S. 2993 · 113th Congress
Students Before Profits Act
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D
MurphySponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Students Before Profits Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to require the Secretary of Education to: (1) use corrected data and information to recalculate the cohort default rates for institutions of higher education (IHEs) that have engaged in default manipulation, and (2) use the recalculated cohort…
What it does: CRS summary · Introduced in Senate · Dec 10, 2014
Students Before Profits Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to require the Secretary of Education to: (1) use corrected data and information to recalculate the cohort default rates for institutions of higher education (IHEs) that have engaged in default manipulation, and (2) use the recalculated cohort default rates to redetermine whether those IHEs are disqualified from participating in title IV programs. (The cohort default rate represents the percentage of a school's borrowers who begin to repay Federal Family Education Loans [FFELs] or William D. Ford Federal Direct Loans [DLs] in a fiscal year but default on those loans before the end of the second fiscal year following the fiscal year they began repaying them.)
Directs the Secretary to establish an Institutional Risk-Sharing Commission to study and make recommendations for the implementation of a new risk-sharing system that holds IHEs that participate in the DL program financially accountable for poor student outcomes.
Authorizes the Secretary to:
- impose a civil penalty on IHEs that engage in certain substantial misrepresentations or other serious HEA violations;
- impose smaller civil penalties on IHEs that engage in less serious title IV violations;
- impose employment sanctions and civil penalties against the officer of an IHE who knowingly and willfully, or with gross negligence, violates a title IV provision;
- limit, suspend, or terminate an IHE's participation in title IV programs for violating a title IV provision or any applicable special arrangement, agreement, or limitation; and
- take emergency action to withhold funds from an IHE or its students and withdraw the IHE's authority to obligate title IV funds in certain circumstances where immediate action is required to prevent the misuse of federal funds.
Provides for the use of the civil penalties to: (1) conduct program reviews and ensure the integrity of IHEs participating or seeking to participate in title IV programs; and (2) finance a Student Relief Fund that is to be used to provide financial relief to any student enrolled in an IHE that fails to comply with the HEA's eligibility requirements or the terms of its title IV program participation agreement or that has been sanctioned pursuant to this Act's penalty provisions.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Students Before Profits Act
Latest action (Dec 10, 2014): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Education · Origin: Senate · Introduced: Dec 10, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.