274	2274	‘‘(i) G
2275	2275	RADUATE STUDENT .—The term 4
2276	2276	‘graduate student’ means a student en-5
2277	2277	rolled in a program at the 6
2278	2278	postbaccalaureate level, such as a 7
2279	2279	postbaccalaureate certificate, a master’s 8
2280	2280	degree, or a doctor’s degree. 9
2281	2281	‘‘(ii) P
2282	2282	ROFESSIONAL STUDENT .—The 10
2283	2283	term ‘professional student’ means a stu-11
2284	2284	dent enrolled in a doctor’s degree-profes-12
2285	2285	sional practice program. 13
2286	2286	‘‘(iii) P
2287	2287	OSTBACCALAUREATE CERTIFI -14
2288	2288	CATE; MASTER’S DEGREE; DOCTOR’SDE-15
2289	2289	GREE; DOCTOR’S DEGREE PROFESSIONAL - 16
2290	2290	PRACTICE.—The terms ‘postbaccalaureate 17
2291	2291	certificate’, ‘master’s degree’, ‘doctor’s de-18
2292	2292	gree’, and ‘doctor’s degree professional- 19
2293	2293	practice’ shall have the meaning provided 20
2294	2294	in the 2022–2023 glossary of the Inte-21
2295	2295	grated Postsecondary Education Data Sys-22
2296	2296	tem (OMB NO. 1859–0582 v. 30). 23
2297	2297	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00079 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
2298	2298	pbinns on DSKJLVW7X2PROD with $$_JOB 80
2299	2299	•S 1972 IS
2300	2300	‘‘(5) TERMINATION OF AUTHORITY TO MAKE 1
2301	2301	FEDERAL DIRECT PLUS LOANS TO GRADUATE AND 2
2302	2302	PROFESSIONAL STUDENTS .— 3
2303	2303	‘‘(A) I
2304	2304	N GENERAL.—Notwithstanding any 4
2305	2305	other provision of law, for any period of instruc-5
2306	2306	tion beginning on or after July 1, 2024, a grad-6
2307	2307	uate student (including a professional student) 7
2308	2308	shall not be eligible to receive a Federal Direct 8
2309	2309	PLUS Loan under this part for enrollment in 9
2310	2310	a program of graduate or doctor’s degree pro-10
2311	2311	fessional-practice education. 11
2312	2312	‘‘(B) P
2313	2313	HASE OUT PROVISIONS .—Not later 12
2314	2314	than 30 days after the date of enactment of the 13
2315	2315	Lowering Education Costs and Debt Act, each 14
2316	2316	institution of higher education that enrolls 15
2317	2317	graduate students or professional students shall 16
2318	2318	notify prospective and enrolled graduate stu-17
2319	2319	dents and professional students that the Fed-18
2320	2320	eral Direct PLUS Loan program will end for 19
2321	2321	graduate students and professional students on 20
2322	2322	June 30, 2024. 21
2323	2323	‘‘(C) D
2324	2324	EFINITIONS.—The definitions in 22
2325	2325	paragraph (4)(D) shall apply to this paragraph. 23
2326	2326	‘‘(6) I
2327	2327	NSTITUTIONALLY DETERMINED LIMITS .— 24
2328	2328	Notwithstanding any other provision of this part, an 25
2329	2329	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00080 Fmt 6652 Sfmt 6201 E:\BILLS\S1972.IS S1972
2330	2330	pbinns on DSKJLVW7X2PROD with $$_JOB 81
2331	2331	•S 1972 IS
2332	2332	eligible institution (at the discretion of a financial 1
2333	2333	aid administrator at the institution) may prorate or 2
2334	2334	limit the amount of a loan a student who is enrolled 3
2335	2335	in a program of study at that institution for a pe-4
2336	2336	riod of instruction beginning on or after July 1, 5
2337	2337	2024, may borrow under this part for an academic 6
2338	2338	year, as long as any proration or limit is applied 7
2339	2339	consistently to all borrowers entering such program 8
2340	2340	of study.’’. 9
2341	2341	Æ
2342	2342	VerDate Sep 11 2014 21:20 Jul 12, 2023 Jkt 039200 PO 00000 Frm 00081 Fmt 6652 Sfmt 6301 E:\BILLS\S1972.IS S1972
2343	2343	pbinns on DSKJLVW7X2PROD with $$_JOB