[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1972 Introduced in Senate (IS)]

<DOC>






118th CONGRESS
  1st Session
                                S. 1972

       To increase college transparency, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 14, 2023

Mr. Cassidy (for himself, Mr. Cornyn, Mr. Grassley, Mr. Scott of South 
Carolina, and Mr. Tuberville) introduced the following bill; which was 
 read twice and referred to the Committee on Health, Education, Labor, 
                              and Pensions

_______________________________________________________________________

                                 A BILL


 
       To increase college transparency, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Lowering Education Costs and Debt 
Act''.

SEC. 2. TABLE OF CONTENTS.

    The table of contents of this Act is as follows:

Sec. 1. Short title.
Sec. 2. Table of contents.
                     TITLE I--COLLEGE TRANSPARENCY

Sec. 101. Postsecondary student data system.
Sec. 102. Repeal of prohibition on student data system.
Sec. 103. Institutional requirements.
Sec. 104. Transition provisions.
            TITLE II--UNDERSTANDING THE TRUE COST OF COLLEGE

Sec. 201. Institution Financial Aid Offer Form.
Sec. 202. Mandatory form.
                 TITLE III--INFORMED STUDENT BORROWING

Sec. 301. Counseling and financial aid disclosures.
Sec. 302. Annual requirement to manually enter loan amount.
Sec. 303. Work study.
   TITLE IV--STREAMLINING ACCOUNTABILITY AND VALUE IN EDUCATION FOR 
                                STUDENTS

Sec. 401. Loan repayment simplification and income-driven repayment 
                            reform.
Sec. 402. Taxpayer and consumer protection on student loans.
Sec. 403. Phase out of income-based repayment.
           TITLE V--GRADUATE OPPORTUNITY AND AFFORDABLE LOANS

Sec. 501. Loan limits.

                     TITLE I--COLLEGE TRANSPARENCY

SEC. 101. POSTSECONDARY STUDENT DATA SYSTEM.

