,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #aebe  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #af1 #bjai,mrs4   
,%ahe5 7= h]self & ,mr4 ,"y7 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 = in/itutional ineligibility    
bas$ on l[ cohort repaym5t rates & to   
require risk-%>+ paym5ts ( in/itutions (
 high] education4  #a4 ,%ort title ,?is 
,act may be cit$ z ! ,/ud5t ,protection 
& ,success ,act 4  #b4 ,in/itutional    
ineligibility bas$ on l[ cohort repaym5t
 rate  7a7 ,9 g5]al ,section #dee ( !   
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg;e7 is am5d$ by add+ at !
 end ! foll[+3  7r7 ,ineligibility due  
to l[ cohort repaym5t rate  7#a7 ,9     
g5]al ,beg9n+ ) fiscal ye> #bjbb & ea*  
succe$+ fiscal ye>1 an in/itution t has 
a cohort repaym5t rate t is equal to or 
less ?an #ae p]c5t %all n be eligible to
 p>ticipate 9 a program "u ?is "p = su* 

fiscal ye> & = ! #b succe$+ fiscal ye>s4
  7#b7 ,appeals  7,a7 ,9 g5]al ,an      
in/itution may appeal ! loss (          
eligibility "u ?is subsection to !      
,secret>y )9 #cj days ( receiv+         
notification f ! ,secret>y ( ! loss (   
eligibility "u ?is subsection4  7,b7    
,cont9u$ p>ticipation ,dur+ an appeal "u
 subp>agraph 7,a71 ! ,secret>y may p]mit
 ! in/itution to cont9ue to p>ticipate 9
 a program "u ?is "p if ! in/itution    
demon/rates to ! satisfaction ( !       
,secret>y t ! ,secret>y's calculation ( 
its cohort repaym5t rate is n accurate1 
& t recalculation w\ld increase its     
cohort repaym5t rate to be m ?an #ae    
p]c5t4  7,c7 ,requir$ paym5t ,if an     
in/itution cont9ues to p>ticipate 9 a   
program "u ?is "p1 & ! in/itution's     
appeal ( ! loss ( eligibility is        
unsuccessful1 ! in/itution %all be      
requir$ to pay to ! ,secret>y an am\nt  
equal to ! am\nt ( loans made by !      
,secret>y "u ?is "p to borr[]s att5d+1  
or plann+ to att5d1 t in/itution dur+ ! 

p5d5cy ( su* appeal & ! int]e/1 special 
all[ance1 re9surance1 & any relat$      
paym5ts made by ! ,secret>y 7or :i* !   
,secret>y is obligat$ to make7 ) respect
 to su* loans4  7#c7 ,cohort repaym5t   
rate  7,a7 ,9 g5]al ,9 ?is subsection1 !
 t]m cohort repaym5t rate means1 = any  
fiscal ye> beg9n+ ) fiscal ye> #bjbb--  
7i7 9 ! case 9 :i* #cj or m borr[]s at !
 in/itution ent] repaym5t on ,f$]al     
,direct ,/af=d ,loans1 ,f$]al ,direct   
,unsubsidiz$ ,/af=d ,loans1 ,f$]al      
,direct ,,plus ,loans1 or ,f$]al ,direct
 ,consolidation ,loans1 receiv$ =       
att5dance at ! in/itution1 ! p]c5tage ( 
^? borr[]s :o are n 9 default & :o make 
at lea/ a "o doll> r$uction on _!       
initial /ud5t loan pr9cipal balance be=e
 ! end ( ! second fiscal ye> foll[+ !   
fiscal ye> 9 :i* ! borr[]s ent]$        
repaym5t1 except z provid$ 9 subp>agraph
 7,b72 &  7ii7 9 ! case 9 :i* less ?an  
#cj borr[]s at ! in/itution ent]        
repaym5t on ,f$]al ,direct ,/af=d       
,loans1 ,f$]al ,direct ,unsubsidiz$     

