[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3355 Introduced in Senate (IS)]

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118th CONGRESS
  1st Session
                                S. 3355

 To require institutions of higher education participating in Federal 
 financial aid programs to pay a percentage of the cost of attendance 
for each enrolled full-time student, based on the endowment fund of the 
                  institution, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 29, 2023

  Mr. Scott of Florida introduced the following bill; which was read 
 twice and referred to the Committee on Health, Education, Labor, and 
                                Pensions

_______________________________________________________________________

                                 A BILL


 
 To require institutions of higher education participating in Federal 
 financial aid programs to pay a percentage of the cost of attendance 
for each enrolled full-time student, based on the endowment fund of the 
                  institution, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Changing Our Learning, Loans, 
Endowments, and Graduation Expectations Act'' or the ``COLLEGE Act''.

SEC. 2. COST MATCH REQUIREMENT.

    Part G of title IV of the Higher Education Act of 1965 (20 U.S.C. 
1088 et seq.) is amended by adding at the end the following:

``SEC. 494A. COST MATCH REQUIREMENT AND COST AND ENDOWMENT REPORT.

    ``(a) Cost Match Requirement.--
            ``(1) In general.--For each award year, each institution of 
        higher education participating in a program under this title 
        that has an endowment fund that is maintained for the purpose 
        of generating income for the support of the institution and is 
        greater than $1,000,000,000 shall pay the covered percentage of 
        the cost of attendance for each full-time student enrolled at 
        the institution of higher education.
            ``(2) Covered percentage.--The covered percentage shall be:
                    ``(A) In the case of an institution of higher 
                education that has an endowment fund that is greater 
                than $1,000,000,000, but less than $5,000,000,000, 25 
                percent.
                    ``(B) In the case of an institution of higher 
                education that has an endowment fund that is 
                $5,000,000,000 or greater, but less than 
                $10,000,000,000, 50 percent.
                    ``(C) In the case of an institution of higher 
                education that has an endowment fund that is 
                $10,000,000,000 or greater, 75 percent.
    ``(b) Cost and Endowment Report.--Not later than July 1 of each 
year, each institution of higher education participating in a program 
under this title shall submit a report to the Secretary containing the 
following information:
            ``(1) The total cost of attendance for a full-time student 
        for the upcoming award year.
            ``(2) If the total cost of attendance for the upcoming 
        award year is greater than the cost of attendance for the prior 
        award year--
                    ``(A) the amount of the increase in the cost of 
                attendance from the prior award year; and
                    ``(B) an explanation of the basis for such 
                increase.
            ``(3) A statement of whether the institution of higher 
        education has an endowment fund, and if so--
                    ``(A) the amount of the endowment fund as of the 
                date the report is submitted; and
                    ``(B) the total increase in the amount of the 
                endowment fund over the preceding 4 fiscal quarters, 
                specifying the growth attributable to--
                            ``(i) contributions to the endowment fund, 
                        including charitable donations, gifts, 
                        bequests, and similar contributions of money or 
                        assets; and
                            ``(ii) investments of amounts in the 
                        endowment fund, including bonds, securities, 
                        asset acquisitions or sales, and similar 
                        financial investments and transactions.''.

SEC. 3. PROGRAM PARTICIPATION AGREEMENT.

    Section 487(a) of the Higher Education Act of 1965 (20 U.S.C. 
1094(a)) is amended by adding at the end the following:
            ``(30) The institution will--
                    ``(A) pay the covered percentage of the cost of 
                attendance for each full-time enrolled student, as 
                described in section 494A(a); and
                    ``(B) annually submit the cost and endowment report 
                described in section 494A(b).''.

SEC. 4. RISK-SHARING PAYMENTS FOR FEDERAL DIRECT LOANS.

