[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4415 Introduced in Senate (IS)]

<DOC>






119th CONGRESS
  2d Session
                                S. 4415

 To amend the Higher Education Act of 1965 regarding the use of TEACH 
                    grants, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 28, 2026

 Mr. Grassley (for himself, Mr. Reed, and Mr. Gallego) introduced the 
 following bill; which was read twice and referred to the Committee on 
                 Health, Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
 To amend the Higher Education Act of 1965 regarding the use of TEACH 
                    grants, 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 ``TEACH Improvement Act of 2026''.

SEC. 2. TEACH GRANTS.

    Subpart 9 of part A of title IV of the Higher Education Act of 1965 
(20 U.S.C. 1070g et seq.) is amended to read as follows:

                       ``Subpart 9--TEACH Grants

``SEC. 420L. DEFINITIONS.

    ``For the purposes of this subpart:
            ``(1) Eligible institution.--The term `eligible 
        institution' means an institution of higher education, as 
        defined in section 102, that the Secretary determines--
                    ``(A) provides high-quality teacher preparation and 
                professional development services, including extensive 
                clinical experience as a part of pre-service 
                preparation;
                    ``(B) is financially responsible and is not subject 
                to heightened cash monitoring or provisional 
                certification;
                    ``(C) provides pedagogical coursework, or 
                assistance in the provision of such coursework, 
                including the monitoring of student performance, and 
                formal instruction related to the theory and practices 
                of teaching; and
                    ``(D) provides supervision and support services to 
                teachers, or assistance in the provision of such 
                services, including mentoring focused on developing 
                effective teaching skills and strategies.
            ``(2) Post-baccalaureate.--The term `post-baccalaureate' 
        means a program of instruction for individuals who have 
        completed a baccalaureate degree that--
                    ``(A) is offered by an eligible institution that 
                does not offer a baccalaureate degree in education;
                    ``(B) does not lead to a graduate degree; and
                    ``(C) consists of courses required by a State in 
                order for a teacher candidate to receive a professional 
                certification or licensing credential that is required 
                for employment as a teacher in an elementary school or 
                secondary school in that State.
            ``(3) Teacher candidate.--The term `teacher candidate' 
        means a student or teacher described in subparagraph (A) or (B) 
        of section 420N(a)(2).

``SEC. 420M. PROGRAM ESTABLISHED.