,/af=d ,loans1 ,f$]al ,direct ,,plus    
,loans1 or ,f$]al ,direct ,consolidation
 ,loans1 receiv$ = att5dance at !       
in/itution1 ! p]c5tage ( ^? borr[]s plus
 all ( ! borr[]s at ! in/itution :o     
ent]$ repaym5t on su* loans 7or on !    
portion ( a loan made "u section #dbh;,c
 t is us$ to repay any su* loans7 9 ! #c
 fiscal ye>s prec$+ ! fiscal ye> = :i* !
 det]m9ation is made1 :o are n 9 default
 & :o make at lea/ a "o doll> r$uction  
on _! initial /ud5t loan pr9cipal       
balance be=e ! end ( ! second fiscal ye>
 foll[+ ! ye> 9 :i* ! borr[]s ent]$     
repaym5t1 except z provid$ 9 subp>agraph
 7,b74  7,b7 ,exception ,! cohort       
repaym5t rate calculation "u subp>agraph
 7,a7 %all n include 9 ! calculation a  
borr[] :o is-- 7i7 9 def]m5t on repaym5t
 ( a loan describ$ 9 subp>agraph 7,a7   
due to /udy 9 an approv$ graduate       
fell[%ip program or 9 an approv$        
rehabilitation tra9+ program = !        
disabl$2  7ii7 9 def]m5t on repaym5t ( a
 loan describ$ 9 subp>agraph 7,a7 dur+ a

 p]iod ( at lea/ half-"t enrollm5t 9    
college or a c>e] s*ool2  7iii7 9       
def]m5t on repaym5t ( a loan describ$ 9 
subp>agraph 7,a7 dur+ a p]iod ( s]vice  
qualify+ = loan dis*>ge or cancellation 
"u "p ,e2  7iv7 9 def]m5t on repaym5t ( 
a loan describ$ 9 subp>agraph 7,a7 due  
to active duty milit>y s]vice ( ! borr[]
 dur+ a w>1 milit>y op]ation1 or        
national em]g5cy2  7v7 9 def]m5t on     
repaym5t ( a loan describ$ 9 subp>agraph
 7,a7 dur+ ! #ac mon?s foll[+ !         
conclusion ( qualify+ active duty       
milit>y s]vice by ! borr[]1 or until !  
borr[] returns to enrollm5t on at lea/ a
 half-"t basis1 :i*ev] is e>li]1 if !   
borr[] is a memb] ( ! ,national ,gu>d or
 o!r res]ve compon5t ( ! ,arm$ ,=ces & 0
 call$ or ord]$ to active duty :ile     
enroll$ at lea/ half-"t at an eligible  
s*ool or )9 #f mon?s ( hav+ be5 enroll$ 
at lea/ half-"t2  7vi7 9 m&atory        
=be>ance on repaym5t ( a loan describ$ 9
 subp>agraph 7,a7 = ! full fiscal ye>2  
or  7vii7 s]v+ z a volunte] "u ! ,peace 

,corps ,act 7#bb ,u4,s4,c4 #beja et     
seq47 or ! ,dome/ic ,volunte] ,s]vice   
,act ( #aigc 7#db ,u4,s4,c4 #diej et    
seq474  7,c7 ,publication ( repaym5t    
rates ,! ,secret>y %all publi% ! cohort 
repaym5t rates = in/itutions det]m9$ "u 
?is subsection4  7#d7 ,notification     
,beg9n+ ) ! fir/ fiscal ye> = :i* data  
are available aft] ! date ( enactm5t ( !
 ,/ud5t ,protection & ,success ,act &   
ea* succe$+ fiscal ye> until fiscal ye> 
#bjbb1 ! ,secret>y %all notify ea*      
in/itution t has a cohort repaym5t rate 
t is equal to or less ?an #ae p]c5t t ! 
in/itution risks los+ eligibility to    
p>ticipate 9 a program "u ?is "p4  4    
7b7 ,ineligibility 9 o!r programs  7#a7 
,pell grants ,section #dja7;j7 ( !      
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajgj;a7j77 is am5d$-- 7,a7 9 
! head+1 by /rik+ bas$ on default rates2
  7,b7 9 p>agraph 7#a71 by ins]t+ until 
fiscal ye> #bjbb aft] succe$+ fiscal    
ye>2  7,c7 9 p>agraph 7#b71 by ins]t+ or
 cohort repaym5t rate det]m9ation aft]  