    Section 132 of the Higher Education Act of 1965 (20 U.S.C. 1015a) 
is amended--
            (1) by redesignating subsection (l) as subsection (m); and
            (2) by inserting after subsection (k) the following:
    ``(l) Postsecondary Student Data System.--
            ``(1) In general.--
                    ``(A) Establishment of system.--Not later than 4 
                years after the date of enactment of the Lowering 
                Education Costs and Debt Act, the Commissioner of the 
                National Center for Education Statistics (referred to 
                in this subsection as the `Commissioner') shall develop 
                and maintain a secure and privacy-protected 
                postsecondary student-level data system in order to--
                            ``(i) accurately evaluate student 
                        enrollment patterns, progression, completion, 
                        and postcollegiate outcomes, and higher 
                        education costs and financial aid;
                            ``(ii) assist with transparency, 
                        institutional improvement, and analysis of 
                        Federal aid programs;
                            ``(iii) provide accurate, complete, and 
                        customizable information for students and 
                        families making decisions about postsecondary 
                        education; and
                            ``(iv) reduce the reporting burden on 
                        institutions of higher education, in accordance 
                        with section 104 of the Lowering Education 
                        Costs and Debt Act.
                    ``(B) Avoiding duplicated reporting.--
                Notwithstanding any other provision of this section, to 
                the extent that another provision of this section 
                requires the same reporting or collection of data that 
                is required under this subsection, an institution of 
                higher education, or the Secretary or Commissioner, 
                shall use the reporting or data required for the 
                postsecondary student data system under this subsection 
                to satisfy both requirements.
                    ``(C) Development process.--In developing the 
                postsecondary student data system described in this 
                subsection, the Commissioner shall--
                            ``(i) focus on the needs of--
                                    ``(I) users of the data system; and
                                    ``(II) entities, including 
                                institutions of higher education, 
                                reporting to the data system;
                            ``(ii) take into consideration, to the 
                        extent practicable--
                                    ``(I) the guidelines outlined in 
                                the U.S. Web Design Standards 
                                maintained by the General Services 
                                Administration and the Digital Services 
                                Playbook and TechFAR Handbook for 
                                Procuring Digital Services Using Agile 
                                Processes of the U.S. Digital Service; 
                                and
                                    ``(II) the relevant successor 
                                documents or recommendations of such 
                                guidelines;
                            ``(iii) use modern, relevant privacy- and 
                        security-enhancing technology, and enhance and 
                        update the data system as necessary to carry 
                        out the purpose of this subsection;
                            ``(iv) ensure data privacy and security is 
                        consistent with any relevant Federal law 
                        relating to privacy or data security, 
                        including--
                                    ``(I) the requirements of 
                                subchapter II of chapter 35 of title 
                                44, United States Code, specifying 
                                security categorization under the 
                                Federal Information Processing 
                                Standards or any relevant successor of 
                                such standards;
                                    ``(II) security requirements that 
                                are consistent with the Federal agency 
                                responsibilities in section 3554 of 
                                title 44, United States Code, or any 
                                relevant successor of such 
                                responsibilities; and
                                    ``(III) security requirements, 
                                guidelines, and controls consistent 
                                with cybersecurity standards and best 
                                practices developed by the National 
                                Institute of Standards and Technology, 
                                including frameworks, consistent with 
                                section 2(c) of the National Institute 
                                of Standards and Technology Act (15 
                                U.S.C. 272(c)), or any relevant 
                                successor of such frameworks;
                            ``(v) follow Federal data minimization 
                        practices to ensure only the minimum amount of 
                        data is collected to meet the system's goals, 
                        in accordance with Federal data minimization 
                        standards and guidelines developed by the 
                        National Institute of Standards and Technology; 
                        and
                            ``(vi) provide notice to students outlining 
                        the data included in the system and how the 
                        data are used.
            ``(2) Data elements.--
                    ``(A) In general.--Not later than 4 years after the 
                date of enactment of the Lowering Education Costs and 
                Debt Act, the Commissioner, in consultation with the 
                Postsecondary Student Data System Advisory Committee 
                established under subparagraph (B), shall determine--
                            ``(i) the data elements to be included in 
                        the postsecondary student data system, in 
                        accordance with subparagraphs (C) and (D); and
                            ``(ii) how to include the data elements 
                        required under subparagraph (C), and any 
                        additional data elements selected under 
                        subparagraph (D), in the postsecondary student 
                        data system.
                    ``(B) Postsecondary student data system advisory 
                committee.--
                            ``(i) Establishment.--Not later than 2 
                        years after the date of enactment of the 
                        Lowering Education Costs and Debt Act, the 
                        Commissioner shall establish a Postsecondary 
                        Student Data System Advisory Committee 
                        (referred to in this subsection as the 
                        `Advisory Committee'), whose members shall 
                        include--
                                    ``(I) the Chief Privacy Officer of 
                                the Department or an official of the 
                                Department delegated the duties of 
                                overseeing data privacy at the 
                                Department;
                                    ``(II) the Chief Security Officer 
                                of the Department or an official of the 
                                Department delegated the duties of 
                                overseeing data security at the 
                                Department;
                                    ``(III) representatives of diverse 
                                institutions of higher education, which 
                                shall include equal representation 
                                between 2-year and 4-year institutions 
                                of higher education, and from public, 
                                nonprofit, and proprietary institutions 
                                of higher education, including 
                                minority-serving institutions;
                                    ``(IV) representatives from State 
                                higher education agencies, entities, 
                                bodies, or boards;
                                    ``(V) representatives of 
                                postsecondary students;
                                    ``(VI) representatives from 
                                relevant Federal agencies;
                                    ``(VII) individuals with expertise 
                                in data privacy and security; and
                                    ``(VIII) other stakeholders 
                                (including individuals with consumer 
                                protection and postsecondary education 
                                research).
                            ``(ii) Requirements.--The Commissioner 
                        shall ensure that the Advisory Committee--
                                    ``(I) adheres to all requirements 
                                under chapter 10 of title 5, United 
                                States Code (commonly known as the 
                                `Federal Advisory Committee Act');
                                    ``(II) establishes operating and 
                                meeting procedures and guidelines 
                                necessary to execute its advisory 
                                duties; and
                                    ``(III) is provided with 
                                appropriate staffing and resources to 
                                execute its advisory duties.
                    ``(C) Required data elements.--The data elements in 
                the postsecondary student data system shall include, at 
                a minimum, the following:
                            ``(i) Student-level data elements necessary 
                        to calculate the information within the surveys 
                        designated by the Commissioner as `student-
                        related surveys' in the Integrated 
                        Postsecondary Education Data System (IPEDS), as 
                        such surveys are in effect on the day before 
                        the date of enactment of the Lowering Education 
                        Costs and Debt Act, except that in the case 
                        that collection of such elements would conflict 
                        with subparagraph (F), such elements in 
                        conflict with subparagraph (F) shall be 
                        included in the aggregate instead of at the 
                        student level.
                            ``(ii) Student-level data elements 
                        necessary to allow for reporting student 
                        enrollment, persistence, retention, transfer, 
                        and completion measures for all credential 
                        levels separately (including certificate, 
                        associate, baccalaureate, and advanced degree 
                        levels), within and across institutions of 
                        higher education (including across all 
                        categories of institution level, control, and 
                        predominant degree awarded). The data elements 
                        shall allow for reporting about all such data 
                        disaggregated by the following categories:
                                    ``(I) Enrollment status as a first-
                                time student, recent transfer student, 
                                or other non-first-time student.
                                    ``(II) Attendance intensity, 
                                whether full-time or part-time.
                                    ``(III) Credential-seeking status, 
                                by credential level.
                                    ``(IV) Race or ethnicity, in a 
                                manner that captures all the racial 
                                groups specified in the most recent 
                                American Community Survey of the Bureau 
                                of the Census.
                                    ``(V) Age intervals.
                                    ``(VI) Gender.
                                    ``(VII) Program of study (as 
                                applicable).
                                    ``(VIII) Military or veteran 
                                benefit status (as determined based on 
                                receipt of veteran's education 
                                benefits, as defined in section 
                                480(c)).
                                    ``(IX) Status as a distance 
                                education student, whether exclusively 
                                or partially enrolled in distance 
                                education.
                                    ``(X) Federal Pell Grant recipient 
                                status under section 401 and Federal 
                                loan recipient status under title IV, 
                                provided that the collection of such 
                                information complies with paragraph 
                                (1)(B).
                    ``(D) Other data elements.--
                            ``(i) In general.--The Commissioner may, 
                        after consultation with the Advisory Committee 
                        and provision of a public comment period, 
                        include additional data elements in the 
                        postsecondary student data system, such as 
                        those described in clause (ii), if those data 
                        elements--
                                    ``(I) are necessary to ensure that 
                                the postsecondary data system fulfills 
                                the purposes described in paragraph 
                                (1)(A); and
                                    ``(II) are consistent with data 
                                minimization principles, including the 
                                collection of only those additional 
                                elements that are necessary to ensure 
                                such purposes.
                            ``(ii) Data elements.--The data elements 
                        described in clause (i) may include--
                                    ``(I) status as a first generation 
                                college student, as defined in section 
                                402A(h);
                                    ``(II) economic status;
                                    ``(III) participation in 
                                postsecondary remedial coursework or 
                                gateway course completion; or
                                    ``(IV) other data elements that are 
                                necessary in accordance with clause 
                                (i).
                    ``(E) Reevaluation.--Not less than once every 3 
                years after the implementation of the postsecondary 
                student data system described in this subsection, the 
                Commissioner, in consultation with the Advisory 
                Committee described in subparagraph (B), shall review 
                the data elements included in the postsecondary student 
                data system and may revise the data elements to be 
                included in such system.
                    ``(F) Prohibitions.--The Commissioner shall not 
                include individual health data (including data relating 
                to physical health or mental health), student 
                discipline records or data, elementary and secondary 
                education data, an exact address, citizenship status, 
                migrant status, or national origin status for students 
                or their families, course grades, postsecondary 
                entrance examination results, political affiliation, or 
                religion in the postsecondary student data system under 
                this subsection.
            ``(3) Periodic matching with other federal data systems.--
                    ``(A) Data sharing agreements.--
                            ``(i) The Commissioner shall ensure secure 
                        and privacy-protected periodic data matches by 
                        entering into data sharing agreements with each 
                        of the following Federal agencies and offices:
                                    ``(I) The Secretary of the Treasury 
                                and the Commissioner of the Internal 
                                Revenue Service, in order to calculate 
                                aggregate program- and institution-
                                level earnings of postsecondary 
                                students.
                                    ``(II) The Secretary of Defense, in 
                                order to assess the use of 
                                postsecondary educational benefits and 
                                the outcomes of servicemembers.
                                    ``(III) The Secretary of Veterans 
                                Affairs, in order to assess the use of 
                                postsecondary educational benefits and 
                                outcomes of veterans.
                                    ``(IV) The Director of the Bureau 
                                of the Census, in order to assess the 
                                earnings outcomes of former 
                                postsecondary education students.
                                    ``(V) The Chief Operating Officer 
                                of the Office of Federal Student Aid, 
                                in order to analyze the use of 
                                postsecondary educational benefits 
                                provided under this Act.
                                    ``(VI) The Commissioner of the 
                                Social Security Administration, in 
                                order to evaluate labor market outcomes 
                                of former postsecondary education 
                                students.
                                    ``(VII) The Commissioner of the 
                                Bureau of Labor Statistics, in order to 
                                assess the wages of former 
                                postsecondary education students.
                            ``(ii) The heads of Federal agencies and 
                        offices described under clause (i) shall enter 
                        into data sharing agreements with the 
                        Commissioner to ensure secure and privacy-
                        protected periodic data matches as described in 
                        this paragraph.
                    ``(B) Categories of data.--The Commissioner shall, 
                at a minimum, seek to ensure that the secure and 
                privacy-protected periodic data matches described in 
                subparagraph (A) permit consistent reporting of the 
                following categories of data for all postsecondary 
                students:
                            ``(i) Enrollment, retention, transfer, and 
                        completion outcomes for all postsecondary 
                        students.
                            ``(ii) Financial indicators for 
                        postsecondary students receiving Federal grants 
                        and loans, including grant and loan aid by 
                        source, cumulative student debt, loan repayment 
                        status, and repayment plan.
                            ``(iii) Post-completion outcomes for all 
                        postsecondary students, including earnings, 
                        employment, and further education, by program 
                        of study and credential level and as measured--
                                    ``(I) immediately after leaving 
                                postsecondary education; and
                                    ``(II) at time intervals 
                                appropriate to the credential sought 
                                and earned.
                    ``(C) Periodic data match streamlining and 
                confidentiality.--
                            ``(i) Streamlining.--In carrying out the 
                        secure and privacy-protected periodic data 
                        matches under this paragraph, the Commissioner 
                        shall--
                                    ``(I) ensure that such matches are 
                                not continuous, but occur only 
                                periodically at appropriate intervals, 
                                as determined by the Commissioner to 
                                meet the goals of subparagraph (A); and
                                    ``(II) seek to--
                                            ``(aa) streamline the data 
                                        collection and reporting 
                                        requirements for institutions 
                                        of higher education;
                                            ``(bb) minimize duplicative 
                                        reporting across or within 
                                        Federal agencies or 
                                        departments, including 
                                        reporting requirements 
                                        applicable to institutions of 
                                        higher education under the 
                                        Workforce Innovation and 
                                        Opportunity Act (29 U.S.C. 3101 
                                        et seq.) and the Carl D. 
                                        Perkins Career and Technical 
                                        Education Act of 2006;
                                            ``(cc) protect student 