    ``(a) Program Authority.--
            ``(1) Payments required.--The Secretary shall pay to each 
        eligible institution such sums as may be necessary to pay to 
        each teacher candidate who files an application and agreement 
        in accordance with section 420N, and who qualifies under 
        paragraph (2) of section 420N(a), a TEACH Grant in the amount 
        of--
                    ``(A) in the case of an applicant who is not an 
                applicant under section 420N(a)(2)(B)--
                            ``(i) $4,000 for each of the first 2 years 
                        during which that teacher candidate is in 
                        attendance at the institution; and
                            ``(ii) $5,000 for each of the second 2 
                        years during which that teacher candidate is in 
                        attendance at the institution; and
                    ``(B) in the case of an applicant under section 
                420N(a)(2)(B), $5,000 for each year during which that 
                individual is in attendance at the institution.
            ``(2) References.--Grants made under paragraph (1) shall be 
        known as `Teacher Education Assistance for College and Higher 
        Education Grants' or `TEACH Grants'.
    ``(b) Payment Methodology.--
            ``(1) Prepayment.--
                    ``(A) In general.--Not less than 85 percent of any 
                funds provided to an eligible institution under 
                subsection (a) shall be advanced to the eligible 
                institution prior to the start of each payment period 
                and shall be based upon an amount requested by the 
                institution as needed to pay teacher candidates until 
                such time as the Secretary determines and publishes in 
                the Federal Register, with an opportunity for comment, 
                an alternative payment system that provides payments to 
                institutions in an accurate and timely manner, subject 
                to subparagraph (B).
                    ``(B) Reimbursement authority.--Subparagraph (A) 
                shall not be construed to limit the authority of the 
                Secretary to place an institution on a reimbursement 
                system of payment.
            ``(2) Direct payment.--Nothing in this section shall be 
        interpreted to prohibit the Secretary from paying directly to 
        teacher candidates, in advance of the beginning of the academic 
        term, an amount for which teacher candidates are eligible, in 
        cases in which the eligible institution elects not to 
        participate in the disbursement system required by paragraph 
        (1).
            ``(3) Distribution of grants to teacher candidates.--
        Payments under this subpart shall be made, in accordance with 
        regulations promulgated by the Secretary for such purpose, in 
        such manner as will best accomplish the purposes of this 
        subpart. Any disbursement allowed to be made by crediting the 
        teacher candidate's account shall be used for any component of 
        the cost of attendance for the teacher candidate, as selected 
        by the teacher candidate.
    ``(c) Reductions in Amount.--
            ``(1) Part-time students.--In any case in which a teacher 
        candidate attends an eligible institution on less than a full-
        time basis (including a teacher candidate who attends an 
        eligible institution on less than a half-time basis) during any 
        year, the amount of a grant under this subpart for which that 
        teacher candidate is eligible shall be reduced in proportion to 
        the degree to which that teacher candidate is not attending on 
        a full-time basis, in accordance with a schedule of reductions 
        established by the Secretary for the purposes of this subpart, 
        computed in accordance with this subpart. Such schedule of 
        reductions shall be established by regulation and published in 
        the Federal Register in accordance with section 482.
            ``(2) No exceeding cost.--The amount of a grant awarded 
        under this subpart, in combination with Federal assistance and 
        other assistance the student may receive, shall not exceed the 
        cost of attendance at the eligible institution at which that 
        teacher candidate is in attendance.
    ``(d) Period of Eligibility for Grants.--
            ``(1) Undergraduate and post-baccalaureate students.--The 
        period during which an undergraduate or post-baccalaureate 
        student may receive grants under this subpart shall be the 
        period required for the completion of the first undergraduate 
        baccalaureate or post-baccalaureate course of study being 
        pursued by the teacher candidate at the eligible institution at 
        which the teacher candidate is in attendance, except that--
                    ``(A) any period during which the teacher candidate 
                is enrolled in a noncredit or remedial course of study 
                as described in paragraph (3) shall not be counted for 
                the purpose of this paragraph; and
                    ``(B) the total amount that a teacher candidate may 
                receive under this subpart for undergraduate or post-
                baccalaureate study shall not exceed $18,000.
            ``(2) Graduate students.--The period during which a 
        graduate student may receive grants under this subpart shall be 
        the period required for the completion of a master's degree 
        course of study pursued by the teacher candidate at the 
        eligible institution at which the teacher candidate is in 