default rate det]m9ation2 &  7,d7 by    
add+ at ! end ! foll[+3  7#c7           
,ineligibility bas$ on l[ cohort        
repaym5t rates ,no in/itution ( high]   
education %all be an eligible in/itution
 = purposes ( ?is subp>t if su*         
in/itution ( high] education is         
ineligible to p>ticipate 9 a program "u 
"p ,d due to a l[ cohort repaym5t rate1 
z det]m9$ "u section #dee7r74  4  7#b7  
,/ud5t loan insurance program ,section  
#dce7;a7 ( ! ,high] ,education ,act (   
#aife 7#bj ,u4,s4,c4 #ajhe7;a77 is      
am5d$-- 7,a7 9 p>agraph 7#b7--  7i7 9 ! 
head+1 by /rik+ bas$ on high default    
rates2  7ii7 9 subp>agraph 7,a71 by     
/rik+ ,an in/itution & ins]t+ ,until    
fiscal ye> #bjbb1 an in/itution2 &      
7iii7 by add+ at ! end ! foll[+3  7,e7  
,no in/itution ( high] education %all be
 an eligible in/itution = purposes ( ?is
 "p if su* in/itution ( high] education 
is ineligible to p>ticipate 9 a program 
"u "p ,d due to a l[ cohort repaym5t    
rate1 z det]m9$ "u section #dee7r74  2 &

  7,b7 9 p>agraph 7#f77;,a71 by ins]t+ &
 until fiscal ye> #bjbb1 aft] ,july #a1 
#aiii14  7#c7 ,f$]al ,p]k9s ,loans      
,section #dfb ( ! ,high] ,education ,act
 ( #aife 7#bj ,u4,s4,c4 #ajhg;bb7 is    
am5d$--  7,a7 9 subsection 7a7-- 7i7 9  
p>agraph 7#a71 by ins]t+ or ! in/itution
 is ineligible to p>ticipate 9 a program
 "u "p ,d due to a l[ cohort repaym5t   
rate1 z det]m9$ "u section #dee7r7 aft] 
subsection 7f72 &  7ii7 9 p>agraph      
7#b77;,d71 by ins]t+ or ! in/itution is 
ineligible to p>ticipate 9 a program "u 
"p ,d due to a l[ cohort repaym5t rate1 
z det]m9$ "u section #dee7r7 aft]       
subsection 7f72  7,b7 9 subsection 7b7--
 7i7 9 p>agraph 7#b71 by ins]t+ or !    
in/itution is ineligible to p>ticipate 9
 a program "u "p ,d due to a l[ cohort  
repaym5t rate1 z det]m9$ "u section     
#dee7r7 aft] subsection 7f72 &  7ii7 9  
p>agraph 7#c71 by ins]t+ or ! in/itution
 is ineligible to p>ticipate 9 a program
 "u "p ,d due to a l[ cohort repaym5t   
rate1 z det]m9$ "u section #dee7r7 aft] 

subsection 7f72  7,c7 9 subsection 7e7--
 7i7 9 p>agraph 7#b71 by ins]t+ until   
fiscal ye> #bjbb1 aft] succe$+ fiscal   
ye>2 &  7ii7 9 p>agraph 7#c7-- 7,i7 9   
subp>agraph 7,a71 by ins]t+ until fiscal
 ye> #bjbb1 aft] any succe$+ fiscal ye>2
 &  7,,ii7 by add+ at ! end ! foll[+3   
7,f7 ,l[ cohort repaym5t rates ,an      
in/itution t is ineligible to p>ticipate
 9 a program "u "p ,d due to a l[ cohort
 repaym5t rate1 z det]m9$ "u section    
#dee7r71 %all n be eligible to          
p>ticipate 9 a program "u ?is "p4  2 &  
7,d7 9 subsection 7f77#b71 by ins]t+    
until fiscal ye> #bjbb1 aft] subsequ5t  
ye>s4  #c4 ,college opportunity bonus   
program ,subp>t #a ( "p ,a ( title ,,iv 
( ! ,high] ,education ,act ( #aife 7#bj 
,u4,s4,c4 #ajgj;a et seq47 is am5d$ by  
add+ at ! end ! foll[+3  #dja;,b4       
,college opportunity bonus program  7a7 
,program au?ority  7#a7 ,9 g5]al ,beg9n+
 ) fiscal ye> #bjbb & ea* succe$+ fiscal
 ye>1 ! ,secret>y %all aw>d grants to   
eligible in/itutions ( high] education t

