#aacth ,,congress #ast ,session ,h4 ,r4 #aiaa ,,an ,,act ,to amend the ,higher ,education ,act of #aife to establish interest rates for new loans made on or after ,july #a1 #bjac1 to direct the ,secretary of ,education to convene the ,advisory ,committee on ,improving ,postsecondary ,education ,data to conduct a study on improvements to postsecondary education transparency at the ,federal level1 and for other purposes4 #a4 ,table of ,contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,table of ,contents4 ,title ,i--,smarter ,solutions for ,students ,act ,sec4 #aja4 ,short title4 ,sec4 #ajb4 ,student loan interest rates4 ,sec4 #ajc4 ,budgetary effects4 ,title ,,ii--,improving ,postsecondary ,education ,data for ,students ,act ,sec4 #bja4 ,short title4 ,sec4 #bjb4 ,study on improvements to postsecondary education transparency at the ,federal level4 ,i ,smarter ,solutions for ,students ,act #aja4 ,short title ,this title may be cited as the ,smarter ,solutions for ,students ,act4 #ajb4 ,student loan interest rates ,section #dee7;b7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;e7b77 is amended-- 7#a7 in paragraph 7#g7-- 7,a7 in the paragraph heading1 by inserting 1 and before ,july #a1 #bjac after #bjjf2 7,b7 in subparagraph 7,a71 by inserting and before ,july #a1 #bjac1 after #bjjf12 7,c7 in subparagraph 7,b71 by inserting and before ,july #a1 #bjac1 after #bjjf12 and 7,d7 in subparagraph 7,c71 by inserting and before ,july #a1 #bjac1 after #bjjf12 7#b7 by redesignating paragraphs 7#h7 and 7#i7 as paragraphs 7#i7 and 7#aj71 respectively2 and 7#c7 by inserting after paragraph 7#g71 the following3 7#h7 ,interest rate provision for new loans on or after ,july #a1 #bjac 7,a7 ,rates for fdsl and fdusl ,notwithstanding the preceding paragraphs of this subsection1 for ,federal ,direct ,stafford ,loans and ,federal ,direct ,unsubsidized ,stafford ,loans for which the first disbursement is made on or after ,july #a1 #bjac1 the applicable rate of interest shall1 during any #ab-month period beginning on ,july #a and ending on ,june #cj1 be determined on the preceding ,june #a and be equal to-- 7i7 the high-yield #aj-year ,treasury notes auctioned at the final auction held prior to such ,june #a2 plus 7ii7 #b4e percent1 except that such rate shall not exceed #h4e percent4 7,b7 ,,plus ,loans ,notwithstanding the preceding paragraphs of this subsection1 for any ,federal ,direct ,,plus ,loan for which the first disbursement is made on or after ,july #a1 #bjac1 the applicable rate of interest shall1 during any #ab-month period beginning on ,july #a and ending on ,june #cj1 be determined on the preceding ,june #a and be equal to-- 7i7 the high-yield #aj-year ,treasury notes auctioned at the final auction held prior to such ,june #a2 plus 7ii7 #d4e percent1 except that such rate shall not exceed #aj4e percent4 7,c7 ,consolidation ,loans ,notwithstanding the preceding paragraphs of this subsection1 any ,federal ,direct ,consolidation ,loan for which the application is received on or after ,july #a1 #bjac1 shall bear interest at an annual rate on the unpaid principal balance of the loan that is equal to the weighted average of the interest rates on the loans consolidated1 rounded to the nearest higher one-eighth of one percent4 4 #ajc4 ,budgetary effects 7a7 ,paygo scorecard ,the budgetary effects of this ,act shall not be entered on either ,,paygo scorecard maintained pursuant to section #d7;d7 of the ,statutory ,pay-,as-,you-,go ,act of #bjaj4 7b7 ,senate paygo scorecard ,the budgetary effects of this ,act shall not be entered on any ,,paygo scorecard maintained for purposes of section #bja of ,s4 ,con4 ,res4 #ba 7#aajth ,congress74 ,,ii ,improving ,postsecondary ,education ,data for ,students ,act #bja4 ,short title ,this title may be cited as the ,improving ,postsecondary ,education ,data for ,students ,act4 #bjb4 ,study on improvements to postsecondary education transparency at the ,federal level 7a7 ,formation of ,advisory ,committee on ,improving ,postsecondary ,education ,data 7#a7 ,in general ,not later than #cj days after the date of enactment of this ,act1 the ,secretary of ,education shall convene the ,advisory ,committee on ,improving ,postsecondary ,education ,data 7in this ,act referred to as the ,advisory ,committee71 which shall be comprised of #ae members who represent economically1 racially1 and geographically diverse populations appointed by the ,secretary in consultation with the ,commissioner for ,education ,statistics1 including-- 7,a7 individuals representing different