,,ii  #aae? ,,congress  #a/ ,session    
,s4 #bbbh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #ac1 #bjag,mr4
 ,lee introduc$ ! foll[+ bill2 :i* 0    
read twice & ref]r$ to ! ,committee on  
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to am5d ! ,high] ,education 
,act ( #aife to provide = accr$itation  
re=m1 to require in/itutions ( high]    
education to publi% in=mation reg>d+    
/ud5t success1 to provide = fiscal      
acc\ntability1 & to provide = s*ool     
acc\ntability = /ud5t loans4  #a4 ,%ort 
title ,?is ,act may be cit$ z ! ,high]  
,education ,re=m & ,opportunity ,act (  
#bjag4  ,i ,accr$itation re=m  #aja4    
,accr$itation re=m  7a7 ,def9ition (    
,in/itution ( ,high] ,education ,section
 #ajb7;a7 ( ! ,high] ,education ,act (  
#aife 7#bj ,u4,s4,c4 #ajjb7;a77 is      
am5d$--  7#a7 by r$esignat+ p>agraphs   
7#e7 & 7#f7 z p>agraphs 7#f7 & 7#g71    
respectively2  7#b7 9 p>agraph 7#a71 9 !
 matt] prec$+ subp>agraph 7,a71 by /rik+
 ,subject to p>agraphs 7#b7 ?r\gh 7#d7 &

 ins]t+ ,subject to p>agraphs 7#b7 ?r\gh
 7#e72  7#c7 9 p>agraph 7#a7--  7,a7 by 
r$esignat+ subp>agraphs 7,b7 & 7,c7 z   
subp>agraphs 7,c7 & 7,d71 respectively2 
&  7,b7 by ins]t+ aft] subp>agraph 7,a7 
! foll[+3  7,b7 if accr$it$ by an       
au?oriz$ accr$itation au?ority 9 a ,/ate
 t has an alt]native accr$itation       
agreem5t ) ! ,secret>y1 z describ$ 9    
p>agraph 7#e7--  7i7 an in/itution t    
provides po/second>y education2  7ii7 a 
po/second>y appr5tice%ip program2 or    
7iii7 a po/second>y education c\rse or  
program provid$ by an in/itution (      
po/second>y education1 a nonpr(it       
organization1 or a =-pr(it organization 
or bus9ess2  2 &  7#d7 by ins]t+ aft]   
p>agraph 7#d71 ! foll[+3  7#e7 ,/ate    
alt]native accr$itation  7,a7 ,9 ,g5]al 
,not)/&+ any o!r provision ( law1 a     
,/ate may e/abli% an alt]native         
accr$itation sy/em = ! purpose (        
e/abli%+ in/itutions t provide          
po/second>y education & po/second>y     
education c\rses or programs z eligible 

= fund+ "u title ,,iv if ! ,/ate ent]s  
into an agreem5t ) ! ,secret>y = !      
e/abli%m5t ( ! alt]native accr$itation  
sy/em4 ,su* in/itutions1 c\rses1 or     
programs may include--  7i7 in/itutions 
t provide po/second>y education2  7ii7  
po/second>y appr5tice%ip programs2      
7iii7 any o!r po/second>y education     
c\rse or program (f]$ at an in/itution (
 po/second>y education1 a nonpr(it      
organization1 or a =-pr(it organization 
or bus9ess2 &  7iv7 any ( ! entities    
describ$ 9 clauses 7i7 ?r\gh 7iii7 t d n
 aw>d a po/second>y c]tification1       
cr$5tial1 or degree1 provid$ t su*      
entity provides cr$it t w apply t[>d a  
po/second>y c]tification1 cr$5tial1 or  
degree4  7,b7 ,alt]native accr$itation  
agreem5t ,! alt]native accr$itation     
agreem5t describ$ 9 subp>agraph 7,a7    
%all include ! foll[+3  7i7 ,!          
designation ( "o or m au?oriz$ accr$it+ 
entities )9 ! ,/ate1 su* z ! ,/ate      
,dep>tm5t ( ,education1 ano!r ,/ate     
ag5cy1 an indu/ry-specific accr$it+     