        attendance, except that the total amount that a teacher 
        candidate may receive under this subpart for graduate study 
        shall not exceed $10,000.
            ``(3) Remedial course; study abroad.--Nothing in this 
        section shall be construed to exclude from eligibility courses 
        of study which are noncredit or remedial in nature (including 
        courses in English language acquisition) that are determined by 
        the eligible institution to be necessary to help the teacher 
        candidate be prepared for the pursuit of a first undergraduate 
        baccalaureate or post-baccalaureate degree or certificate or, 
        in the case of courses in English language instruction, to be 
        necessary to enable the teacher candidate to utilize already 
        existing knowledge, training, or skills. Nothing in this 
        section shall be construed to exclude from eligibility programs 
        of study abroad that are approved for credit by the home 
        institution at which the teacher candidate is enrolled.
    ``(e) Institutional Eligibility Based on Candidates' Failure To 
Complete Service.--
            ``(1) 50 percent threshold requirements.--Notwithstanding 
        subsections (a) and (b) and beginning for award year 2026-2027 
        and each subsequent award year, an institution for which, 
        during the period of the 3 preceding consecutive award years 
        (referred to in this subsection as the `applicable period'), 50 
        percent or more of the covered TEACH grant recipients (defined, 
        for purposes of this subsection, as TEACH Grant recipients who 
        graduated from such institution and had an outstanding service 
        obligation during the applicable period) have had their grant 
        converted to loans under section 420N(c)(1) during the 
        applicable period shall--
                    ``(A) for the 3-year period beginning on the last 
                day of the applicable period, be ineligible to offer 
                TEACH Grants to students at the institution who did not 
                receive a TEACH grant from the institution for the 
                preceding award year; and
                    ``(B) beginning 3 years after the last day of the 
                applicable period, be eligible to submit an application 
                to offer TEACH Grants to students but only in 
                accordance with the requirements of paragraph (2), for 
                3 award years.
            ``(2) 40 percent threshold requirements.--Notwithstanding 
        subsections (a) and (b), an institution for which, during an 
        applicable period, 40 percent or more of the covered TEACH 
        Grant recipients have had their TEACH Grants converted to loans 
        under section 420N(c)(1) shall--
                    ``(A) for a period of 3 award years--
                            ``(i) not be permitted to offer any student 
                        a TEACH Grant during the student's first 
                        academic year attending an institution of 
                        higher education;
                            ``(ii) provide a student with student 
                        teaching experience prior to offering the 
                        student a TEACH Grant; and
                            ``(iii) be required to provide additional 
                        financial aid counseling to students 
                        participating in the TEACH Grant program, or 
                        who express a desire to participate in the 
                        TEACH Grant program; and
                    ``(B) be required to establish a task force that 
                prepares a plan to--
                            ``(i) identify contributing factors leading 
                        to high loan conversion rates; and
                            ``(ii) establish measurable objectives and 
                        actionable steps, besides counseling students, 
                        to improve the loan conversion rate.
            ``(3) Reentry into full eligibility.--An institution 
        subject to the requirements of paragraph (2) (including an 
        institution subject to such paragraph as required under 
        paragraph (1)(B)) shall be eligible to apply to the Secretary 
        to restore full eligibility and remove the restrictions under 
        paragraph (2) when--
                    ``(A) the institution has completed not less than 3 
                award years of participating as described in such 
                paragraph;
                    ``(B) during the period of the 3 immediately 
                preceding award years of such participation, less than 
                40 percent of the covered TEACH grant recipients have 
                had their TEACH grants converted to loans under section 
                420N(c)(1); and
                    ``(C) the institution has established the task 
                force and improvement plan as required under paragraph 
                (2)(B), made demonstrable progress on such improvement 
                plan, and continues to engage in review and technical 
                assistance in order to improve the loan conversion 
                rate.
            ``(4) Technical assistance and dissemination of best 
        practices.--The Secretary shall--
                    ``(A) provide technical assistance to institutions 
                seeking to retain or regain eligibility under this 
                section; and
                    ``(B) disseminate best practices outlined in 
                section 420P(b)(7) for minimizing the conversion of 
                TEACH grants into loans.

