,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #bdga  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #ab1         
#bjai,mr4 ,he9ri* introduc$ ! foll[+    
bill2 :i* 0 read twice & ref]r$ to !    
,committee on ,f9ance  ,a ,,bill  ,to   
give middle-class families access to !  
maximum ,f$]al ,pell ,grant1 to increase
 college transp>5cy1 & ,/ate ma9t5ance (
 ef=ts1 & = o!r purposes4  #a4 ,%ort    
title ,?is ,act may be cit$ z ! ,degrees
 ,n ,debt ,act ( #bjai4  #b4 ,increase 9
 ! maximum am\nt ( a ,f$]al ,pell ,grant
 ,section #dja7;b77#g77;,c7 ( ! ,high]  
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajgj;a7b77#g77;,c77 is am5d$-- 7#a7 9  
clause 7i77,i71 by /rik+ clause         
7iv77,,ii7 & ins]t+ clause 7v77,,ii72   
7#b7 9 clause 7ii77,i71 by /rik+ clause 
7iv77,,ii7 & ins]t+ clause 7v77,,ii72   
7#c7 by r$esignat+ clauses 7iii7 & 7iv7 
z clauses 7iv7 & 7v71 respectively2     
7#d7 by ins]t+ aft] clause 7ii7 !       
foll[+3  7iii7 ,aw>d ye> #bjai-bjbj ,=  
aw>d ye> #bjai-bjbj1 ! am\nt det]m9$ "u 

?is subp>agraph = purposes ( subp>agraph
 7,b77iii7 %all be equal to--  7,i7     
#aj1jjj2 r$uc$ by  7,,ii7 ! maximum     
,f$]al ,pell ,grant = :i* a /ud5t w\ld  
be eligible us+ ! crit]ia provid$ "u    
section #dgi2 &  7,,iii7 r\nd$ to !     
ne>e/ #e4  2 &  7#e7 by /rik+ clause    
7iv71 z r$esignat$ by p>agraph 7#c71 &  
ins]t+ ! foll[+3  7iv7 ,subsequ5t aw>d  
ye>s ,= aw>d ye> #bjbj-bjba & ea*       
subsequ5t aw>d ye>1 ! am\nt det]m9$ "u  
?is subp>agraph = purposes ( subp>agraph
 7,b77iii7 %all be equal to--  7,i7 !   
am\nt det]m9$ "u ?is subp>agraph = !    
prec$+ aw>d ye>2 increas$ by  7,,ii7 a  
p]c5tage equal to ! annual adju/m5t     
p]c5tage = ! aw>d ye> = :i* ! am\nt "u  
?is subp>agraph is be+ det]m9$2 &       
7,,iii7 r\nd$ to ! ne>e/ #e4  4  #c4    
,increase family income ?re%old =       
det]m9ation ( expect$ family            
contribution equal to z]o  7a7 ,9 g5]al 
,section #dgi ( ! ,high] ,education ,act
 ( #aife 7#bj ,u4,s4,c4 #ajhgss7 is     
am5d$ to read z foll[s3  #dgi4          

,simplifi$ application  7a7 ,simplifi$  
application ,section  7#a7 ,9 g5]al ,!  
,secret>y %all develop & use an easily  
id5tifiable simplifi$ application       
section z "p ( ! common f9ancial report+
 =m prescrib$ "u section #dhc7;a7 =     
families describ$ 9 subsection 7b74     
7#b7 ,r$uc$ data requirem5ts ,!         
simplifi$ application =m %all 9 ! case (
 a family meet+ ! requirem5ts (         
subsection 7b71 p]mit su* family to be  
treat$ z hav+ an expect$ family         
contribution equal to z]o = purposes (  
e/abli%+ su* eligibility & to submit    
only ! data elem5ts requir$ to make a   
det]m9ation "u subsection 7b74  7b7 ,z]o
 expect$ family contribution ,!         
,secret>y %all consid] an applicant to h
 an expect$ family contribution equal to
 z]o if-- 7#a7 9 ! case ( a dep5d5t     
/ud5t1 ! sum ( ! adju/$ gross income ( !
 /ud5t's p>5ts is less ?an or equal to  
#bej p]c5t ( ! pov]ty l9e 7z def9$ by ! 
,(fice ( ,managem5t & ,budget1 & revis$ 
annually 9 accordance ) section #fgc7b7 

( ! ,community ,s]vices ,block ,grant   
,act 7#db ,u4,s4,c4 #iijb7b777          
applicable to a family ( ! size involv$2
  7#b7 9 ! case ( an indep5d5t /ud5t )  
dep5d5ts o!r ?an a sp\se1 ! sum ( !     
adju/$ gross income ( ! /ud5t & !       
/ud5t's sp\se 7if appropriate7 is less  
?an or equal to #bej p]c5t ( ! pov]ty   
l9e 7z def9$ by ! ,(fice ( ,managem5t & 
,budget1 & revis$ annually 9 accordance 
) section #fgc7b7 ( ! ,community        
,s]vices ,block ,grant ,act 7#db        
,u4,s4,c4 #iijb7b777 applicable to a    
family ( ! size involv$2 or  7#c7 9 !   
case ( an indep5d5t /ud5t )\t dep5d5ts  
o!r ?an a sp\se1 ! sum ( ! adju/$ gross 
income ( ! /ud5t & ! /ud5t's sp\se 7if  
appropriate7 is less ?an or equal to    
#bej p]c5t ( ! pov]ty l9e 7z def9$ by ! 
,(fice ( ,managem5t & ,budget1 & revis$ 
annually 9 accordance ) section #fgc7b7 
( ! ,community ,s]vices ,block ,grant   
,act 7#db ,u4,s4,c4 #iijb7b777          
applicable to a family ( ! size involv$4
  7c7 ,adju/m5ts ,an individual is n    