ag5cy1 or ano!r entity1 & an explanation
 ( ! process ?r\gh :i* ! ,/ate w select 
su* au?oriz$ accr$it+ entities4  7ii7 ,!
 /&>ds or crit]ia t an in/itution t     
provides po/second>y education & a      
po/second>y education c\rse or program  
mu/ meet 9 ord] to--  7,i7 receive an   
initial accr$itation z "p ( ! alt]native
 accr$itation sy/em2 &  7,,ii7 ma9ta9   
su* accr$itation4  7iii7 ,a description 
( ! appeals process ?r\gh :i* an        
in/itution t provides po/second>y       
education & a po/second>y education     
c\rse or program may appeal to an       
au?oriz$ accr$it+ entity if su*         
in/itution1 c\rse1 or program is d5i$   
accr$itation "u ! ,/ate alt]native      
accr$itation sy/em4  7iv7 ,:e!r cr$it   
receiv$ f a po/second>y education c\rse 
or program t is accr$it$ z "p ( !       
alt]native accr$itation sy/em is        
transf]able--  7,i7 to o!r c\rses or    
programs accr$it$ z "p ( an alt]native  
accr$itation sy/em2 or  7,,ii7 to o!r   
po/second>y c]tification1 cr$5tial1 or  

degree c\rses or programs at an         
educational in/itution t is eligible to 
p>ticipate 9 a program "u title ,,iv b  
is n accr$it$ z "p ( an alt]native      
accr$itation sy/em4  7v7 ,! ,secret>y's 
report+ requirem5ts = ! ,/ate reg>d+ !  
,/ate alt]native accr$itation sy/em1    
includ+--  7,i7 ! cont5ts ( reports t   
mu/ be submitt$ to ! ,secret>y1 :i* may 
include in=mation su* z--  7aa7 9 ! case
 ( a po/second>y education c\rse or     
program t is accr$it$ ?r\gh ! ,/ate     
alt]native accr$itation sy/em-- 7,,aa7 !
 numb] & p]c5tage ( /ud5ts :o           
successfully complete ea* su*           
po/second>y education c\rse or program2 
& 7,,bb7 ! numb] & p]c5tage ( /ud5ts :o 
successfully obta9 a po/second>y        
c]tification1 cr$5tial1 or degree us+   
cr$it obta9$ f ea* su* po/second>y      
education c\rse or program2 &  7bb7 9 ! 
case ( an in/itution t provides         
po/second>y education t is accr$it$     
?r\gh ! ,/ate alt]native accr$itation   
sy/em-- 7,,aa7 ! numb] & p]c5tage (     

/ud5ts :o successfully obta9 a          
po/second>y c]tification1 cr$5tial1 or  
degree f su* in/itution2 & 7,,bb7 !     
numb] & p]c5tage ( /ud5ts :o d n        
successfully obta9 a po/second>y        
c]tification1 cr$5tial1 or degree f su* 
in/itution b d obta9 cr$it f su*        
in/itution t[>d a po/second>y degree1   
cr$5tial1 or c]tification2  7,,ii7 !    
frequ5cy ) :i* su* reports mu/ be       
submitt$ to ! ,secret>y2 &  7,,iii7 any 
requirem5ts = ?ird p>ty v]ification (   
in=mation conta9$ 9 su* reports4  7vi7  
,! ,/ate policy reg>d+ public           
accessibility to c]ta9 in=mation relat+ 
to in/itutions t provide po/second>y    
education & po/second>y education c\rses
 & programs accr$it$ "u ! ,/ate         
alt]native accr$itation sy/em1 includ+--
  7,i7 ! in=mation describ$ 9 clause    
7v77,i72 &  7,,ii7 in=mation ab\t !     
rates ( job placem5t = individuals t h  
graduat$ f an in/itution or complet$ a  
c\rse or program t is accr$it$ "u !     
,/ate alt]native accr$itation sy/em1 if 