                                        privacy; and
                                            ``(dd) streamline the 
                                        application process for student 
                                        loan benefit programs available 
                                        to borrowers based on data 
                                        available from different 
                                        Federal data systems.
                            ``(ii) Review.--Not less often than once 
                        every 3 years after the establishment of the 
                        postsecondary student data system under this 
                        subsection, the Commissioner, in consultation 
                        with the Advisory Committee, shall review 
                        methods for streamlining data collection from 
                        institutions of higher education and minimizing 
                        duplicative reporting within the Department and 
                        across Federal agencies that provide data for 
                        the postsecondary student data system.
                            ``(iii) Confidentiality.--The Commissioner 
                        shall ensure that any periodic matching or 
                        sharing of data through periodic data system 
                        matches established in accordance with this 
                        paragraph--
                                    ``(I) complies with the security 
                                and privacy protections described in 
                                paragraph (1)(C)(iv) and other Federal 
                                data protection protocols;
                                    ``(II) follows industry best 
                                practices commensurate with the 
                                sensitivity of specific data elements 
                                or metrics;
                                    ``(III) does not result in the 
                                creation of a single standing, linked 
                                Federal database at the Department that 
                                maintains the information reported 
                                across other Federal agencies; and
                                    ``(IV) discloses to postsecondary 
                                students what data are included in the 
                                data system and periodically matched 
                                and how the data are used.
                            ``(iv) Correction.--The Commissioner, in 
                        consultation with the Advisory Committee, shall 
                        establish a process for students to request 
                        access to only their personal information for 
                        inspection and request corrections to 
                        inaccuracies in a manner that protects the 
                        student's personally identifiable information. 
                        The Commissioner shall respond in writing to 
                        every request for a correction from a student.
            ``(4) Publicly available information.--
                    ``(A) In general.--The Commissioner shall make the 
                summary aggregate information described in subparagraph 
                (C), at a minimum, publicly available through a user-
                friendly consumer information website and analytic tool 
                that--
                            ``(i) provides appropriate mechanisms for 
                        users to customize and filter information by 
                        institutional and student characteristics;
                            ``(ii) allows users to build summary 
                        aggregate reports of information, including 
                        reports that allow comparisons across multiple 
                        institutions and programs, subject to 
                        subparagraph (B);
                            ``(iii) uses appropriate statistical 
                        disclosure limitation techniques necessary to 
                        ensure that the data released to the public 
                        cannot be used to identify specific 
                        individuals; and
                            ``(iv) provides users with appropriate 
                        contextual factors to make comparisons, which 
                        may include national median figures of the 
                        summary aggregate information described in 
                        subparagraph (C).
                    ``(B) No personally identifiable information 
                available.--The summary aggregate information described 
                in this paragraph shall not include personally 
                identifiable information.
                    ``(C) Summary aggregate information available.--The 
                summary aggregate information described in this 
                paragraph shall, at a minimum, include each of the 
                following for each institution of higher education:
                            ``(i) Measures of student access, 
                        including--
                                    ``(I) admissions selectivity and 
                                yield; and
                                    ``(II) enrollment, disaggregated by 
                                each category described in paragraph 
                                (2)(C)(ii).
                            ``(ii) Measures of student progression, 
                        including retention rates and persistence 
                        rates, disaggregated by each category described 
                        in paragraph (2)(C)(ii).
                            ``(iii) Measures of student completion, 
                        including--
                                    ``(I) transfer rates and completion 
                                rates, disaggregated by each category 
                                described in paragraph (2)(C)(ii); and
                                    ``(II) number of completions, 
                                disaggregated by each category 
                                described in paragraph (2)(C)(ii).
                            ``(iv) Measures of student costs, 
                        including--
                                    ``(I) tuition, required fees, total 
                                cost of attendance, and net price after 
                                total grant aid, disaggregated by in-
                                State tuition or in-district tuition 
                                status (if applicable), program of 
                                study (if applicable), and credential 
                                level; and
                                    ``(II) typical grant amounts and 
                                loan amounts received by students 
                                reported separately from Federal, 
                                State, local, and institutional 
                                sources, and cumulative debt, 
                                disaggregated by each category 
                                described in paragraph (2)(C)(ii) and 
                                completion status.
                            ``(v) Measures of postcollegiate student 
                        outcomes, including employment rates, mean and 
                        median earnings, loan repayment and default 
                        rates, and further education rates. These 
                        measures shall--
                                    ``(I) be disaggregated by each 
                                category described in paragraph 
                                (2)(C)(ii) and completion status; and
                                    ``(II) be measured immediately 
                                after leaving postsecondary education 
                                and at time intervals appropriate to 
                                the credential sought or earned.
                    ``(D) Development criteria.--In developing the 
                method and format of making the information described 
                in this paragraph publicly available, the Commissioner 
                shall--
                            ``(i) focus on the needs of the users of 
                        the information, which will include students, 
                        families of students, potential students, 
                        researchers, and other consumers of education 
                        data;
                            ``(ii) take into consideration, to the 
                        extent practicable, the guidelines described in 
                        paragraph (1)(C)(ii)(I), and relevant successor 
                        documents or recommendations of such 
                        guidelines;
                            ``(iii) use modern, relevant technology and 
                        enhance and update the postsecondary student 
                        data system with information, as necessary to 
                        carry out the purpose of this paragraph;
                            ``(iv) ensure data privacy and security in 
                        accordance with standards and guidelines 
                        developed by the National Institute of 
                        Standards and Technology, and in accordance 
                        with any other Federal law relating to privacy 
                        or security, including complying with the 
                        requirements of subchapter II of chapter 35 of 
                        title 44, United States Code, specifying 
                        security categorization under the Federal 
                        Information Processing Standards, and security 
                        requirements, and setting of National Institute 
                        of Standards and Technology security baseline 
                        controls at the appropriate level; and
                            ``(v) conduct consumer testing to determine 
                        how to make the information as meaningful to 
                        users as possible.
            ``(5) Permissible disclosures of data.--
                    ``(A) Data reports and queries.--
                            ``(i) In general.--Not later than 4 years 
                        after the date of enactment of the Lowering 
                        Education Costs and Debt Act, the Commissioner 
                        shall develop and implement a secure and 
                        privacy-protected process for making student-
                        level, non-personally identifiable information, 
                        with direct identifiers removed, from the 
                        postsecondary student data system available for 
                        vetted research and evaluation purposes 
                        approved by the Commissioner in a manner 
                        compatible with practices for disclosing 
                        National Center for Education Statistics 
                        restricted-use survey data as in effect on the 
                        day before the date of enactment of the 
                        Lowering Education Costs and Debt Act, or by 
                        applying other research and disclosure 
                        restrictions to ensure data privacy and 
                        security. Such process shall be approved by the 
                        National Center for Education Statistics' 
                        Disclosure Review Board (or successor body).
                            ``(ii) Providing data reports and queries 
                        to institutions and states.--
                                    ``(I) In general.--The Commissioner 
                                shall provide feedback reports, at 
                                least annually, to each institution of 
                                higher education, each postsecondary 
                                education system that fully 
                                participates in the postsecondary 
                                student data system, and each State 
                                higher education body as designated by 
                                the governor.
                                    ``(II) Feedback reports.--The 
                                feedback reports provided under this 
                                clause shall include program-level and 
                                institution-level information from the 
                                postsecondary student data system 
                                regarding students who are associated 
                                with the institution or, for State 
                                representatives, the institutions 
                                within that State, on or before the 
                                date of the report, on measures 
                                including student mobility and 
                                workforce outcomes, provided that the 
                                feedback aggregate summary reports 
                                protect the privacy of individuals.
                                    ``(III) Determination of content.--
                                The content of the feedback reports 
                                shall be determined by the Commissioner 
                                in consultation with the Advisory 
                                Committee.
                            ``(iii) Permitting state data queries.--The 
                        Commissioner shall, in consultation with the 
                        Advisory Committee and as soon as practicable, 
                        create a process through which States may 
                        submit lists of secondary school graduates 
                        within the State to receive summary aggregate 
                        outcomes for those students who enrolled at an 
                        institution of higher education, including 
                        postsecondary enrollment and college 
                        completion, provided that those data protect 
                        the privacy of individuals and that the State 
                        data submitted to the Commissioner are not 
                        stored in the postsecondary education system.
                            ``(iv) Regulations.--The Commissioner shall 
                        promulgate regulations to ensure fair, secure 
                        and privacy-protected, and equitable access to 
                        data reports and queries under this paragraph.
                    ``(B) Disclosure limitations.--In carrying out the 
                public reporting and disclosure requirements of this 
                subsection, the Commissioner shall use appropriate 
                statistical disclosure limitation techniques necessary 
                to ensure that the data released to the public cannot 
                include personally identifiable information or be used 
                to identify specific individuals.
                    ``(C) Sale of data prohibited.--Data collected 
                under this subsection, including the public-use data 
                set and data comprising the summary aggregate 
                information available under paragraph (4), shall not be 
                sold to any third party by the Commissioner, including 
                any institution of higher education or any other 
                entity.
                    ``(D) Limitation on use by other federal 
                agencies.--
                            ``(i) In general.--The Commissioner shall 
                        not allow any other Federal agency to use data 
                        collected under this subsection for any purpose 
                        except--
                                    ``(I) for vetted research and 
                                evaluation conducted by the other 
                                Federal agency, as described in 
                                subparagraph (A)(i); or
                                    ``(II) for a purpose explicitly 
                                authorized by this Act.
                            ``(ii) Prohibition on limitation of 
                        services.--The Secretary, or the head of any 
                        other Federal agency, shall not use data 
                        collected under this subsection to limit 
                        services to students.
                    ``(E) Law enforcement.--Personally identifiable 
                information collected under this subsection shall not 
                be used for any Federal, State, or local law 
                enforcement activity or any other activity that would 
                result in adverse action against any student or a 
                student's family, including debt collection activity or 
                enforcement of immigration laws.
                    ``(F) Limitation of use for federal rankings or 
                summative rating system.--The comprehensive data 
                collection and analysis necessary for the postsecondary 
                student data system under this subsection shall not be 
                used by the Secretary or any Federal entity to 
                establish any Federal ranking system of institutions of 
                higher education or a system that results in a 
                summative Federal rating of institutions of higher 
                education.
                    ``(G) Rule of construction.--Nothing in this 
                paragraph shall be construed to prevent the use of 
                individual categories of aggregate information to be 
                used for accountability purposes.
                    ``(H) Rule of construction regarding commercial use 
                of data.--Nothing in this paragraph shall be construed 
                to prohibit third-party entities from using publicly 
                available information in this data system for 
                commercial use.
            ``(6) Submission of data.--
                    ``(A) Required submission.--Each institution of 
                higher education participating in a program under title 
                IV, or the assigned agent of such institution, shall, 
                for each eligible program, in accordance with section 
                487(a)(17), collect, and submit to the Commissioner, 
                the data requested by the Commissioner to carry out 
                this subsection.
                    ``(B) Voluntary submission.--Any institution of 
                higher education not participating in a program under 
                title IV may voluntarily participate in the 
                postsecondary student data system under this subsection 
                by collecting and submitting data to the Commissioner, 
                as the Commissioner may request to carry out this 
                subsection.
                    ``(C) Personally identifiable information.--In 
                accordance with paragraph (2)(C)(i), if the submission 
                of an element of student-level data is prohibited under 
                paragraph (2)(F) (or otherwise prohibited by law), the 
                institution of higher education shall submit that data 
                to the Commissioner in the aggregate.
            ``(7) Unlawful willful disclosure.--
                    ``(A) In general.--It shall be unlawful for any 
                person who obtains or has access to personally 
                identifiable information in connection with the 
                postsecondary student data system described in this 
                subsection to willfully disclose to any person (except 
                as authorized in this Act or by any Federal law) such 
                personally identifiable information.
                    ``(B) Penalty.--Any person who violates 
                subparagraph (A) shall be subject to a penalty 
                described under section 3572(f) of title 44, United 
                States Code, and section 183(d)(6) of the Education 
                Sciences Reform Act of 2002 (20 U.S.C. 9573(d)(6)).
                    ``(C) Employee of officer of the united states.--If 
                a violation of subparagraph (A) is committed by any 
                officer or employee of the United States, the officer 
                or employee shall be dismissed from office or 
                discharged from employment upon conviction for the 
                violation.
            ``(8) Data security.--The Commissioner shall produce and 
        update as needed guidance and regulations relating to privacy, 
        security, and access which shall govern the use and disclosure 
        of data collected in connection with the activities authorized 
        in this subsection. The guidance and regulations developed and 
        reviewed shall protect data from unauthorized access, use, and 
        disclosure, and shall include--
                    ``(A) an audit capability, including mandatory and 
                regularly conducted audits;
                    ``(B) access controls;
                    ``(C) requirements to ensure sufficient data 
                security, quality, validity, and reliability;
                    ``(D) confidentiality protection in accordance with 
                the applicable provisions of subchapter III of chapter 
                35 of title 44, United States Code;
                    ``(E) appropriate and applicable privacy and 
                security protection, including data retention and 
                destruction protocols and data minimization, in 
                accordance with the most recent Federal standards 
                developed by the National Institute of Standards and 
                Technology; and
                    ``(F) protocols for managing a breach, including 
                breach notifications, in accordance with the standards 
                of National Center for Education Statistics.
            ``(9) Data collection.--The Commissioner shall ensure that 
        data collection, maintenance, and use under this subsection 
        complies with section 552a of title 5, United States Code.
            ``(10) Definitions.--In this subsection:
                    ``(A) Institution of higher education.--The term 
                `institution of higher education' has the meaning given 
                the term in section 102.
                    ``(B) Minority-serving institution.--The term 
                `minority-serving institution' means an institution of 
                higher education listed in section 371(a).
                    ``(C) Personally identifiable information.--The 
                term `personally identifiable information' means 
                personally identifiable information within the meaning 
                of section 444 of the General Education Provisions 
                Act.''.