 are di/ribut$ "u a =mula det]m9$ by !  
,secret>y "u subsection 7d74  7#b7      
,eligible in/itution ,9 ?is section1 !  
t]m eligible in/itution ( high]         
education means an in/itution ( high]   
education t has a cohort repaym5t rate  
7z def9$ 9 section #dee7r77#c77 t is    
great] ?an #be p]c5t4  7b7 ,grants ,!   
,secret>y %all aw>d grants to eligible  
in/itutions ( high] education t !       
,secret>y det]m9es h a /rong record (   
mak+ college m af=dable & increas+      
college access & success = l[-income &  
mod]ate-income /ud5ts4  7c7 ,uses (     
funds ,ea* eligible in/itution ( high]  
education t receives a grant "u ?is     
section may use ! grant funds to support
 re=ms to fur!r increase college access 
& success = l[- & mod]ate-income /ud5ts1
 by mak+ key inve/m5ts & adopt+ be/     
practices1 includ+ by consid]+ be/      
practices report$ "u section #e ( !     
,/ud5t ,protection & ,success ,act1 &   
by--  7#a7 aw>d+ additional ne$-bas$    
f9ancial aid to /ud5ts enroll$ at !     

in/itution :o are eligible to receive a 
,f$]al ,pell ,grant2  7#b7 enhanc+      
academic & /ud5t support s]vices2 &     
7#c7 e/abli%+ or exp&+ accel]at$ le>n+  
opportunities4  7d7 ,am\nt ( grant funds
  7#a7 ,9 g5]al ,ea* eligible in/itution
 ( high] education t receives a grant "u
 ?is section %all receive annual grant  
funds bas$ on a =mula det]m9$ by !      
,secret>y t equally consid]s--  7,a7 !  
numb] & p]c5tage ( /ud5ts enroll$ at !  
in/itution :o are eligible to receive a 
,f$]al ,pell ,grant2  7,b7 ! cohort     
repaym5t rate 7z def9$ 9 section        
#dee7r77#c77 ( /ud5ts enroll$ at !      
in/itution :o are eligible to receive a 
,f$]al ,pell ,grant2 &  7,c7 !          
in/itution's /ud5t s]vice exp5ditures z 
a p]c5tage ( ! in/itution's /ud5t s]vice
 res\rces4  7#b7 ,cap ,ea* eligible     
in/itution ( high] education t receives 
a grant "u ?is section %all receive     
grant funds = a fiscal ye> 9 an am\nt t 
is n m ?an #b4e p]c5t ( ! am\nt equal to
 ! eligible in/itution's total annual   

rev5ues & inve/m5t returns less auxili>y
 ent]prise rev5ues & hospital rev5ues1 z
 def9$ 9 ! ,,ip$s ,f9ance ,survey1 = !  
mo/ rec5t fiscal ye> ^u :i* ! eligible  
in/itution's audit$ f9ancial reports are
 available4  7e7 ,supplem5t n supplant  
,funds made available "u ?is section    
%all be us$ to supplem5t1 & n supplant--
 7#a7 o!r ,/ate funds t ,/ates w\ld     
o!rwise exp5d to c>ry out activities "u 
?is section to improve college          
af=dability & graduate additional l[- & 
mod]ate-income /ud5ts2 &  7#b7          
in/itutional funds t eligible           
in/itutions ( high] education receiv+ a 
grant "u ?is section w\ld o!rwise exp5d 
to c>ry out activities "u ?is section to
 improve college af=dability & graduate 
additional l[- & mod]ate-income /ud5ts4 
7f7 ,fund+ ,! grant program "u ?is      
section %all be fund$ only ) risk-%>+   
paym5ts receiv$ by ! ,secret>y "u       
section #ded7;d74  4  #d4 ,risk-%>+     
paym5ts ,section #ded ( ! ,high]        
,education ,act ( #aifd 7#bj ,u4,s4,c4  

