COLLEGE Act
- Last Action
- 11/29/2023
Actions
- 2023-11-29Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- 2023-11-29Introduced in Senate
CRS Summary
As of 2023-11-29 (00)
Changing Our Learning, Loans, Endowments, and Graduation Expectations Act or the COLLEGE Act
This bill requires institutions of higher education (IHEs) to provide cost-match awards to enrolled students based on the size of the IHE's endowment fund, makes IHEs responsible for a percentage of the student loan balance of students who are in default, and establishes related reporting requirements.
Specifically, the bill requires an IHE that has an endowment fund that is greater than $1 billion to pay the covered percentage of the cost of attendance for each full-time student enrolled at the IHE.
Additionally, the bill requires an IHE to remit to the Department of Education (ED) an annually increasing percentage of the loan balance of students who are in default.
The bill also establishes certain reporting requirements, including by requiring IHEs and ED to report certain metrics related to student debt and academic programs.
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.