``SEC. 420N. APPLICATIONS; ELIGIBILITY.

    ``(a) Applications; Demonstration of Eligibility.--
            ``(1) Filing required.--The Secretary shall periodically 
        set dates by which teacher candidates shall file applications 
        for TEACH grants. Each teacher candidate desiring a TEACH grant 
        for any year shall file an application containing such 
        information and assurances as the Secretary may determine 
        necessary to enable the Secretary to carry out the functions 
        and responsibilities of this subpart.
            ``(2) Demonstration of teach grant eligibility.--Each 
        application submitted under paragraph (1) shall contain such 
        information as is necessary to demonstrate that--
                    ``(A) if the applicant is an enrolled student--
                            ``(i) the student is an eligible student 
                        for purposes of section 484;
                            ``(ii) the student--
                                    ``(I) has a grade point average 
                                that is determined, under standards 
                                prescribed by the Secretary, to be 
                                comparable to a 3.25 average on a zero 
                                to 4.0 scale, except that, if the 
                                student is in the first year of a 
                                program of undergraduate education, 
                                such grade point average shall be 
                                determined on the basis of the 
                                student's cumulative secondary school 
                                grade point average; or
                                    ``(II) displayed high academic 
                                aptitude by receiving a score above the 
                                75th percentile on at least one of the 
                                batteries in an undergraduate, post-
                                baccalaureate, or graduate school 
                                admissions test; and
                            ``(iii) the student is completing 
                        coursework and other requirements necessary to 
                        begin a career in teaching, or plans to 
                        complete such coursework and requirements prior 
                        to graduating; or
                    ``(B) if the applicant is a current or prospective 
                teacher applying for a grant to obtain a graduate 
                degree--
                            ``(i) the applicant is a teacher or a 
                        retiree from another occupation with expertise 
                        in a field in which there is a shortage of 
                        teachers, such as mathematics, science, special 
                        education, English language acquisition, or 
                        another high-need subject;
                            ``(ii) the applicant is or was a teacher 
                        who is using high-quality alternative 
                        certification routes; or
                            ``(iii) the applicant is a practicing 
                        teacher in another field and is pursuing an 
                        additional credential in a field in which there 
                        is a shortage of teachers, such as mathematics, 
                        science, special education, English language 
                        acquisition, or another high-need subject.
    ``(b) Agreements To Serve.--Each application under subsection (a) 
shall contain or be accompanied by an agreement by the applicant that--
            ``(1) the applicant will--
                    ``(A) serve as a full-time teacher for a total of 
                not less than 4 academic years within 8 years after 
                completing the course of study for which the applicant 
                received a TEACH Grant (referred to in this section as 
                the `service obligation window');
                    ``(B) teach in a school described in section 
                465(a)(2)(A);
                    ``(C) teach in any of the following fields--
                            ``(i) mathematics;
                            ``(ii) science;
                            ``(iii) a foreign language;
                            ``(iv) bilingual education;
                            ``(v) special education;
                            ``(vi) as a reading specialist;
                            ``(vii) career and technical education;
                            ``(viii) school mental health; or
                            ``(ix) another field or geographic area 
                        documented as high-need by the Federal 
                        Government, State government, or local 
                        educational agency, and approved by the 
                        Secretary;
                    ``(D) submit evidence of such employment in the 
                form of a certification of employment by the chief 
                administrative officer of the school, in accordance 
                with subsection (d)(5), upon completion of each year of 
                such service; and
                    ``(E) meet all State certification requirements for 
                teaching (which may include meeting such requirements 
                through a certification obtained through alternative 
                routes to teaching);
            ``(2) in the event that the applicant is determined to have 
        failed or refused to carry out such service obligation, an 
        amount equal to any TEACH Grants received by such applicant, 
        prorated in accordance with subsection (c)(1)(B), will be 
        treated as a loan and collected from the applicant in 
        accordance with subsection (c) and the regulations thereunder; 
        and
            ``(3) contains, or is accompanied by, a plain-language 
        disclosure form developed by the Secretary that clearly 
        describes the nature of the TEACH Grant award, the service 
        obligation, and the loan repayment requirements that are the 
        consequence of the failure to complete the service obligation.
    ``(c) Repayment for Failure To Complete Service.--
            ``(1) In general.--In the event that any recipient of a 
        TEACH grant fails or refuses to comply with some or all of the 
        service obligation required under the agreement under 
        subsection (b)--
                    ``(A) the Secretary shall determine the proportion 
                of the total amount of time of the service obligation 
                that the recipient has failed or refused to complete; 
                and
                    ``(B) the Secretary shall--
                            ``(i) determine, on a prorated basis based 
                        on the proportion described in subparagraph 
                        (A), the amounts of any TEACH Grants received 
                        by such recipient that shall, upon a 
                        determination of such a failure or refusal in 
                        such service obligation, be treated as a 
                        Federal Direct Stafford Loan under part D 
                        (except that such loan shall not begin to 
                        accrue interest until the time of conversion); 
                        and
                            ``(ii) ensure that such amounts are subject 
                        to repayment, in accordance with terms and 
                        conditions specified by the Secretary in 
                        regulations under this subpart.
            ``(2) Reconsideration of conversion decisions.--
                    ``(A) Request to reconsider.--In any case where the 
                Secretary has determined that a recipient of a TEACH 
                grant has failed or refused to comply with the service 
                obligation in the agreement under subsection (b) and 
                has converted the grant into a Federal loan in 
                accordance with paragraph (1), (including a TEACH Grant 
                converted to a loan prior to the date of enactment of 
                the Consider Teachers Act of 2021, and including cases 
                where such loans have been fully or partially paid), 
                the recipient may request that the Secretary reconsider 
                such initial determination and may submit additional 
                information to demonstrate satisfaction of the service 
                obligation. Upon receipt of such a request, the 
                Secretary shall reconsider the determination in 
                accordance with this paragraph not later than 90 days 
                after the date that such request was received.
                    ``(B) Reconsideration.--If, in reconsidering an 