available4  7vii7 ,an assurance by !    
,/ate t "u ! ,/ate alt]native           
accr$itation sy/em1 only in/itutions t  
provide po/second>y education &         
po/second>y education c\rses or programs
 t provide cr$its t[>d a po/second>y    
c]tification1 cr$5tial1 or degree 7z    
def9$ by ! ,/ate 9 accordance ) clause  
7viii77 w be accr$it$4  7viii7 ,!       
,/ate's def9ition ( a po/second>y       
c]tification1 cr$5tial1 or degree1 z su*
 t]m applies to ! requirem5t describ$ 9 
clause 7vii74  7ix7 ,a description ( !  
agreem5ts t ! ,/ate w ent] into )       
in/itutions t provide po/second>y       
education & po/second>y education c\rses
 or programs t are accr$it$ "u !        
alt]native accr$itation sy/em to enable 
su* in/itutions1 c\rses1 or programs to 
be eligible "u a program au?oriz$ "u    
title ,,iv1 = p>ticipation 9 ! direct   
/ud5t loan program1 & = ! orig9ation (  
loans "u "p ,d ( title ,,iv1 & h[ su*   
agreem5ts w op]ate 9 lieu ( ! agreem5ts 
describ$ 9 sections #dhg & #ded4  7x7 ,a

 description ( h[ ! ,/ate w select      
in/itutions t provide po/second>y       
education & po/second>y education c\rses
 or programs t are accr$it$ "u !        
alt]native accr$itation sy/em1 9 lieu ( 
! selection process describ$ 9 section  
#dec1 =--  7,i7 p>ticipation 9 ! direct 
/ud5t loan program "u "p ,d ( title     
,,iv2 &  7,,ii7 approval all[+ su*      
in/itution1 program1 or c\rse to        
orig9ate direct loans "u "p ,d ( title  
,,iv4  7xi7 ,a description ( h[ ! ,/ate 
w adm9i/] title ,,iv funds = in/itutions
 t provide po/second>y education1       
po/second>y appr5tice%ip programs1 &    
po/second>y education c\rses or programs
 provid$ by an in/itution ( po/second>y 
education1 a nonpr(it organization1 or a
 =-pr(it organization or bus9ess t are  
accr$it$ ?r\gh ! alt]native accr$itation
 sy/em4  7,c7 ,review & approval ,n lat]
 ?an #cj days aft] ! ,secret>y receives 
an application f a ,/ate to ent] into an
 alt]native accr$itation agreem5t1 !    
,secret>y %all--  7i7 approve !         

application & ent] into ! agreem5t2 &   
7ii7 submit to ! ,/ate & ,congress1 &   
make publicly available1 a response to !
 application4  7,d7 ,"t limit ,ea*      
agreem5t ! ,secret>y ent]s into = !     
e/abli%m5t ( an alt]native accr$itation 
sy/em 9 a ,/ate %all be = a p]iod ( #aj 
ye>s4  4  7b7 ,title ,,iv eligibility   
requirem5ts ,"p ,g ( title ,,iv ( !     
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhh et seq47 is am5d$ by    
add+ at ! end ! foll[+3  #dic;,e4 ,/ate 
,accr$it$ ,in/itutions1 ,programs1 or   
,c\rses ,not)/&+ any o!r provision (    
law1 an in/itution1 program1 or c\rse t 
is eligible = funds "u ?is title 9      
accordance ) section #ajb7;a77#a77;,b7 &
 meets ! requirem5ts ( section          
#ajb7;a77#e7 %all n be requir$ to meet  
any o!r requirem5ts ( ?is title4 ,=     
purposes ( ?is title1 su* an in/itution1
 program1 or c\rse %all be deem$ to be  
an eligible in/itution t meets !        
requirem5ts ( section #dhg4  4  ,,ii    
,transp>5cy 9 high] education  #bja4 ,"t

 = transp>5cy 9 high] education  7a7 ,9 
g5]al ,title ,,iv ( ! ,high] ,education 
,act ( #aife 7#bj ,u4,s4,c4 #ajgj et    
seq47 is am5d$-- 7#a7 9 section         
#dhg7;a71 by add+ at ! end ! foll[+3    
7#cj7 ,! in/itution w publi% in=mation 9
 compliance ) section #dic;,e4  2 &     
7#b7 9 "p ,g1 by add+ at ! end ! foll[+3
  #dic;,e4 ,in/itutional publication (  
in=mation  7a7 ,publication ( in=mation 
7#a7 ,9 g5]al ,ea* in/itution ( high]   
education p>ticipat+ 9 a program "u ?is 
title %all publi%1 on an annual basis & 
9 a readily accessible =mat 7includ+    
onl9e & 9 an alt]native =mat71 !        
in=mation describ$ 9 p>agraphs 7#b7 &   
7#c74  7#b7 ,in=mation ,ea* in/itution (
 high] education describ$ 9 p>agraph    
7#a7 %all publi%1 ) respect to !        
in/itution z a :ole & ) respect to ea*  
program ( /udy (f]$ by ! in/itution1 !  
foll[+ in=mation = ! mo/ rec5t fiscal   
ye> = :i* ! in=mation is available3     
7,a7 ,= ea* ( ! foll[+1 ! p]c5tage &    
numb] ( /ud5ts enroll$ at ! in/itution  