sectors of institutions of higher education1 including individuals representing undergraduate and graduate education2 7,b7 experts in the field of higher education policy2 7,c7 ,state officials2 7,d7 students and other stakeholders from the higher education community2 7,e7 representatives from the business community2 7,f7 experts in choice in consumer markets2 7,g7 privacy experts2 7,h7 college and career counselors at secondary schools2 7,i7 experts in data policy1 collection1 and use2 and 7,j7 experts in labor markets4 7#b7 ,chairperson ,the ,secretary shall appoint the ,chairperson of the ,advisory ,committee4 7b7 ,study required ,the ,advisory ,committee shall conduct a study examining-- 7#a7 the types of information1 including information related to costs of postsecondary education1 sources of financial assistance 7including ,federal student loans71 student outcomes1 and postgraduation earnings1 the ,federal ,government should collect and report on institutions of higher education to assist students and families in their search for an institution of higher education2 7#b7 how such information should be collected and reported1 including how to disaggregate information on student outcomes by subgroups of students1 such as full-time students1 part-time students1 nontraditional students1 first generation college students1 students who are veterans1 and ,federal ,pell ,grant recipients under subpart #a of part ,a of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj;a72 and 7#c7 the ways in which the ,federal ,government may make such information more readily available to-- 7,a7 students and their families in a format that is easily accessible and understandable1 and will aid students and their families in making decisions2 and 7,b7 ,states1 local governments1 secondary schools1 individual or groups of institutions of higher education1 and private-sector entities4 7c7 ,scope of study ,in conducting the study under this ,act1 the ,advisory ,committee shall1 at a minimum1 examine-- 7#a7 whether the current ,federal transparency initiatives on postsecondary education-- 7,a7 are reporting consistent information about individual institutions of higher education across ,federal agencies2 and 7,b7 are similar to transparency initiatives on postsecondary education carried out by ,states1 individual or groups of institutions of higher education1 or private-sector entities2 7#b7 whether-- 7,a7 the collection and reporting of postgraduation earnings by the ,federal ,government is feasible1 and if feasible1 the options for collecting and reporting such information2 7,b7 collecting and reporting such information would improve the use of ,federal transparency initiatives and ease decisionmaking for students and their families2 and 7,c7 collecting and reporting such information would have an impact on student privacy1 and if so1 how such impact may be minimized2 7#c7 whether any other information1 including information relating to student outcomes or identified under the review required under subsection 7d71 should be collected and reported by the ,federal ,government to improve the utility of such initiatives for students and their families1 and if so1 how such information may be collected and reported1 including whether the information should be disaggregated by subgroups of students2 7#d7 whether any information currently collected and reported by the ,federal ,government on institutions of higher education is not useful for students and their families and should not be so collected and reported2 7#e7 the manner in which the information from ,federal transparency initiatives is made available to students and their families1 and whether format changes may help the information become more easily understood and widely utilized by students and their families2 7#f7 any activities being carried out by the ,federal ,government1 ,states1 individual or groups of institutions of higher education1 or private-sector entities to help inform students and their families of the availability of ,federal transparency initiatives2 7#g7 the cost to institutions of higher education of reporting to the ,federal ,government the information that is being collected and reported through ,federal transparency initiatives1 and how such cost may be minimized2 and 7#h7 the relevant research described in subsection 7d74 7d7 ,review of relevant research ,in conducting the study under this ,act1 the ,advisory ,committee shall review and consider-- 7#a7 research and studies1 if any1 that have been conducted to determine questions