SEC. 102. REPEAL OF PROHIBITION ON STUDENT DATA SYSTEM.

    Section 134 of the Higher Education Act of 1965 (20 U.S.C. 1015c) 
is repealed.

SEC. 103. INSTITUTIONAL REQUIREMENTS.

    (a) In General.--Paragraph (17) of section 487(a) of the Higher 
Education Act of 1965 (20 U.S.C. 1094(a)) is amended to read as 
follows:
            ``(17) The institution or the assigned agent of the 
        institution will collect and submit data to the Commissioner 
        for Education Statistics in accordance with section 132(l), the 
        nonstudent related surveys within the Integrated Postsecondary 
        Education Data System (IPEDS), or any other Federal institution 
        of higher education data collection effort (as designated by 
        the Secretary), in a timely manner and to the satisfaction of 
        the Secretary.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on the date that is 4 years after the date of enactment of 
this Act.

SEC. 104. TRANSITION PROVISIONS.

    The Secretary of Education and the Commissioner for Education 
Statistics shall take such steps as are necessary to ensure that the 
development and maintenance of the postsecondary student data system 
required under section 132(l) of the Higher Education Act of 1965, as 
added by section 101 of this Act, occurs in a manner that reduces the 
reporting burden for entities that reported into the Integrated 
Postsecondary Education Data System (IPEDS).

            TITLE II--UNDERSTANDING THE TRUE COST OF COLLEGE

SEC. 201. INSTITUTION FINANCIAL AID OFFER FORM.

    Section 484 of the Higher Education Opportunity Act (20 U.S.C. 1092 
note) is amended to read as follows:

``SEC. 484. INSTITUTION FINANCIAL AID OFFER FORM.