or 9 ! program ( /udy1 z applicable1 :o 
receive ! foll[+3  7i7 ,f$]al grant aid1
 includ+ ,f$]al ,pell ,grants "u subp>t 
#a ( "p ,a1 ,f$]al ,supplem5tal         
,educational ,opportunity ,grants "u    
subp>t #c ( "p ,a1 or any o!r ,f$]al    
po/second>y education grant aid or      
subsidy4  7ii7 ,f$]al /ud5t loans1      
includ+ ,f$]al ,direct ,/af=d ,loans1   
,f$]al ,direct ,unsubsidiz$ ,/af=d      
,loans1 ,f$]al ,direct ,,plus ,loans1 & 
,f$]al ,p]k9s ,loans4  7iii7 ,/ate grant
 aid4  7iv7 ,in/itutional grants4  7v7  
,a /ud5t loan f a ,/ate4  7vi7 ,a /ud5t 
loan f ano!r s\rce4  7,b7 ,/ud5t body   
enrollm5t /atus1 includ+ z a--  7i7     
fir/-"t1 full-"t /ud5t2  7ii7 fir/-"t1  
"p-"t /ud5t2  7iii7 non-fir/-"t1 full-"t
 /ud5t2 &  7iv7 non-fir/-"t1 "p-"t      
/ud5t4  7,c7 ,an alumni report t        
includes ! foll[+3 7i7 ,! p]c5tage (    
/ud5ts :o d n complete ! program ( /udy 
! /ud5t initially />t$ ^u enrollm5t4    
7ii7 ,! p]c5tage ( /ud5ts :o transf]4   
7iii7 ,! p]c5tage ( /ud5ts :o complete !

 program ( /udy ! /ud5t initially />t$  
^u enrollm5t4  7iv7 ,! av]age l5g? ( "t 
= a /ud5t to complete ! program ( /udy4 
7v7 ,! p]c5tage ( alumni :o cont9ue on  
to high] levels ( education4  7vi7 ,!   
p]c5tage ( alumni :o are employ$1       
disaggregat$ by program ( /udy4  7vii7  
,! av]age sal>y = alumni1 disaggregat$  
by program ( /udy4  7viii7 ,! numb] &   
p]c5tage ( alumni contact$ = su* report4
  7ix7 ,! response rate ( alumni        
contact$ = su* report4  7#c7            
,publication ( default & non-repaym5t   
rates ,9 addition to ! in=mation        
describ$ 9 p>agraph 7#b71 ea* in/itution
 ( high] education describ$ 9 p>agraph  
7#a7 %all publi%1 ) respect to !        
in/itution z a :ole & ) respect to ea*  
program ( /udy (f]$ by ! in/itution1 !  
foll[+ in=mation = ! mo/ rec5t fiscal   
ye> = :i* ! in=mation is available3     
7,a7 ,! av]age am\nt ( total ,f$]al     
/ud5t loan debt accru$ ^u graduation4   
7,b7 ,! av]age am\nt ( total ,f$]al     
/ud5t loan debt accru$ by /ud5ts :o     

leave ! in/itution )\t hav+ graduat$4   
7,c7 ,f$]al /ud5t loan default rate4    
7,d7 ,f$]al /ud5t loan non-repaym5t     
rate4  7,e7 ,default & non-repaym5t     
rate1 includ+ z a-- 7i7 fir/-"t1 full-"t
 /ud5t2  7ii7 fir/-"t1 "p-"t /ud5t2     
7iii7 non-fir/-"t1 full-"t /ud5t2 &     
7iv7 non-fir/-"t1 "p-"t /ud5t4  7,f7    
,default & non-repaym5t rate1 (--  7i7  
/ud5ts :o complete a program ( /udy2    
7ii7 /ud5ts :o transf]2 &  7iii7 /ud5ts 
:o d n complete a program ( /udy4  7b7  
,privacy  7#a7 ,compliance ) ,,f]pa ,9  
c>ry+ out ?is section1 an in/itution (  
high] education & any p]sonnel ( !      
in/itution %all n %>e any p]sonally     
id5tifiable in=mation & %all act 9      
accordance ) section #ddd ( ! ,g5]al    
,education ,provisions ,act 7#bj        
,u4,s4,c4 #abcb;g1 commonly kn[n z !    
,family ,educational ,rights & ,privacy 
,act ( #aigd74  7#b7 ,prohibition on use
 ( in=mation ,in=mation publi%$ pursuant
 to ?is section %all n be us$-- 7,a7 by 
a ,f$]al employee1 ag5cy1 or (fic]1 or  