most frequently asked by students and families to help inform their search for an institution of higher education2 7#b7 the types of information students seek before enrolling in an institution of higher education2 7#c7 whether the availability to students and their families of additional information on institutions of higher education will be beneficial or confusing2 7#d7 results1 if any1 that are available from consumer testing of ,federal1 ,state1 institution of higher education1 and private-sector transparency initiatives on postsecondary education that have been made publicly available on or after the date that is #aj years before the date of enactment of this ,act2 and 7#e7 any gaps in the research1 studies1 and results described in paragraphs 7#a7 and 7#d7 relating to the types of information students seek before enrolling in an institution of higher education4 7e7 ,consultation 7#a7 ,in general ,in conducting the study under this ,act1 the ,advisory ,committee shall-- 7,a7 hold public hearings to consult with parents and students2 and 7,b7 consult with a broad range of interested parties in higher education1 including appropriate researchers1 representatives of secondary schools 7including college and career counselors7 and institutions of higher education from different sectors of such institutions 7including undergraduate and graduate education71 ,state administrators1 and ,federal officials4 7#b7 ,consultation with the authorizing committees ,the ,advisory ,committee shall consult on a regular basis with the authorizing committees in conducting the study under this ,act4 7f7 ,reports to authorizing committees 7#a7 ,interim report ,not later than #ahj days after the date of enactment of this ,act1 the ,advisory ,committee shall prepare and submit to the authorizing committees and the ,secretary an interim report describing the progress made in conducting the study under this ,act and any preliminary findings on the topics identified under subsection 7c74 7#b7 ,final report 7,a7 ,in general ,not later than #a year after the date of enactment of this ,act1 the ,advisory ,committee shall prepare and submit to the authorizing committees and the ,secretary a final report on the study1 including-- 7i7 recommendations for legislative1 regulatory1 and administrative actions based on findings related to the topics identified under subsection 7c72 and 7ii7 a summary of the research described in subsection 7d74 7,b7 ,consultation with #j,,nces ,the ,advisory ,committee shall consult with the ,commissioner of ,education ,statistics prior to making recommendations under subparagraph 7,a77i7 with respect to improving the information being collected and reported by the ,federal ,government on institutions of higher education4 7g7 ,availability of funds ,the amount necessary to conduct the study under this ,act shall be made available from amounts available to the ,secretary for administrative expenses of the ,department of ,education4 7h7 ,definitions ,for purposes of this ,act3 7#a7 ,authorizing committees ,the term authorizing committees has the meaning given the term in section #ajc of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajjc74 7#b7 ,first generation college student ,the term first generation college student has the meaning given the term in section #djb;,a7h7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgj;a-#aa7;h774 7#c7 ,institution of higher education ,the term institution of higher education has the meaning given the term in section #ajb of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajjb71 except that such term does not include institutions described in subsection 7a77#a77;,c7 of such section #ajb4 7#d7 ,secondary school ,the term secondary school has the meaning given the term in section #iaja of the ,elementary and ,secondary ,education ,act of #aife 7#bj ,u4,s4,c4 #ghja74 7#e7 ,secretary ,the term ,secretary means the ,secretary of ,education4 7#f7 ,state ,the term ,state has the meaning given the term in section #ajc of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajjc74 7#g7 ,student ,the term student includes-- 7,a7 a prospective student2 7,b7 a student enrolled in an institution of higher education2 7,c7 a nontraditional student 7as defined in section #hjc7;j77#b7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #aafa;c7j77#b7772 and 7,d7 a veteran 7as defined in section #dhj7;c77#a7 of such ,act 7#bj ,u4,s4,c4 #ajhgvv7c77#a777 who is a student or prospective student4 ,passed the ,house of ,representatives ,may #bc1 #bjac4;,clerk4