    ``(a) Standard Format and Terminology.--The Secretary of Education, 
in consultation with the heads of relevant Federal agencies, shall 
develop standard terminology and a standard format for financial aid 
offer forms based on recommendations from representatives of students, 
veterans, servicemembers, students' families, institutions of higher 
education (including community colleges, for-profit institutions, four-
year public institutions, and four-year private nonprofit 
institutions), financial aid experts, secondary school and 
postsecondary counselors, nonprofit organizations, and consumer groups.
    ``(b) Key Required Contents for Offer Form.--The standard format 
developed under subsection (a) shall include, in a consumer-friendly 
manner that is simple and understandable, a form titled `Financial Aid 
Offer', which shall include the following items, with costs listed 
first followed by grants and scholarships, clearly separated from each 
other with separate headings:
            ``(1) Cost information.--
                    ``(A) Information on the student's estimated cost 
                of attendance, including the following:
                            ``(i) Total direct costs, including the 
                        component totals each for--
                                    ``(I) tuition and fees, as 
                                determined under section 472 of the 
                                Higher Education Act of 1965 (20 U.S.C. 
                                1087ll); and
                                    ``(II) college-sponsored housing 
                                and food costs (as determined based on 
                                the costs for room and board under such 
                                section).
                            ``(ii) Total estimated other expenses, 
                        including--
                                    ``(I) the component totals each for 
                                housing and food costs for students who 
                                reside off-campus; and
                                    ``(II) for all students, books, 
                                supplies, transportation, and 
                                miscellaneous personal expenses (which 
                                may include costs of health insurance 
                                and dependent care), as determined 
                                under section 472 of the Higher 
                                Education Act of 1965 (20 U.S.C. 
                                1087ll).
                    ``(B) An indication of the academic period covered 
                by the financial aid offer, and an explanation that the 
                financial aid offered may change for academic periods 
                not covered by the aid offer or by program.
                    ``(C) An indication of whether cost and aid 
                estimates are based on full-time or part-time 
                enrollment.
                    ``(D) An indication, as applicable, about whether 
                the tuition and fees are estimated based on the 
                previous year, or are set, for the academic period 
                indicated in accordance with subparagraph (B).
            ``(2) Grants and scholarships.--The aggregate amount of 
        grants and scholarships by source that the student does not 
        have to repay, such as grant aid offered under title IV of the 
        Higher Education Act of 1965 (20 U.S.C. 1070 et seq.) and grant 
        aid offered through other Federal programs, grant aid offered 
        by the institution, grant aid offered by the State, and, if 
        known, grant aid from an outside source to the student for such 
        academic period, including--
                    ``(A) a disclosure that the grants and scholarships 
                do not have to be repaid; and
                    ``(B) if institutional aid is included--
                            ``(i) the conditions under which the 
                        student can expect to receive similar amounts 
                        of such financial aid for each academic period 
                        the student is enrolled at the institution; and
                            ``(ii) whether the institutional aid offer 
                        may change if grants or scholarships from 
                        outside sources are applied after the student 
                        receives the offer form, and, if applicable, 
                        how that aid will change.
            ``(3) Net price.--
                    ``(A) The net price that the student, or the 
                student's family on behalf of the student, is estimated 
                to have to pay for the student to attend the 
                institution for such academic period, equal to--
                            ``(i) the cost of attendance as described 
                        in paragraph (1)(A) for the student for the 
                        period indicated in paragraph (1)(B); minus
                            ``(ii) the amount of grant aid described in 
                        paragraph (2) that is included in the financial 
                        aid offer form.
                    ``(B) A disclosure that the net price is an 
                estimate of the total expenses for the year and not 
                equivalent to the amount the student will owe directly 
                to the institution.
            ``(4) Loans.--
                    ``(A) Information on any loan under part D or part 
                E of title IV of the Higher Education Act of 1965 (20 
                U.S.C. 1087a et seq.; 20 U.S.C. 1087aa et seq.) (except 
                a Federal Direct PLUS Loan under part D of that Act) 
                that the institution recommends for the student for the 
                academic period covered by the offer, which shall be 
                made--
                            ``(i) with clear use of the word `loan' to 
                        describe the recommended loan amounts; and
                            ``(ii) with clear labeling of subsidized 
                        and unsubsidized loans.
                    ``(B) A disclosure that such loans have to be 
                repaid and a disclosure that the student can borrow a 
                lesser or, if applicable, greater amount than the 
                recommended loan amount.
                    ``(C) A disclosure that the interest rates and fees 
                on such loans are set annually and affect total cost 
                over time, and a link to a Department of Education 
                website that includes current information on interest 
                rates and fees.
                    ``(D) A link to the Department of Education's 
                repayment calculator website for students with 
                instruction that this website contains customizable 
                estimates of expected repayment costs under different 
                loan repayment plans.
            ``(5) Process for accepting or declining aid and next 
        steps.--
                    ``(A) The deadlines and a summary of the process 
                (including the next steps) for--
                            ``(i) accepting the financial aid offered 
                        in the financial aid offer form;
                            ``(ii) requesting higher loan amounts if 
                        recommended loan amounts were included; and
                            ``(iii) declining aid offered in the form.
                    ``(B) Information on when and how direct costs to 
                the institution must be paid.
                    ``(C) A disclosure that verification of financial 
                circumstances may require the student to submit further 
                documentation.
                    ``(D) Information about where a student or the 
                student's family can seek additional information 
                regarding the financial aid offered, including contact 
                information for the institution's financial aid office 
                and the Department of Education's website on financial 
                aid.
            ``(6) Additional information.--Any other information the 
        Secretary of Education, in consultation with the heads of 
        relevant Federal agencies, including the Secretary of the 
        Treasury and the Director of the Bureau of Consumer Financial 
        Protection, determines necessary (based on the results of the 
        consumer testing under paragraph (g)(2)) so that students and 
        parents can make informed loan borrowing decisions, which may 
        include--
                    ``(A) the most recent cohort default rate, as 
                defined in section 435(m) of the Higher Education Act 
                of 1965 (20 U.S.C. 1085(m)) with respect to an 
                institution where more than 30 percent of enrolled 
                students borrow loans to pay for their education, and a 
                comparison to the national average cohort default rate;
                    ``(B) the percentage of students at the institution 
                who borrow student loans;
                    ``(C) the median loan debt at graduation for 
                students at the institution (clearly marked as 
                including only Federal loans if private loan data are 
                not available to be included); and
                    ``(D) any additional calculations determined 
                necessary for ensuring that students understand full 
                college costs, financial aid gaps, and options for 
                covering those gaps.
    ``(c) Other Required Contents for the Offer Form.--The standard 
form developed under subsection (a) shall include, in addition to the 
information described in subsection (b), the following information to 
be included on the financial aid offer form in a concise format 
determined by the Secretary of Education, in consultation with the 
heads of relevant Federal agencies:
            ``(1) At the institution's discretion--
                    ``(A) additional options and potential resources 
                for paying for the amount listed in subsection (b)(3), 
                such as tuition payment plans; and
                    ``(B) a disclosure that Federal Direct PLUS Loans 
                or private education loans may be available to cover 
                remaining need, except that the institution may not 
                include an amount for Federal Direct PLUS Loans or 
                private education loans and must include a disclosure 
                for Federal Direct PLUS Loans that such loans are 
                subject to an additional application process, and a 
                disclosure that both types of loans have to be repaid 
                by the borrower, and may not be eligible for all the 
                benefits available for Federal Direct Stafford Loans or 
                Federal Direct Unsubsidized Stafford Loans.
            ``(2) The following information relating to private student 
        loans:
                    ``(A) A statement that students considering 
                borrowing to cover the cost of attendance should 
                consider available Federal student loans prior to 
                applying for private education loans, including an 
                explanation that Federal student loans offer generally 
                more favorable terms and beneficial repayment options 
                than private loans.
                    ``(B) The impact of a proposed private education 
                loan on the student's potential eligibility for other 
                financial assistance, including Federal financial 
                assistance under title IV of the Higher Education Act 
                of 1965 (20 U.S.C. 1070 et seq.).
                    ``(C) A statement explaining the student's ability 
                to select a private educational lender of the student's 
                choice.
            ``(3) Information on work-study employment opportunities, 
        offered in accordance with part C of title IV of the Higher 
        Education Act of 1965 (20 U.S.C. 1087-51 et seq.) including a 
        disclosure that the work-study aid offered is subject to the 
        availability of qualified employment opportunities and is 
        disbursed over time as earned by the student. Work-study 
        employment opportunities (or a student's potential income based 
        on those opportunities) shall not be included in the category 
        of financial aid described under subsection (b)(2).
    ``(d) Additional Requirements for Financial Aid Offer Form.--The 
financial aid offer form shall meet the following requirements:
            ``(1) Include, in addition to the requirements described in 
        subsections (b) and (c), a concise summary, in plain language, 
        of--
                    ``(A) the terms and conditions of financial aid 
                recommended under paragraphs (2) and (4) of subsection 
                (b) and subsection (c)(3), and a method to provide 
                students with additional information about such terms 
                and conditions, such as links to the supplementary 
                information; and
                    ``(B) Federal, State, or institutional conditions 
                required to receive and renew financial aid and a 
                method to provide students with additional information 
                about these conditions, such as links to the 
                supplementary information.
            ``(2) Clearly distinguish between the aid offered under 
        paragraphs (2) and (4) of subsection (b) and subsection (c)(3), 
        by including a subtotal for the aid offered in each of such 
        paragraphs and by refraining from commingling the different 
        types of aid described in such paragraphs.
            ``(3) Use standard terminology and definitions, as 
        described in subsection (e)(1) and use plain language where 
        possible.
            ``(4) If an institution's recommended Federal student loan 
        aid offered in subsection (b)(4) is less than the Federal 
        maximum available to the student, the institution shall provide 
        additional information on Federal student loans, including the 
        types and amounts for which the student is eligible in an 
        attached document or web page.
            ``(5) Use the standard offer form described in subsection 
        (e)(2).
            ``(6) Include the standardized statement regarding the 
        possible availability of Federal education benefits, as 
        established by the Secretary in accordance with subsection 
        (e)(3).
            ``(7) Include a delivery confirmation for electronic 
        financial aid offer forms, except that receipt of the financial 
        aid offer form shall not be considered an acceptance or 
        rejection of aid by the student.
            ``(8) With respect to dependent students, any reference to 
        private education loans shall be accompanied by--
                    ``(A) information about the availability of, and 
                terms and conditions associated with, Federal Direct 
                PLUS Loans under section 455 of the Higher Education 
                Act of 1965 (20 U.S.C. 1087e) for the student's parents 
                regardless of family income; and
                    ``(B) a notification of the student's increased 
                eligibility for Federal student loans under title IV of 
                the Higher Education Act of 1965 (20 U.S.C. 1070 et 
                seq.) if the student's parents are not able to borrow 
                under the Federal Direct PLUS Loan program.
    ``(e) Standard Information Established by the Secretary.--
            ``(1) Standard terminology.--Not later than 3 months after 
        the date of enactment of the Lowering Education Costs and Debt 
        Act, the Secretary of Education, in consultation with the heads 
        of relevant Federal agencies, including the Secretary of the 
        Treasury and the Director of the Consumer Financial Protection 
        Bureau, representatives of institutions of higher education, 
        nonprofit consumer groups, students, and secondary school and 
        higher education guidance counselors, shall establish standard 
        terminology and definitions for the terms described in 
        subsection (b).
            ``(2) Standard form.--
                    ``(A) In general.--The Secretary of Education shall 
                develop multiple draft financial aid offer forms for 
                consumer testing, carry out consumer testing for such 
                forms, and establish a finalized standard financial aid 
                offer form, in accordance with the process established 
                in subsection (g) and the requirements of this section.
                    ``(B) Separate financial aid offer forms.--The 
                Secretary may develop separate financial aid offer 
                forms for--
                            ``(i) undergraduate students and graduate 
                        students; and
                            ``(ii) first-time students and returning 
                        students.
            ``(3) Additional benefits.--The Secretary of Education, in 
        consultation with the heads of relevant Federal agencies, 
        including the Secretary of the Treasury, the Secretary of 
        Veterans Affairs, the Secretary of Defense, and the Director of 
        the Consumer Financial Protection Bureau, shall establish 
        standard language notifying students that they may be eligible 
        for education benefits (and where students can locate more 
        information about such benefits) including benefits in 
        accordance with each of the following:
                    ``(A) Chapter 30, 31, 32, 33, 34, or 35 of title 
                38, United States Code.
                    ``(B) Chapter 101, 105, 106A, 1606, 1607, or 1608 
                of title 10, United States Code.
                    ``(C) Section 1784a, 2005, or 2007 of title 10, 
                United States Code.
    ``(f) Supplemental Information; Removal of Information.--
            ``(1) Nothing in this section shall preclude an institution 
        from supplementing the financial aid offer form with additional 
        information if such additional information supplements the 
        financial aid offer form and is not located on the financial 
        aid offer form, and provided such information utilizes the same 
        standard terminology identified in subsection (e)(1).
            ``(2) Nothing in this section shall preclude an institution 
        from deleting a required item if the student is ineligible for 
        such aid.
    ``(g) Development of Financial Aid Offer Form.--
            ``(1) Draft form.--Not later than 9 months after the date 
        of enactment of the Lowering Education Costs and Debt Act, the 
        Secretary of Education, in consultation with the heads of 
        relevant Federal agencies, including the Secretary of the 
        Treasury and the Director of the Consumer Financial Protection 
        Bureau, representatives of institutions of higher education, 
        nonprofit consumer groups, students, and secondary school and 
        higher education guidance counselors, shall design and produce 
        multiple draft financial aid offer forms for consumer testing 
        with postsecondary students or prospective students. In 
        developing that form, the Secretary shall ensure--
                    ``(A) that the headings described in paragraphs (1) 
                through (4) of subsection (b) are in the same font, 
                appear in the same order, and are displayed prominently 
                on the financial aid offer form, such that none of that 
                information is inappropriately omitted or de-
                emphasized;
                    ``(B) that the other information required in 
                subsection (b) appears in a standard format and design 
                on the financial aid offer form; and
                    ``(C) that the institution may include a logo or 
                brand alongside the title of the financial aid offer 
                form.
            ``(2) Consumer testing.--
                    ``(A) In general.--Not later than 9 months after 
                the date of enactment of the Lowering Education Costs 
                and Debt Act, the Secretary of Education, in 
                consultation with the heads of relevant Federal 
                agencies, shall establish a process to submit the 
                financial aid offer form drafts developed under 
                paragraph (1) for consumer testing among 
                representatives of students (including low-income 
                students, first generation college students, adult 
                students, veterans, servicemembers, and prospective 
                students), students' families (including low-income 
                families, families with first generation college 
                students, and families with prospective students), 
                institutions of higher education, secondary school and 
                postsecondary counselors, and nonprofit consumer 
                groups.
                    ``(B) Pilot.--During such consumer testing, the 
                Secretary shall ensure that not less than 16 and not 
                more than 24 eligible institutions use the draft forms 
                developed under paragraph (1), including institutions--
                            ``(i) that reflect a proportionate 
                        representation (based on the total number of 
                        students enrolled in postsecondary education) 
                        of community colleges, for-profit institutions, 
                        four-year public institutions, and four-year 
                        private nonprofit institutions; and
                            ``(ii) that reflect geographic diversity.
                    ``(C) Length of consumer testing.--The Secretary of 
                Education shall ensure that the consumer testing under 
                this paragraph lasts no longer than 8 months after the 
                process for consumer testing is developed under 
                subparagraph (A).
            ``(3) Final form.--
                    ``(A) In general.--The results of consumer testing 
                under paragraph (2) shall be used in the final 
                development of the financial aid offer form.
                    ``(B) Reporting requirement.--Not later than 3 
                months after the date the consumer testing under 
                paragraph (2) concludes, the Secretary of Education 
                shall submit to Congress and publish on its website the 
                final standard financial aid offer form and a report 
                detailing the results of such testing, including 
                whether the Secretary of Education added any additional 
                items to the standard financial aid offer form pursuant 
                to subsection (b)(6).
            ``(4) Authority to modify.--The Secretary of Education may 
        modify the definitions, terms, formatting, and design of the 
        financial aid offer form based on the results of consumer 
        testing required under this subsection and before finalizing 
        the form, or in subsequent consumer testing. The Secretary may 
        also recommend additional changes to Congress.''.