#ajhg;d7 is am5d$-- 7#a7 9 subsection   
7a7--  7,a7 9 p>agraph 7#e71 by /rik+ &2
  7,b7 9 p>agraph 7#f71 by /rik+ ! p]iod
 at ! end & ins]t+ 2 &2 &  7,c7 by add+ 
at ! end ! foll[+3  7#g7 provide t !    
in/itution accepts ! in/itutional       
risk-%>+ requirem5ts "u subsection 7d71 
if applicable4  2 &  7#b7 by add+ at !  
end ! foll[+3  7d7 ,in/itutional        
risk-,%>+ bas$ on cohort nonrepaym5t    
loan balances  7#a7 ,9 g5]al ,beg9n+ )  
fiscal ye> #bjbb & ea* succe$+ fiscal   
ye>1 ea* in/itution ( high] education   
p>ticipat+ 9 ! direct /ud5t loan program
 "u ?is "p %all remit to ! ,secret>y1 at
 su* times z ! ,secret>y may specify1 a 
risk-%>+ paym5t bas$ on ! cohort        
nonrepaym5t loan balance ( ! in/itution1
 z det]m9$ "u p>agraph 7#b74  7#b7      
,det]m9ation ( risk-%>+ paym5ts  7,a7   
,det]m9ation ( cohort loan balance ,!   
cohort loan balance ( an in/itution = a 
fiscal ye> equals ! total pr9cipal am\nt
 ( all loans made "u ?is "p to att5d su*
 in/itution = ! cohort ( borr[]s :o     

ent]$ repaym5t1 def]m5t1 or =be>ance on 
su* loans 9 ! ?ird prec$+ fiscal ye> =  
:i* ! det]m9ation is made4  7,b7        
,det]m9ation ( cohort nonrepaym5t loan  
balance  7i7 ,9 g5]al ,! cohort         
nonrepaym5t loan balance ( an in/itution
 = a fiscal ye> equals1 f ! total am\nt 
( ! loans describ$ 9 subp>agraph 7,a71 !
 total loan balance ( ^? borr[]s :o h n 
made at lea/ a #a doll> r$uction 9 _!   
pr9cipal balance 9 ! #c consecutive     
fiscal ye>s s9ce _! loans ent]$         
repaym5t1 def]m5t1 or =be>ance4  7ii7   
,exception ,! cohort nonrepaym5t loan   
balance calculation "u clause 7i7 %all n
 take into consid]ation a borr[] :o 0-- 
7,i7 9 def]m5t on repaym5t ( a loan     
describ$ 9 subp>agraph 7,a7 9 ! #c      
consecutive fiscal ye>s describ$ 9      
clause 7i7 due to /udy 9 an approv$     
graduate fell[%ip program or 9 an       
approv$ rehabilitation tra9+ program = !
 disabl$2  7,,ii7 9 def]m5t on repaym5t 
( a loan describ$ 9 subp>agraph 7,a7 9 !
 #c consecutive fiscal ye>s describ$ 9  

clause 7i7 dur+ :i* "t ! borr[] 0 9 a   
p]iod ( at lea/ half-"t enrollm5t 9     
college or a c>e] s*ool2  7,,iii7 9     
def]m5t on repaym5t ( a loan describ$ 9 
subp>agraph 7,a7 9 ! #c consecutive     
fiscal ye>s describ$ 9 clause 7i7 dur+  
:i* "t ! borr[] 0 9 a p]iod ( s]vice    
qualify+ = loan dis*>ge or cancellation 
"u "p ,e2  7,,iv7 9 def]m5t on repaym5t 
( a loan describ$ 9 subp>agraph 7,a7 9 !
 #c consecutive fiscal ye>s describ$ 9  
clause 7i7 dur+ :i* "t ! borr[] 0 on    
active duty milit>y s]vice dur+ a w>1   
milit>y op]ation1 or national em]g5cy2  
7,v7 9 m&atory =be>ance on repaym5t ( a 
loan describ$ 9 subp>agraph 7,a7 = !    
full fiscal ye>2 or  7,,vi7 s]v+ z a    
volunte] "u ! ,peace ,corps ,act 7#bb   
,u4,s4,c4 #beja et seq47 or ! ,dome/ic  
,volunte] ,s]vice ,act ( #aigc 7#db     
,u4,s4,c4 #diej et seq471 dur+ ! #c     
consecutive fiscal ye>s describ$ 9      
clause 7i74  7,c7 ,det]m9ation ( paym5t 
7i7 ,9 g5]al  7,i7 ,9 g5]al ,except z   
provid$ 9 subclause 7,,ii71 ! risk-%>+  