an in/itution ( high] education to take 
action aga9/ an individual2 &  7,b7 9   
legal processes or admitt$ z evid5ce 9  
any judicial or adm9i/rative proce$+4   
7#c7 ,p5alties ,! ,secret>y %all e/abli%
 p5alties = a violation ( p>agraph 7#a7 
or 7#b7 t includes bo? a monet>y f9e &  
up to #e ye>s 9 prison4  7#d7 ,audits ,9
 c>ry+ out ?is section1 ! ,/ate 9 :i* ! 
in/itution ( high] education is locat$  
%all contract ) an indep5d5t ?ird p>ty  
to conduct audits ( ! publication (     
in=mation describ$ 9 subsection 7a77#a7 
to ensure quality1 validity1            
reliability1 & compliance ) all ,f$]al  
/&>ds ( data quality & individual       
privacy4  7c7 ,rule ( con/ruction ,no?+ 
9 ?is section %all be con/ru$ to        
au?orize or p]mit ! ,secret>y or any    
employee or contractor ( ! ,dep>tm5t to 
m&ate1 direct1 or control ! selection ( 
practices or curriculum by an in/itution
 ( high] education4  4  7b7 ,,gao report
  7#a7 ,/udy ,! ,comptroll] ,g5]al ( !  
,unit$ ,/ates %all conduct a /udy t     

compiles all ! in/itutional publication 
( in=mation pursuant to section #dic;,f 
( ! ,high] ,education ,act ( #aife4     
7#b7 ,report ,n lat] ?an ,octob] #a ( ! 
f\r? fiscal ye> aft] ! date ( enactm5t (
 ?is ,act1 ! ,comptroll] ,g5]al ( !     
,unit$ ,/ates %all submit a report      
conta9+ ! results ( ! /udy "u p>agraph  
7#a7 to ! appropriate committees (      
,congress4  ,,iii ,fiscal acc\ntability 
#cja4 ,simplification ( ,f$]al /ud5t    
loans ,"p ,d ( title ,,iv ( ! ,high]    
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;a et seq47 is am5d$ by add+ at !  
end ! foll[+3  #dfa4 ,f$]al ,direct     
simplification loans  7a7 ,t]m9ation (  
au?ority ,to make loans "u ?is "p  7#a7 
,9 g5]al ,subject to p>agraph 7#b7 &    
not)/&+ any o!r provision ( ?is "p1 =   
any p]iod ( in/ruction beg9n+ on or aft]
 #f mon?s aft] ! date ( enactm5t ( !    
,high] ,education ,re=m & ,opportunity  
,act ( #bjag1 ! ,secret>y may n make    
loans "u ?is "p except z provid$ "u ?is 
section4  7#b7 ,exception  7,a7 ,9 g5]al

 ,p>agraph 7#a7 %all n apply to an      
individual1 or on behalf ( an           
individual1 :o receiv$ a loan "u ?is "p 
= any p]iod ( in/ruction be=e ,july #a1 
#bjag4  7,b7 ,sunset ,a loan may n be   
made to an individual1 or on behalf ( an
 individual1 :o receiv$ a loan "u ?is "p
 = any p]iod ( in/ruction be=e ,july #a1
 #bjag1 "u ?is "p1 o!r ?an z provid$ "u 
?is section1 on or aft] ,july #a1 #bjai4
  7b7 ,f$]al ,direct simplification     
loans ,! ,secret>y %all make loans to   
borr[]s "u ?is section 9 accordance ) ! 
foll[+3 7#a7 ,! applicable rate ( int]e/
 on a loan made "u ?is section %all1 =  
loans disburs$ dur+ any #ab-mon? p]iod  
beg9n+ on ,july #a & end+ on ,june #cj1 
be det]m9$ on ! prec$+ ,june #a & be    
equal to--  7,a7 a rate equal to ! high 
yield ( ! #aj-ye> ,treasury note        
auction$ at ! f9al auction held prior to
 su* ,june #a1 plus  7,b7 #c4f p]c5t4   
7#b7 ,int]e/ on a loan made "u ?is      
section %all beg9 to accrue on ! date ! 
loan is disburs$4  7#c7 ,! maximum--    