SEC. 202. MANDATORY FORM.

    Part B of title I of the Higher Education Act of 1965 (20 U.S.C. 
1011 et seq.) is amended by adding at the end the following:

``SEC. 124. USE OF MANDATORY FINANCIAL AID OFFER FORM AND TERMS.

    ``(a) In General.--Notwithstanding any other provision of law, each 
institution of higher education that receives Federal financial 
assistance under this Act shall--
            ``(1) use the financial aid offer form developed under 
        section 484 of the Higher Education Opportunity Act (20 U.S.C. 
        1092 note) in providing paper, mobile-optimized offers, or 
        other electronic offers to all students who apply for aid and 
        are accepted at the institution; and
            ``(2) use the standard terminology and definitions 
        developed by the Secretary of Education under subsection (e)(1) 
        of that Act for all communications from the institution related 
        to financial aid offers.
    ``(b) Effective Dates.--The requirements under this section shall 
take effect at the start of the first award year after the Secretary of 
Education finalizes the standard terminology and form developed in 
accordance with section 484 of the Higher Education Opportunity Act (20 
U.S.C. 1092 note).''.
    ``(c) Administrative Procedures.--Section 492 of the Higher 
Education Act (20 U.S.C. 1098a) shall not apply with respect to 
regulations promulgated in accordance with this section.''.

                 TITLE III--INFORMED STUDENT BORROWING

SEC. 301. COUNSELING AND FINANCIAL AID DISCLOSURES.

    Section 485(l) of the Higher Education Act of 1965 (20 U.S.C. 
1092(l)) is amended--
            (1) in the subsection heading, by striking ``Entrance'';
            (2) in paragraph (1)(A)--
                    (A) in the matter preceding clause (i), by striking 
                ``a disbursement to a first-time borrower'' and 
                inserting ``the first disbursement to a borrower in 
                each award year''; and
                    (B) in the matter preceding subclause (I) of 
                paragraph clause (ii), by striking ``may'' and 
                inserting ``shall'';
            (3) in paragraph (2)--
                    (A) by redesignating subparagraphs (A) through (K) 
                as subparagraphs (B) through (L);
                    (B) by inserting before subparagraph (B), as so 
                redesignated, the following:
                    ``(A) An explanation that the borrower will need to 
                affirmatively determine and manually enter, in 
                accordance with subsection (n), the Federal loan amount 
                that the borrower will borrow (which may be equal to or 
                less than the Federal loan amount for which the 
                borrower is eligible) for each award year.'';
                    (C) by striking subparagraph (G) and inserting the 
                following:
                    ``(G) Sample monthly repayment amounts, under a 
                standard repayment plan and under the income-driven 
                repayment plan that had the highest enrollment in the 
                previous year for borrowers (excluding parent 
                borrowers), based on--
                            ``(i)(I) the median levels of indebtedness, 
                        as appropriate, of--
                                    ``(aa) undergraduate borrowers of 
                                Federal Direct Stafford Loans or 
                                Federal Unsubsidized Stafford Loans who 
                                were enrolled in the institution;
                                    ``(bb) graduate borrowers of 
                                Federal Direct Stafford Loans, Federal 
                                Unsubsidized Stafford Loans, or Federal 
                                Direct Plus Loans who were enrolled in 
                                the institution; and
                                    ``(cc) parent borrowers of Federal 
                                Direct Plus Loans made on behalf of 
                                dependent students who were enrolled at 
                                the institution;
                            ``(II) the median cumulative indebtedness 
                        of borrowers of loans described in subclause 
                        (I) in the same program as the borrower at the 
                        same institution; and
                            ``(ii) the median annual earnings for 
                        individuals who attended the institution, as 
                        described in subparagraph (N).''; and
                    (D) by adding at the end the following:
                    ``(M) A statement that the borrower does not have 
                to accept the full amount of loans for which the 
                borrower is eligible, and an explanation that loan 
                eligibility calculations are determined based on a cost 
                of attendance that may include expenses such as 
                housing, food, and transportation.
                    ``(N) The most recent College Scorecard information 
                (or information from a similar successor website) that 
                shows the median annual earnings of students who 
                received Federal student aid and who are no longer 
                enrolled at the institution and are working, at the 
                time that is 10 years after the date of such students' 
                entry to the institution--
                            ``(i) for individuals who were enrolled in 
                        the institution; and
                            ``(ii) if available through the College 
                        Scorecard (or similar successor website), for 
                        individuals who were enrolled in the borrower's 
                        undergraduate or graduate program.
                    ``(O) The percentage of borrowers who attended the 
                institution and have completed or are no longer 
                enrolled that are in active repayment (as compared to 
                all borrowers who attended the institution and have 
                completed or are no longer enrolled).
                    ``(P) For undergraduate borrowers, the completion 
                rate of the institution, as available through the 
                College Scorecard (or similar successor website), for 
                the most recent year for which data are available.
                    ``(Q) A statement that--
                            ``(i) the statistics provided under this 
                        paragraph are averages and median values based 
                        on past years;
                            ``(ii) the borrower's repayment amounts, 
                        median earnings, and likelihood of completion 
                        may vary from such statistics; and
                            ``(iii) as appropriate, parent borrowers 
                        should be aware that information about the 
                        median earnings, completion rate, and 
                        percentage of borrowers in active repayment is 
                        based on data that excludes parent borrowers.
                    ``(R) A statement in writing and in a form the 
                borrower may keep, of the annual percentage rate 
                applicable to the loan based on a 10-year standard 
                repayment plan, taking into account--
                            ``(i) the amount of the loan;
                            ``(ii) the stated interest rate of the 
                        loan;
                            ``(iii) the standard term for a loan of the 
                        same type;
                            ``(iv) any fees or additional costs 
                        associated with the loan; and
                            ``(v) any capitalization of interest on the 
                        loan.''; and
            (4) by adding at the end the following:
            ``(3) Information from the department of education.--The 
        Secretary shall provide institutions with the data and 
        statistics necessary to enable institutions to carry out this 
        subsection.''.

SEC. 302. ANNUAL REQUIREMENT TO MANUALLY ENTER LOAN AMOUNT.

    Section 485 of the Higher Education Act of 1965 (20 U.S.C. 1092), 
as amended by section 301, is further amended by adding at the end the 
following:
    ``(n) Annual Requirement To Manually Enter Loan Amount.--
            ``(1) In general.--In addition to the other requirements of 
        this section and in accordance with paragraph (2), each 
        eligible institution shall ensure that, for each award year, 
        each borrower enrolled in the institution who receives a 
        Federal Direct Loan (other than a Federal Direct Consolidation 
        Loan) and each parent borrower who is borrowing a Federal 
        Direct PLUS Loan made on behalf of a student who is enrolled in 
        the institution, for such year, shall manually enter, either in 
        writing or through electronic means, the exact dollar amount of 
        Federal Direct Loan funding that such borrower desires to 
        borrow for such year.
            ``(2) Method.--The eligible institution shall ensure that 
        the borrower carries out the activity described in paragraph 
        (1)--
                    ``(A) in the case of a student borrower, in the 
                course of the process used by the institution for 
                students to accept a student loan award;
                    ``(B) prior to the institution certifying a Federal 
                Direct Loan (other than a Federal Direct Consolidation 
                Loan), including a Federal Direct PLUS Loan made on 
                behalf of a student, for disbursement to a borrower; 
                and
                    ``(C) in the case of a student borrower, after 
                ensuring that the student has completed all of the 
                counseling requirements under subsection (l).''.

SEC. 303. WORK STUDY.

    Section 485 of the Higher Education Act of 1965 (20 U.S.C. 1092), 
as amended by sections 301 and 302, is further amended by adding at the 
end the following:
    ``(o) Work Study.--If an institution provides a student or a 
prospective student with a financial aid award notification that 
includes work study, the institution shall ensure that the notification 
includes an explanation that any work study funds are not directly 
awarded to the student or institution, and such amounts must be earned 
through the student's completion of work over time.''.

   TITLE IV--STREAMLINING ACCOUNTABILITY AND VALUE IN EDUCATION FOR 
                                STUDENTS

SEC. 401. LOAN REPAYMENT SIMPLIFICATION AND INCOME-DRIVEN REPAYMENT 
              REFORM.