paym5t ( an in/itution = a fiscal ye>   
equals #b p]c5t ( ! am\nt det]m9$ "u    
clause 7ii74  7,,ii7 ,cap ,! risk-%>+   
paym5t ( an in/itution = a fiscal ye>   
%all n be m ?an #b4e p]c5t ( ! am\nt    
equal to ! in/itution's total annual    
rev5ues & inve/m5t returns less auxili>y
 ent]prise rev5ues & hospital rev5ues1 z
 def9$ 9 ! ,,ip$s ,f9ance ,survey1 = !  
mo/ rec5t fiscal ye> ^u :i* !           
in/itution's audit$ f9ancial reports are
 available4  7ii7 ,am\nt bas$ on cohort 
nonrepaym5t loan balance & unemploym5t  
rate  7,i7 ,9 g5]al ,! am\nt "u ?is     
clause is det]m9$ by subtract+ ! am\nt  
det]m9$ "u subclause 7,,ii7 f ! cohort  
nonrepaym5t loan balance det]m9$ "u     
subp>agraph 7,b74  7,,ii7 ,am\nt bas$ on
 unemploym5t rate ,! am\nt "u ?is       
subclause is det]m9$ by multiply+ !     
av]age national unemploym5t rate1 z     
def9$ by ! ,bureau ( ,labor ,/ati/ics1 =
 ! #c previ\s fiscal ye>s f ! date ( !  
det]m9ation by ! cohort loan balance    
det]m9$ "u subp>agraph 7,a74  7#c7      

,notification ,beg9n+ ) ! fir/ fiscal   
ye> = :i* data are available aft] ! date
 ( enactm5t ( ! ,/ud5t ,protection &    
,success ,act & ea* succe$+ fiscal ye>  
until fiscal ye> #bjbb1 ! ,secret>y %all
 notify ea* in/itution ( high] education
 p>ticipat+ 9 ! direct /ud5t loan       
program "u ?is "p ( :at ! risk-%>+      
paym5t bas$ on ! cohort nonrepaym5t loan
 balance ( ! in/itution1 z det]m9$ "u   
p>agraph 7#b71 w\ld be = su* in/itution 
if su* provision 7 9 effect4  4  #e4    
,report ,n lat] ?an #f mon?s aft] ! date
 ( enactm5t ( ! ,/ud5t ,protection &    
,success ,act1 ! ,secret>y ( ,education 
%all submit to ,congress a report-- 7#a7
 on be/ practices = in/itutions ( high] 
education to improve repaym5t rates2 &  
7#b7 t makes recomm5dations on h[       
in/itutions ( high] education c improve 
repaym5t rates1 ) a p>ticul> emphasis on
 in/itutions t s]ve a high proportion ( 
l[-income /ud5ts4  #f4 ,/ud5t s]vice    
exp5ditures & res\rces ,section         
#aec7;a77#a77;,i7 ( ! ,education        

,sci5ces ,re=m ,act ( #bjjb 7#bj        
,u4,s4,c4 #iedc7;a77#a77;,i77 is am5d$  
to read z foll[s3  7,i7 ! f9anc+ &      
managem5t ( education1 includ+ data on  
rev5ues & exp5ditures1 & in=mation      
reg>d+--  7i7 /ud5t s]vice exp5ditures1 
t-- 7,i7 includes in/ruction1 in=mation 
te*nology1 & o!r activities ^: prim>y   
purpose is to contribute to /ud5ts'     
emotional & physical well-be+ & to _!   
intellectual1 cultural1 & social        
developm5t inside & outside ! context ( 
! =mal in/ructional program2 &  7,,ii7  
does n include exp5ditures on m>ket+1   
recruitm5t1 or int]collegiate a?letic   
programs2  7ii7 /ud5t s]vice res\rces1  
:i* is a measure ( an in/itution's      
res\rces t c\ld reasonably be allocat$  
t[>ds /ud5t s]vice exp5ditures1 includ+ 
net tuition rev5ues1 ,/ate & local      
appropriations1 end[m5t income1 &       
rev5ues relat$ to /ud5t h\s+ & food     
s]vices less exp5ditures on /ud5t h\s+1 
food s]vices1 & ! op]ations & ma9t5ance 
( a plant2 &  7iii7 recruitm5t & m>ket+ 

exp5ditures2  4