[107th Congress Public Law 72]
[From the U.S. Government Printing Office]
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[DOCID: f:publ072.107]
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NEED-BASED EDUCATIONAL AID ACT OF 2001
[[Page 115 STAT. 648]]
Public Law 107-72
107th Congress
An Act
To amend the Improving America's Schools Act of 1994 to extend the
favorable treatment of need-based educational aid under the antitrust
laws, and for other purposes. <<NOTE: Nov. 20, 2001 - [H.R. 768]>>
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled, <<NOTE: Need-Based
Educational Aid Act of 2001.>>
SECTION 1. SHORT TITLE. <<NOTE: 15 USC 1 note.>>
This Act may be cited as the ``Need-Based Educational Aid Act of
2001''.
SEC. 2. AMENDMENT.
Section 568(d) of the Improving America's Schools Act of 1994 (15
U.S.C. 1 note) is amended by striking ``2001'' and inserting ``2008''.
SEC. 3. GAO STUDY AND REPORT. <<NOTE: 15 USC 1 note.>>
(a) Study.--
(1) In general.--The Comptroller General shall conduct a
study of the effect of the antitrust exemption on institutional
student aid under section 568 of the Improving America's Schools
Act of 1994 (15 U.S.C. 1 note).
(2) Consultation.--The Comptroller General shall have final
authority to determine the content of the study under paragraph
(1), but in determining the content of the study, the
Comptroller General shall consult with--
(A) the institutions of higher education
participating under the antitrust exemption under
section 568 of the Improving America's Schools Act of
1994 (15 U.S.C. 1 note) (referred to in this Act as the
``participating institutions'');
(B) the Antitrust Division of the Department of
Justice; and
(C) other persons that the Comptroller General
determines are appropriate.
(3) Matters studied.--
(A) In general.--The study under paragraph (1)
shall--
(i) examine the needs analysis methodologies
used by participating institutions;
(ii) identify trends in undergraduate costs of
attendance and institutional undergraduate grant
aid among participating institutions, including--
(I) the percentage of first-year
students receiving institutional grant
aid;
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(II) the mean and median grant
eligibility and institutional grant aid
to first-year students; and
(III) the mean and median parental
and student contributions to
undergraduate costs of attendance for
first year students receiving
institutional grant aid;
(iii) to the extent useful in determining the
effect of the antitrust exemption under section
568 of the Improving America's Schools Act of 1994
(15 U.S.C. 1 note), examine--
(I) comparison data, identified in
clauses (i) and (ii), from institutions
of higher education that do not
participate under the antitrust
exemption under section 568 of the
Improving America's Schools Act of 1994
(15 U.S.C. 1 note); and
(II) other baseline trend data from
national benchmarks; and
(iv) examine any other issues that the
Comptroller General determines are appropriate,
including other types of aid affected by section
568 of the Improving America's Schools Act of 1994
(15 U.S.C. 1 note).
(B) Assessment.--
(i) In general.--The study under paragraph (1)
shall assess what effect the antitrust exemption
on institutional student aid has had on
institutional undergraduate grant aid and parental
contribution to undergraduate costs of attendance.
(ii) Changes over time.--The assessment under
clause (i) shall consider any changes in
institutional undergraduate grant aid and parental
contribution to undergraduate costs of attendance
over time for institutions of higher education,
including consideration of--
(I) the time period prior to
adoption of the consensus methodologies
at participating institutions; and
(II) the data examined pursuant to
subparagraph (A)(iii).
(b) Report.--
(1) <<NOTE: Deadline.>> In general.--Not later than
September 30, 2006, the Comptroller General shall submit a
report to the Committee on the Judiciary of the Senate and the
Committee on the Judiciary of the House of Representatives that
contains the findings and conclusions of the Comptroller General
regarding the matters studied under subsection (a).
(2) Identifying individual institutions.--The Comptroller
General shall not identify an individual institution of higher
education in information submitted in the report under paragraph
(1) unless the information on the institution is available to
the public.
(c) Recordkeeping Requirement.--
(1) In general.--For the purpose of completing the study
under subsection (a)(1), a participating institution shall--
(A) collect and maintain for each academic year
until the study under subsection (a)(1) is completed--
(i) student-level data that is sufficient, in
the judgment of the Comptroller General, to permit
the analysis
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of expected family contributions, identified need,
and undergraduate grant aid awards; and
(ii) information on formulas used by the
institution to determine need; and
(B) submit the data and information under paragraph
(1) to the Comptroller General at such time as the
Comptroller General may reasonably require.
(2) Non-participating institutions.--Nothing in this
subsection shall be construed to require an institution of
higher education that does not participate under the antitrust
exemption under section 568 of the Improving America's Schools
Act of 1994 (15 U.S.C. 1 note) to collect and maintain data
under this subsection.
SEC. 4. <<NOTE: 15 USC 1 note.>> EFFECTIVE DATE.
This Act and the amendments made by this Act shall take effect on
September 30, 2001.
Approved November 20, 2001.
LEGISLATIVE HISTORY--H.R. 768:
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HOUSE REPORTS: No. 107-32 (Comm. on the Judiciary).
CONGRESSIONAL RECORD, Vol. 147 (2001):
Apr. 3, considered and passed House.
Oct. 3, considered and passed Senate, amended.
Nov. 6, House concurred in Senate amendments.
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