                initial determination under subparagraph (A) regarding 
                a conversion of a TEACH grant into a Federal loan in 
                accordance with paragraph (1) (including 
                reconsideration related to a TEACH Grant that was 
                converted to a loan prior to the date of enactment of 
                the Consider Teachers Act of 2021, and including cases 
                where such loans were fully or partially paid), the 
                Secretary determines that the reason for such 
                determination was the recipient's failure to timely 
                submit a certification required under subsection 
                (b)(1)(D) (as in effect on the day before the date of 
                enactment of the Consider Teachers Act of 2021), an 
                error or processing delay by the Secretary, a change to 
                the fields considered eligible for fulfillment of the 
                service obligation (as described in subsection 
                (b)(1)(C)), a recipient having previously requested to 
                have the TEACH Grant converted to a loan, or another 
                valid reason determined by the Secretary, and that the 
                recipient has, as of the date of the reconsideration, 
                demonstrated that the recipient did meet, or is 
                meeting, the service obligation in the agreement under 
                subsection (b), the Secretary shall--
                            ``(i) discharge the Federal loan and 
                        reinstate the recipient's TEACH grant under 
                        this subpart;
                            ``(ii) discharge any interest or fees that 
                        may have accumulated during the period that the 
                        grant was converted to such Federal loan;
                            ``(iii) if the recipient has other loans 
                        under part D, apply any payments made for such 
                        Federal loan during such period to those other 
                        loans under part D;
                            ``(iv) if the recipient does not have other 
                        loans under part D, reimburse the recipient for 
                        any amounts paid on such loan during such 
                        period;
                            ``(v) request that consumer reporting 
                        agencies remove any negative credit reporting 
                        due to the conversion of the TEACH Grant to a 
                        Federal loan; and
                            ``(vi) use the additional information 
                        provided under subparagraph (A) to determine 
                        the progress the recipient has made in meeting 
                        the service obligation.
                    ``(C) Extension of time to complete service 
                obligation.--In the case of a recipient whose TEACH 
                Grant was reinstated in accordance with subparagraph 
                (B), the Secretary shall, upon such reinstatement--
                            ``(i) extend the time remaining for the 
                        recipient to fulfill the service obligation 
                        described in subsection (b)(1) to a period of 
                        time equal to--
                                    ``(I) 8 years; minus
                                    ``(II) the number of full academic 
                                years of teaching that the recipient 
                                completed prior to the reconversion of 
                                the loan to a TEACH Grant under 
                                subparagraph (B), including any years 
                                of qualifying teaching completed during 
                                the period when the TEACH Grant was in 
                                loan status; and
                            ``(ii) treat any full academic years of 
                        teaching described in clause (i)(II) as years 
                        that count toward the individual's service 
                        obligation (regardless of whether the TEACH 
                        Grant funds were in grant or loan status) if 
                        that time otherwise meets the requirements of 
                        this section.
    ``(d) Additional Administrative Provisions.--
            ``(1) Change to school or high-need field.--
                    ``(A) Change of high-need field designation after 
                acquiring degree or expertise.--Notwithstanding 
                subsection (b), if a recipient of an initial TEACH 
                grant has acquired an academic degree, or expertise, in 
                a field that was, at the time of the recipient's 
                application for that grant, designated as high need in 
                accordance with subsection (b)(1)(C)(ix), but is no 
                longer so designated, the grant recipient may fulfill 
                the service obligation described in subsection (b)(1) 
                by teaching in that field and completing the required 
                period of service within the service obligation window.
                    ``(B) Change of high-need field or school 
                designation after beginning teaching.--Notwithstanding 
                subsection (b), if a recipient of a TEACH grant on or 
                after the effective date of the TEACH Improvement Act 
                of 2026 begins teaching at a school described in 
                subsection (b)(1)(B) and in a field described in 
                subsection (b)(1)(C) during the service obligation 
                window, but such school or field later is no longer 
                designated under subsection (b), the grant recipient 
                may fulfill the service obligation described in 
                subsection (b)(1) by continuing to teach in that school 
                and field and completing the required period of service 
                within the service obligation window.
            ``(2) Extenuating circumstances.--The Secretary shall 
        establish, by regulation, categories of extenuating 
        circumstances under which a recipient of a TEACH grant who is 
        unable to fulfill all or part of the recipient's service 
        obligation may be excused from fulfilling that portion of the 
        service obligation.
            ``(3) Communication with recipients.--The Secretary shall 
        notify TEACH grant recipients not less than once per calendar 
        year regarding how to submit the employment certification under 
        subsection (b)(1)(D) and the recommendations and requirements 
        for submitting that certification under paragraph (5).
            ``(4) Qualifying schools and high-need fields.--The 
        Secretary shall maintain and annually update a list of 
        qualifying schools as described in subsection (b)(1)(B), and a 
        list of high-need fields as described in subsection (b)(1)(C), 
        and shall make such lists publicly available on the 
        Department's website in a sortable and searchable format.
            ``(5) Submission of employment certification.--
                    ``(A) Recommended submissions.--The Secretary shall 
                notify TEACH Grant recipients that the Department 
                recommends that TEACH Grant recipients submit the 
                employment certification described in subsection 
                (b)(1)(D) as soon as practicable after the completion 
                of each year of service.
                    ``(B) Required submission.--A TEACH Grant recipient 
                shall be required to submit to the Department 
                employment certification within the timeframe that 
                would allow that individual to complete their service 
                obligation before the end of the service obligation 
                window.
                    ``(C) Notification.--The Secretary shall notify 
                TEACH Grant recipients of the required submission 
                deadlines described in this paragraph.
                    ``(D) Adjustment of deadline.--The Secretary shall 
                adjust the submission deadline described in 
                subparagraph (B) to account for a service obligation 
                window extension.
                    ``(E) Alternative to certification.--The Secretary 
                shall provide an alternative to the certification of 
                employment described in subsection (b)(1)(D) for 
                recipients who cannot obtain such required 
                certification of employment from the chief 
                administrative officer of the school because the 
                recipient can demonstrate the school is no longer in 
                existence or the school refuses to cooperate.