    Section 454 of the Higher Education Act of 1965 (20 U.S.C. 
1087d(a)) is amended--
            (1) in subsection (a)--
                    (A) in paragraph (5), by striking ``and'' after the 
                semicolon;
                    (B) by redesignating paragraph (6) as paragraph 
                (8); and
                    (C) by inserting after paragraph (5) the following:
            ``(6) provide that the institution accepts the 
        institutional risk-sharing requirements under subsection 
        (d);''; and
            (2) by adding at the end the following:
    ``(d) Institutional Risk-Sharing Based on Loan Default.--
            ``(1) In general.--Beginning with the first fiscal year 
        that begins after the date of enactment of the COLLEGE Act, and 
        each succeeding fiscal year, each institution of higher 
        education participating in the direct student loan program 
        under this part shall remit to the Secretary, at such times as 
        the Secretary may specify, an institutional risk-sharing 
        payment, as determined under paragraph (2).
            ``(2) Determination of risk-sharing payments.--
                    ``(A) Determination of cohort loan balance.--The 
                cohort loan balance of an institution for a fiscal year 
                equals the total principal amount of all loans made 
                under this part to attend such institution for the 
                cohort of borrowers who entered repayment, deferment, 
                or forbearance on such loans in the third preceding 
                fiscal year for which the determination is made.
                    ``(B) Determination of cohort nonrepayment loan 
                balance.--The cohort nonrepayment loan balance of an 
                institution for a fiscal year equals, from the total 
                amount of the loans described in subparagraph (A), the 
                total loan balance of those borrowers who have gone 
                into default in the 3 consecutive fiscal years since 
                their loans entered repayment, deferment, or 
                forbearance.
                    ``(C) Determination of payment.--The risk-sharing 
                payment of an institution for a fiscal year shall 
                equal, for the first fiscal year after the date of 
                enactment of the COLLEGE Act through the twenty-fifth 
                fiscal year after such date, an amount equal to 1 
                percent of the cohort nonrepayment loan balance 
                determined under subparagraph (B) through 25 percent of 
                that balance, respectively, for each year.''.

SEC. 5. PROGRAM INTEGRITY.

    (a) Institutional Reporting.--Section 454 of the Higher Education 
Act of 1965 (20 U.S.C. 1087d), as amended by section 4, is further 
amended--
            (1) in subsection (a), by inserting after paragraph (6) (as 
        added by section 4), the following:
            ``(7) provide that the institution will collect and by July 
        1 of each year report to the Secretary data, in the aggregate 
        and disaggregated by academic major, regarding--
                    ``(A) the 4-year graduation rate for each academic 
                program offered at the institution;
                    ``(B) the percentage of graduates who are employed 
                full-time or continuing their education full-time 1, 3, 
                and 5 years after graduating;
                    ``(C) the median full-time wages of graduates for 
                each academic program 1, 3, and 5 years after 
                graduating;
                    ``(D) the total cost of tuition and fees for the 
                mandatory credit hours necessary to graduate with a 
                degree for each academic program;
                    ``(E) the cost to graduate with a degree for each 
                academic program by major (including tuition, fees, 
                room and board, and books and supplies);
                    ``(F) the average monthly payment due for loans 
                made under part B, D, or E, for graduates of each 
                academic program;
                    ``(G) the average total student loan debt of 
                graduates for each academic program; and
                    ``(H) the average 3-year student loan default rate 
                of graduates for each academic program; and''; and
            (2) by adding at the end the following:
    ``(e) Publicly Available Information.--The Secretary shall publish 
and make publicly available the data described in subsection (a)(7).''.
    (b) Program Review and Data.--Section 498A(a)(1) of the Higher 
Education Act of 1965 (20 U.S.C. 1099c-1(a)(1)) is amended by striking 
``title;'' and inserting ``title, which shall include annually 
collecting and reporting, for each institution--
                    ``(A) the average amount of Federal student loan 
                debt owed for an individual student on the date of 
                graduation from that institution; and
                    ``(B) the rate of loan deferment, rate of 
                forbearance, rate of default, and rate of delinquency 
                (each expressed separately) for borrowers of all 
                Federal student loans, 5, 7, and 10 years after the 
                borrowers' date of graduation from the institution;''.
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