    Section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e) 
is amended--
            (1) in subsection (d)--
                    (A) in paragraph (1)--
                            (i) in subparagraph (B), by inserting ``not 
                        later than June 30, 2024,'' before ``a 
                        graduated'';
                            (ii) in subparagraph (C), by inserting 
                        ``not later than June 30, 2024,'' before ``an 
                        extended'';
                            (iii) in subparagraph (D)--
                                    (I) by inserting ``not later than 
                                June 30, 2024,'' before ``an income 
                                contingent''; and
                                    (II) by striking ``and'' after the 
                                semicolon;
                            (iv) in subparagraph (E)--
                                    (I) by inserting ``and not later 
                                than June 30, 2024,'' after ``beginning 
                                on July 1, 2009,''; and
                                    (II) by striking the period at the 
                                end and inserting ``; and''; and
                            (v) by adding at the end the following:
                    ``(F) beginning on July 1, 2024, an income 
                contingent repayment plan known as the `Revised Pay As 
                You Earn Repayment plan', consistent with subsection 
                (e)(9).'';
                    (B) in paragraph (2), by striking ``in subparagraph 
                (A), (B), or (C) of paragraph (1)'' and inserting ``in 
                subparagraph (A) or (F) of paragraph (1)''; and
                    (C) in paragraph (4), by inserting ``not later than 
                June 30, 2024, and'' after ``The Secretary may 
                provide,''; and
            (2) in subsection (e), by adding at the end the following:
            ``(9) Revised pay as you earn repayment plan.--
                    ``(A) In general.--The Secretary shall carry out a 
                Revised Pay As You Earn Repayment plan in accordance 
                with section 685.209(c) of title 34, Code of Federal 
                Regulations, as in effect on December 17, 2015, except 
                as otherwise provided in this paragraph as follows:
                            ``(i) A borrower may complete loan 
                        rehabilitation on a defaulted loan through 
                        making eligible payments in accordance with 
                        this paragraph for 9 consecutive months.
                            ``(ii) A borrower who no longer wishes to 
                        repay under the Revised Pay As You Earn 
                        Repayment plan may change only to a standard 
                        repayment plan.
                            ``(iii) In addition to that provided under 
                        paragraph (5)(iv) of such section 685.209(c), a 
                        qualifying monthly payment may also include a 
                        month for which the borrower received--
                                    ``(I) deferment under subsection 
                                (f)(3) due to receiving treatment for 
                                cancer;
                                    ``(II) deferment under subsection 
                                (f)(2) for rehabilitation training;
                                    ``(III) deferment under subsection 
                                (f)(2) for unemployment;
                                    ``(IV) deferment under subsection 
                                (f)(2) for economic hardship, including 
                                any period of deferment for Peace Corps 
                                service;
                                    ``(V) deferment under subsection 
                                (f)(2) for military service;
                                    ``(VI) deferment under subsection 
                                (f)(2) for post-active duty service;
                                    ``(VII) forbearance under section 
                                428(c)(3)(A)(i)(III), for national 
                                service;
                                    ``(VIII) forbearance under section 
                                685.205(a)(7) of title 34, Code of 
                                Federal Regulations, for National Guard 
                                Duty;
                                    ``(IX) forbearance under section 
                                428(c)(3)(A)(i)(IV), for service for 
                                which the borrower would qualify for a 
                                partial repayment of his or her loan 
                                under the Student Loan Repayment 
                                Programs administered by the Department 
                                of Defense; or
                                    ``(X) administrative forbearance 
                                under paragraph (8) or (9) of section 
                                685.205(b) of title 34, Code of Federal 
                                Regulations.
                            ``(iv) A borrower shall be automatically 
                        enrolled in a Revised Pay As You Earn Repayment 
                        plan for a loan at 75 days delinquent on such 
                        loan.
                            ``(v) A borrower who missed qualifying 
                        payments during a forbearance or deferment 
                        period not listed in clause (iii), shall have 
                        the opportunity to provide a back payment for 
                        the missed payments in order have those 
                        payments counted toward the 20-year or 25-year 
                        forgiveness period, except there shall be no 
                        opportunity to provide a back payment for 
                        periods of in-school deferment.
                            ``(vi) For a borrower who is solely an 
                        undergraduate borrower--
                                    ``(I) who has borrowed $10,000 or 
                                less in total in loans under this part, 
                                not including loan fees, the Secretary 
                                may determine that the borrower has met 
                                the loan forgiveness requirements after 
                                120 payments under the Revised Pay As 
                                You Earn Repayment plan;
                                    ``(II) who has borrowed more than 
                                $10,000 but $11,000 or less in total in 
                                loans under this part, not including 
                                loan fees, the Secretary may determine 
                                that the borrower has met the loan 
                                forgiveness requirements after 132 
                                payments under the Revised Pay As You 
                                Earn Repayment plan;
                                    ``(III) who has borrowed more than 
                                $11,000 but $12,000 or less in total in 
                                loans under this part, not including 
                                loan fees, the Secretary may determine 
                                that the borrower has met the loan 
                                forgiveness requirements after 144 
                                payments under the Revised Pay As You 
                                Earn Repayment plan;
                                    ``(IV) who has borrowed more than 
                                $12,000 but $13,000 or less in total in 
                                loans under this part, not including 
                                loan fees, the Secretary may determine 
                                that the borrower has met the loan 
                                forgiveness requirements after 156 
                                payments under the Revised Pay As You 
                                Earn Repayment plan;
                                    ``(V) who has borrowed more than 
                                $13,000 but $14,000 or less in total in 
                                loans under this part, not including 
                                loan fees, the Secretary may determine 
                                that the borrower has met the loan 
                                forgiveness requirements after 168 
                                payments under the Revised Pay As You 
                                Earn Repayment plan;
                                    ``(VI) who has borrowed more than 
                                $14,000 but $15,000 or less in total in 
                                loans under this part, not including 
                                loan fees, the Secretary may determine 
                                that the borrower has met the loan 
                                forgiveness requirements after 180 
                                payments under the Revised Pay As You 
                                Earn Repayment plan;
                                    ``(VII) who has borrowed more than 
                                $15,000 but $16,000 or less in total in 
                                loans under this part, not including 
                                loan fees, the Secretary may determine 
                                that the borrower has met the loan 
                                forgiveness requirements after 192 
                                payments under the Revised Pay As You 
                                Earn Repayment plan;
                                    ``(VIII) who has borrowed more than 
                                $16,000 but $17,000 or less in total in 
                                loans under this part, not including 
                                loan fees, the Secretary may determine 
                                that the borrower has met the loan 
                                forgiveness requirements after 204 
                                payments under the Revised Pay As You 
                                Earn Repayment plan;
                                    ``(IX) who has borrowed more than 
                                $17,000 but $18,000 or less in total in 
                                loans under this part, not including 
                                loan fees, the Secretary may determine 
                                that the borrower has met the loan 
                                forgiveness requirements after 216 
                                payments under the Revised Pay As You 
                                Earn Repayment plan; and
                                    ``(X) who has borrowed more than 
                                $18,000 but $19,000 or less in total in 
                                loans under this part, not including 
                                loan fees, the Secretary may determine 
                                that the borrower has met the loan 
                                forgiveness requirements after 228 
                                payments under the Revised Pay As You 
                                Earn Repayment plan.
                    ``(B) Transfer of borrowers in repayment.--
                Notwithstanding any other provision of this Act, on 
                July 1, 2024, the Secretary shall transfer each 
                borrower who is in repayment on a loan made under this 
                part under an income contingent repayment plan pursuant 
                to subsection (d)(1)(D) to the Revised Pay As You Earn 
                Repayment plan under this paragraph.''.

SEC. 402. TAXPAYER AND CONSUMER PROTECTION ON STUDENT LOANS.