7,a7 annual am\nt ( loans "u ?is section
 an und]graduate /ud5t may borr[ 9 any  
academic ye> 7z def9$ 9 section         
#dha7;a77#b77 or its equival5t %all be  
equal to #g1ejj2 &  7,b7 aggregate am\nt
 ( loans "u ?is section an und]graduate 
/ud5t may borr[ %all be equal to        
#cj1jjj4  7#d7 ,! maximum-- 7,a7 annual 
am\nt ( loans "u ?is section a graduate 
or pr(essional /ud5t may borr[ 9 any    
academic ye> 7z def9$ 9 section         
#dha7;a77#b77 or its equival5t %all be  
equal to #ac1ejj2 &  7,b7 aggregate     
am\nt ( loans "u ?is section a graduate 
or pr(essional /ud5t may borr[ %all be  
equal to #dj1jjj4  7#e7 ,! l5g? (       
repaym5t-- 7,a7 = a loan borr[$ by an   
und]graduate /ud5t %all be #ae ye>s2 &  
7,b7 = a loan borr[$ by a graduate or   
pr(essional /ud5t %all be #be ye>s4     
7#f7 ,repaym5t on a loan made "u ?is    
section %all beg9--  7,a7 aft] #abe     
p]c5t ( ! normal "t = completion ( !    
program ( /udy = :i* ! borr[] receives !
 loan "u ?is section2 or  7,b7 if !     

borr[] )draws f ! program ( /udy be=e ! 
borr[] completes ! program1 #f mon?s    
aft] ! date ! borr[] )draws4  7c7       
,au?orization ,to limit loan am\nts ,an 
in/itution ( high] education t is       
requir$ "u ,/ate law to enroll all      
eligible applicants = an academic ye>   
may limit ! am\nt ( loans "u ?is section
 t a /ud5t may borr[ = su* academic ye> 
to n m ?an ! tuition & fees at su*      
in/itution = su* academic ye>4  7d7     
,additional *>ges ,! ,secret>y may n    
*>ge ! borr[] ( a loan made "u ?is      
section any fee = adm9i/rative co/s t is
 n describ$ "u ?is section4  7e7        
,repaym5t ,a borr[] ( a loan made "u ?is
 section may accel]ate )\t p5alty       
repaym5t ( ! :ole or any "p ( ! loan4  4
  #cjb4 ,phas+ out loan =giv5ess ,!     
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajja et seq47 is am5d$-- 7#a7
 9 section #dee--  7,a7 9 subsection    
7d71 by add+ at ! end ! foll[+3  7#f7   
,elim9ation ( loan =giv5ess ,not)/&+ any
 o!r provision ( ?is ,act1 ) respect to 

any loan made on or aft] #f mon?s aft] !
 date ( enactm5t ( ! ,high] ,education  
,re=m & ,opportunity ,act ( #bjag1 !    
,secret>y may n repay or cancel any     
out/&+ balance ( pr9cipal & int]e/ due  
on ! loan = ! borr[] ( ! loan pursuant  
to ?is subsection4  2  7,b7 9 subsection
 7e71 by add+ at ! end ! foll[+3  7#h7  
,elim9ation ( loan =giv5ess ,not)/&+ any
 o!r provision ( ?is ,act1 ) respect to 
any loan made on or aft] #f mon?s aft] !
 date ( enactm5t ( ! ,high] ,education  
,re=m & ,opportunity ,act ( #bjag1 !    
,secret>y may n repay or cancel any     
out/&+ balance ( pr9cipal & int]e/ due  
on ! loan = ! borr[] ( ! loan pursuant  
to ?is subsection4  2 &  7,c7 9         
subsection 7m71 by add+ at ! end !      
foll[+3  7#e7 ,elim9ation ( loan        
=giv5ess ,not)/&+ any o!r provision (   
?is ,act1 ) respect to any loan made on 
or aft] #f mon?s aft] ! date ( enactm5t 
( ! ,high] ,education ,re=m &           
,opportunity ,act ( #bjag1 ! ,secret>y  
may n cancel any out/&+ balance (       