``SEC. 420O. PROGRAM PERIOD AND FUNDING.

    ``Beginning on July 1, 2008, there shall be available to the 
Secretary to carry out this subpart, from funds not otherwise 
appropriated, such sums as may be necessary to provide TEACH Grants in 
accordance with this subpart to each eligible applicant.

``SEC. 420P. REPORTS TO AUTHORIZING COMMITTEES.

    ``(a) Program Reports.--Not later than two years after the date of 
enactment of the TEACH Improvement Act of 2026, and every two years 
thereafter, the Secretary shall prepare and submit to the authorizing 
committees a report on TEACH grants with respect to the schools and 
students served by recipients of such grants. Such report shall take 
into consideration information related to--
            ``(1) the number of TEACH grant recipients;
            ``(2) the degrees obtained by such recipients;
            ``(3) the location, including the school, local educational 
        agency, and State, where the recipients completed the service 
        agreed to under section 420N(b), and the field taught;
            ``(4) the duration of such service; and
            ``(5) any other data necessary to conduct such evaluation.
    ``(b) Annual Reports.--Not later than 1 year after the date of 
enactment of the TEACH Improvement Act of 2026, and annually 
thereafter, the Secretary shall prepare and submit to the authorizing 
committees a report regarding the 1-year period covered by the report, 
including the following:
            ``(1) The number of TEACH grants converted to loans under 
        section 420N(c)(1)(B).
            ``(2) The number of institutions that were subject to the 
        heightened requirements under section 420M(e)(1).
            ``(3) The number of institutions that were subject to the 
        heightened requirements under section 420M(e)(2).
            ``(4) The number of TEACH grants converted to loans under 
        section 420N(c)(1)(B) that were reconverted to TEACH grants in 
        accordance with section 420N(c)(2).
            ``(5) The number of contacts or complaints to the 
        Department of Education or the Consumer Financial Protection 
        Bureau (including through any ombudsman) received from a TEACH 
        grant recipient, and the resolutions of those contacts or 
        complaints.
            ``(6) Demographic information about recipients of TEACH 
        grants, including race, ethnicity, and gender.
            ``(7) Recommendations on best practices for minimizing the 
        conversion of TEACH grants into loans.

``SEC. 420Q. SERVICER ACCOUNTABILITY.

    ``The Secretary shall prescribe such regulations as may be 
necessary to ensure accurate administrative oversight and appropriate 
penalties for third party servicers in order to ensure that--
            ``(1) such servicers properly perform their contractual 
        obligations with respect to this subpart; and
            ``(2) such servicers are held responsible with respect to 
        the loss of benefits of TEACH grant recipients due to servicer 
        failures.''.

SEC. 3. EFFECTIVE DATE.

    The amendments made by this Act shall take effect on July 1, 2026.
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