    Section 487(a) of the Higher Education Act of 1965 (20 U.S.C. 
1094(a)) is amended by adding at the end the following:
            ``(30)(A) The institution certifies that no funds available 
        under this title may be used by an undergraduate student for 
        enrollment in an educational program offered by the institution 
        that is described in subparagraph (B).
            ``(B) An educational program at an institution is described 
        in this subparagraph if the program is a program--
                    ``(i) in the case of a program that awards an 
                associate's degree or a lesser degree or credential, in 
                which the median earnings of students 6 years after the 
                date of entry into the program who are no longer 
                enrolled in the program and are working is, for not 
                less than 2 of the 3 years preceding the date of the 
                determination, less than the median earnings of a 
                working adult who is aged 25 to 34 with only a high 
                school diploma or its recognized equivalent, as 
                determined under subparagraph (C) and in accordance 
                with subparagraph (D); or
                    ``(ii) in the case of a program that awards a 
                bachelor's degree, in which the median earnings of 
                students 10 years after the date of entry into the 
                program who are no longer enrolled in the program and 
                are working is, for not less than 2 of the 3 years 
                preceding the date of the determination, less than the 
                median earnings of a working adult who is aged 25 to 34 
                with only a high school diploma or its recognized 
                equivalent, as determined under subparagraph (C) and in 
                accordance with subparagraph (D).
            ``(C) The median earnings of a working adult who is aged 25 
        to 34 with only a high school diploma or its recognized 
        equivalent shall be based on data from the Census Bureau--
                    ``(i) for the State in which the institution is 
                located; or
                    ``(ii) if fewer than 50 percent of the students 
                enrolled in the institution reside in the State where 
                the institution is located, for the entire United 
                States.
            ``(D) For any year for which the programmatic cohort is 
        fewer than 30 individuals, the Secretary shall--
                    ``(i) first, aggregate additional years of 
                programmatic data in order to achieve a cohort of at 
                least 30 individuals;
                    ``(ii) second, aggregate additional cohort years of 
                programmatic data for degrees or certificates of 
                equivalent length in order to achieve a cohort of at 
                least 30 individuals; and
                    ``(iii) if such data cannot be aggregated, use an 
                institution-based undergraduate-level measure, in lieu 
                of a programmatic measure.
            ``(E) An educational program shall not lose eligibility 
        under subparagraph (A) unless the institution has had the 
        opportunity to appeal the programmatic median earnings of 
        students working and not enrolled determination. During such 
        appeal, the Secretary may permit the educational program to 
        continue to participate in a program under this title. If an 
        educational program continues to participate in a program under 
        this title, and the institution's appeal of the loss of 
        eligibility is unsuccessful, the institution shall pay to the 
        Secretary an amount equal to the amount of interest, and any 
        related payments made by the Secretary (or which the Secretary 
        is obligated to make) with respect to loans made under this 
        title to students attending, or planning to attend, that 
        educational program during the pendency of such appeal.
            ``(31)(A) The institution certifies that no funds available 
        under this title may be used by a graduate student for 
        enrollment in an educational program offered by the institution 
        that is described in subparagraph (B).
            ``(B) An educational program at an institution is described 
        in this subparagraph if the program is a program--
                    ``(i) in the case of a program that awards a 
                master's degree or a lesser degree or credential, in 
                which the median earnings of students 6 years after the 
                date of entry into the program who are no longer 
                enrolled in the program and are working is, for not 
                less than 2 of the 3 years preceding the date of the 
                determination, less than the median earnings of a 
                working adult who is aged 25 to 34 with only a 
                bachelor's degree, as determined under subparagraph (C) 
                and in accordance with subparagraph (D); or
                    ``(ii) in the case of program that awards a 
                professional degree or doctoral degree, in which the 
                median earnings of students 10 years after the date of 
                entry into the program who are no longer enrolled in 
                the program and are working is, for not less than 2 of 
                the 3 years preceding the date of the determination, 
                less than the median earnings of a working adult who is 
                aged 25 to 34 with only a bachelor's degree, as 
                determined under subparagraph (C) and in accordance 
                with subparagraph (D).
            ``(C) The median earnings of a working adult who is aged 25 
        to 34 with only a bachelor's degree shall be based on data from 
        the Census Bureau--
                    ``(i) for the State in which the institution is 
                located; or
                    ``(ii) if fewer than 50 percent of the students 
                enrolled in the institution reside in the State where 
                the institution is located, for the entire United 
                States.
            ``(D) For any year for which the programmatic cohort is 
        fewer than 30 individuals, the Secretary shall--
                    ``(i) first, aggregate additional years of 
                programmatic data in order to achieve a cohort of at 
                least 30 individuals;
                    ``(ii) second, aggregate additional cohort years of 
                programmatic data for degrees or certificates of 
                equivalent length in order to achieve a cohort of at 
                least 30 individuals; and
                    ``(iii) if such data cannot be aggregated, use an 
                institution-based graduate-level measure, in lieu of a 
                programmatic measure.
            ``(E) An educational program shall not lose eligibility 
        under subparagraph (A) unless the institution has had the 
        opportunity to appeal the programmatic median earnings of 
        students working and not enrolled determination. During such 
        appeal, the Secretary may permit the educational program to 
        continue to participate in a program under this title. If an 
        educational program continues to participate in a program under 
        title, and the institution's appeal of the loss of eligibility 
        is unsuccessful, the institution shall pay to the Secretary an 
        amount equal to the amount of interest, and any related 
        payments made by the Secretary (or which the Secretary is 
        obligated to make) with respect to loans made under this title 
        to students attending, or planning to attend, that educational 
        program during the pendency of such appeal.''.

SEC. 403. PHASE OUT OF INCOME-BASED REPAYMENT.

    Section 493C of the Higher Education Act of 1965 (20 U.S.C. 1098e) 
is amended--
            (1) in subsection (b)(1), by inserting ``who enters 
        repayment on such loan before July 1, 2024, and'' after ``a 
        borrower of any loan made, insured, or guaranteed under part B 
        or D (other than an excepted PLUS loan or excepted 
        consolidation loan)''; and
            (2) in subsection (e)--
                    (A) in the subsection heading by inserting ``, and 
                Before July 1, 2024'' after ``July 1, 2014''; and
                    (B) by inserting ``, and before July 1, 2024'' 
                after ``July 1, 2014''.

           TITLE V--GRADUATE OPPORTUNITY AND AFFORDABLE LOANS

SEC. 501. LOAN LIMITS.

    Section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e) 
is amended--
            (1) in subsection (a)--
                    (A) in paragraph (3)(A)--
                            (i) in the matter preceding clause (i), by 
                        striking ``part B'' and inserting ``part B--'';
                            (ii) beginning in the matter preceding 
                        clause (i), by striking ``for any period'' and 
                        all that follows through ``professional 
                        student'' and inserting the following:
                            ``(i) for any period of instruction 
                        beginning on or after July 1, 2012, a graduate 
                        or professional student''; and
                            (iii) in clause (ii), by inserting ``for 
                        any period of instruction beginning on July 1, 
                        2012, and ending on June 30, 2024 (subject to 
                        paragraph (4)(C)),'' before ``the maximum 
                        annual''; and
                    (B) by adding at the end the following:
            ``(4) Graduate and professional annual and aggregate limits 
        for unsubsidized stafford loans beginning july 1, 2024.--
                    ``(A) Annual limits beginning july 1, 2024.--
                Subject to subparagraph (C), beginning on July 1, 2024, 
                the maximum annual amount of Federal Direct 
                Unsubsidized Stafford loans--
                            ``(i) a graduate student, who is not a 
                        professional student, may borrow in any 
                        academic year (as defined in section 481(a)(2)) 
                        or its equivalent shall be $20,500; and
                            ``(ii) a professional student may borrow in 
                        any academic year (as defined in section 
                        481(a)(2)) or its equivalent shall be $40,500.
                    ``(B) Aggregate limits beginning july 1, 2024.--
                Subject to subparagraph (C), beginning on July 1, 2024, 
                the maximum aggregate amount of Federal Direct 
                Unsubsidized Stafford loans--
                            ``(i) a graduate student, who is not a 
                        professional student, may borrow is $65,000, in 
                        addition to the amount borrowed for 
                        undergraduate education; and
                            ``(ii) a professional student may borrow is 
                        $130,000, in addition to the amount borrowed 
                        for undergraduate education.
                    ``(C) Phase out provisions.--Notwithstanding the 
                date of the applicability of the limits set forth in 
                this paragraph, an eligible graduate student, including 
                a professional student, who received a disbursement of 
                a Federal Direct Unsubsidized Stafford loan after June 
                30, 2023, and before July 1, 2024, for the 2023-2024 
                award year, may receive a Federal Direct Unsubsidized 
                Stafford loan for the 2024-2025 award year in amounts 
                that are subject to the annual and aggregate loan 
                limits applicable prior to July 1, 2024, if the 
                borrower did not graduate prior to the 2024-2025 award 
                year.
                    ``(D) Definitions.--In this paragraph:
                            ``(i) Graduate student.--The term `graduate 
                        student' means a student enrolled in a program 
                        at the postbaccalaureate level, such as a 
                        postbaccalaureate certificate, a master's 
                        degree, or a doctor's degree.
                            ``(ii) Professional student.--The term 
                        `professional student' means a student enrolled 
                        in a doctor's degree-professional practice 
                        program.
                            ``(iii) Postbaccalaureate certificate; 
                        master's degree; doctor's degree; doctor's 
                        degree professional-practice.--The terms 
                        `postbaccalaureate certificate', `master's 
                        degree', `doctor's degree', and `doctor's 
                        degree professional-practice' shall have the 
                        meaning provided in the 2022-2023 glossary of 
                        the Integrated Postsecondary Education Data 
                        System (OMB NO. 1859-0582 v. 30).
            ``(5) Termination of authority to make federal direct plus 
        loans to graduate and professional students.--
                    ``(A) In general.--Notwithstanding any other 
                provision of law, for any period of instruction 
                beginning on or after July 1, 2024, a graduate student 
                (including a professional student) shall not be 
                eligible to receive a Federal Direct PLUS Loan under 
                this part for enrollment in a program of graduate or 
                doctor's degree professional-practice education.
                    ``(B) Phase out provisions.--Not later than 30 days 
                after the date of enactment of the Lowering Education 
                Costs and Debt Act, each institution of higher 
                education that enrolls graduate students or 
                professional students shall notify prospective and 
                enrolled graduate students and professional students 
                that the Federal Direct PLUS Loan program will end for 
                graduate students and professional students on June 30, 
                2024.
                    ``(C) Definitions.--The definitions in paragraph 
                (4)(D) shall apply to this paragraph.
            ``(6) Institutionally determined limits.--Notwithstanding 
        any other provision of this part, an eligible institution (at 
        the discretion of a financial aid administrator at the 
        institution) may prorate or limit the amount of a loan a 
        student who is enrolled in a program of study at that 
        institution for a period of instruction beginning on or after 
        July 1, 2024, may borrow under this part for an academic year, 
        as long as any proration or limit is applied consistently to 
        all borrowers entering such program of study.''.
                                 <all>