pr9cipal & int]e/ due on ! loan = !     
borr[] ( ! loan pursuant to ?is         
subsection4  2 &  7#b7 9 section        
#dic;,c1 by add+ at ! end ! foll[+3  7f7
 ,elim9ation ( loan =giv5ess ,not)/&+   
any o!r provision ( ?is ,act1 ) respect 
to any loan made on or aft] #f mon?s    
aft] ! date ( enactm5t ( ! ,high]       
,education ,re=m & ,opportunity ,act (  
#bjag1 ! ,secret>y may n repay or cancel
 any out/&+ balance ( pr9cipal & int]e/ 
due on ! loan = ! borr[] ( ! loan       
pursuant to ?is section4  4  ,,iv ,s*ool
 acc\ntability = /ud5t loans  #dja4     
,s*ool acc\ntability = /ud5t loans      
,section #dhg ( ! ,high] ,education ,act
 ( #aife 7#bj ,u4,s4,c4 #ajid71 z am5d$ 
by section #bja1 is fur!r am5d$--  7#a7 
9 subsection 7a71 by add+ at ! end !    
foll[+3  7#ca7 ,! in/itution w pay a    
default rate f9e t is det]m9$ pursuant  
to subsection 7k74  2 &  7#b7 by add+ at
 ! end ! foll[+3  7k7 ,default rate f9e 
7#a7 ,9 g5]al ,ea* in/itution describ$ 9
 p>agraph 7#b7 %all pay to ! ,secret>y a

 default rate f9e 9 accordance ) ?is    
subsection4  7#b7 ,applicable           
in/itutions ,an in/itution %all pay a   
default rate f9e "u ?is subsection = a  
fiscal ye> bas$ on ! cohort default rate
 on loans made1 insur$1 or gu>ante$ "u  
?is title = su* fiscal ye>4  7#c7 ,f9e  
7,a7 ,9 g5]al ,ea* in/itution describ$ 9
 p>agraph 7#b7 %all pay a default rate  
f9e = a fiscal ye> t is equal to #aj    
p]c5t ( ! applicable am\nt det]m9$ "u   
subp>agraph 7,b77i7 = su* fiscal ye>4   
7,b7 ,applicable am\nt  7i7 ,9 g5]al ,! 
applicable am\nt = a fiscal ye> )       
respect to an in/itution %all be an     
am\nt equal to ! product ( ! am\nt (    
loans made1 insur$1 or gu>ante$ "u ?is  
title = su* fiscal ye>1 & ! applicable  
rate det]m9$ 9 clause 7ii74 ,if !       
applicable rate is equal to or less ?an 
z]o p]c5t !n ! applicable am\nt %all be 
equal to z]o4  7ii7 ,applicable rate ,! 
applicable rate = a fiscal ye> ) respect
 to an in/itution %all be ! rate t is   
equal to ! diff]5ce betwe5 ! default    

rate on loans made1 insur$1 or gu>ante$ 
"u ?is title = su* fiscal ye> & ! av]age
 rate ( total unemploym5t 9 ! ,unit$    
,/ates = su* fiscal ye>1 z det]m9$ by ! 
,secret>y ( ,labor4  7#d7 ,cr$it = c]ta9
 in/itutions ,ea* in/itution t is       
describ$ 9 p>agraph 7#b7 %all receive a 
#djj cr$it = ! fiscal ye> = ea* graduate
 ( ! in/itution dur+ su* fiscal ye> :o  
receiv$ a ,f$]al ,pell ,grant :ile      
enroll$ at ! in/itution4  7#e7          
,flexibility 9 c\nsel & advice ,not)/&+ 
any o!r provision ( ! ,act1 ! ,secret>y 
%all grant in/itutions ( high] education
 flexibility "u ?is ,act to c\nsel &    
advise /ud5ts on ,f$]al f9ancial aid1   
includ+ grant+ flexibility = in/itutions
 to aw>d less ?an ! maximum am\nt (     
,f$]al /ud5t aid = :i* an individual is 
eligible if ! co/ ( tuition1 room1 &    
bo>d at ! in/itution is less ?an su*    
maximum am\nt4  4