requir$ to qualify or file = ! e>n$     
income cr$it 9 ord] to be eligible "u   
?is subsection4 ,! ,secret>y %all       
annually adju/ ! income level necess>y  
to qualify an applicant = ! z]o expect$ 
family contribution4 ,! income level    
%all be adju/$ accord+ to increases 9 ! 
,consum] ,price ,index1 z def9$ 9       
section #dgh7;f74  4  7b7 ,adju/m5ts 9  
income protection all[ances ,= ea*      
academic ye>1 ! ,secret>y ( ,education  
%all cont9ue to publi% 9 ! ,f$]al       
,regi/] a revis$ table ( income         
protection all[ances pursuant to section
 #dgh7;b77#a77;,a7 ( ! ,high] ,education
 ,act ( #aife 7#bj ,u4,s4,c4            
#ajhgrr7b77#a77;,a774  #d4 ,/ate        
responsibility  7a7 ,ma9t5ance ( ef=t   
requirem5ts ,section #dja ( ! ,high]    
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajgj;a7 is am5d$ by add+ at ! end !    
foll[+3  7k7 ,in/itutional ineligibility
 bas$ on failure ( ,/ate ,to ma9ta9     
high] education appropriations level    
7#a7 ,9 g5]al ,ea* ,/ate t receives     

funds "u ?is ,act %all ma9ta9           
exp5ditures & ,/ate f9ancial aid =      
in/itutions ( high] education 9 ! ,/ate1
 ) respect to a fiscal ye>1 at an am\nt 
t is equal to or m ?an ! av]age am\nt ( 
,/ate exp5ditures & ,/ate f9ancial aid =
 in/itutions ( high] education 9 ! ,/ate
 = ! #aj fiscal ye>s prec$+ su* fiscal  
ye>4  7#b7 ,consequ5ces ( failure to    
ma9ta9 ef=t ,not)/&+ any o!r provision (
 law & beg9n+ #e ye>s aft] ! date (     
enactm5t ( ! ,degrees ,n ,debt ,act (   
#bjai1 ! ,secret>y %all n make a paym5t 
"u ?is subp>t to an in/itution ( high]  
education = a fiscal ye> = ! purpose (  
mak+ a ,f$]al ,pell ,grant to eligible  
/ud5ts 9 att5dance at su* in/itution &  
any su* /ud5t %all n be eligible to     
receive a ,f$]al ,pell ,grant =         
att5dance at su* in/itution = ! fiscal  
ye>1 if ! in/itution--  7,a7 is an      
in/itution ( high] education1 z def9$ 9 
section #ajb2 &  7,b7 is locat$ 9 a     
,/ate t has n ma9ta9$ exp5ditures &     
,/ate f9ancial aid = in/itutions ( high]

 education 9 ! ,/ate1 ) respect to !    
fiscal ye>1 at an am\nt t is equal to or
 m ?an ! av]age am\nt ( ,/ate           
exp5ditures & ,/ate f9ancial aid =      
in/itutions ( high] education 9 ! ,/ate 
= ! #e fiscal ye>s prec$+ su* fiscal    
ye>4  7#c7 ,waiv] ,! ,secret>y may waive
 ! requirem5t ( p>agraph 7#a7 = a ,/ate1
 = "o fiscal ye> at a "t1 & ! provisions
 ( p>agraph 7#b7 %all h no effect = su* 
fiscal ye> if ! ,secret>y det]m9es t    
grant+ a waiv] w\ld be equitable due to 
exceptional or uncontrollable           
circum/ances su* z a natural disa/] or a
 precipit\s & un=ese5 decl9e 9 !        
f9ancial res\rces ( ! ,/ate4  4  #e4    
,college & univ]sity responsibility  7a7
 ,program p>ticipation agreem5ts        
,section #dhg ( ! ,high] ,education ,act
 ( #aife 7#bj ,u4,s4,c4 #ajid7 is       
am5d$-- 7#a7 9 subsection 7a71 by add+  
at ! end ! foll[+3  7#cj7 ,! in/itution 
w put a prom95t l9k on ! homepage ( !   
in/itution's prim>y website t goes      
directly to a report ( a /&>d set ( key 

p]=mance indicators ) respect to !      
in/itution1 z describ$ 9 subsection 7k74
  2 &  7#b7 by add+ at ! end ! foll[+3  
7k7 ,p]=mance indicators  7#a7 ,9 g5]al 
,! key p]=mance indicators "u ?is       
subsection are ! foll[+3  7,a7 7i7      
,graduation rates-- 7,i7 at #ajj p]c5t (
 ! normal "t = graduation2  7,,ii7 at   
#aej p]c5t ( ! normal "t = graduation2  
7,,iii7 at #bjj p]c5t ( ! normal "t =   
graduation2 &  7,,iv7 ea* ( :i* is      
disaggregat$ by age 7#be ye>s old &     
y\ng]1 & old] ?an #be ye>s old71 income1
 race & e?nicity1 & fir/-g5]ation       
college /atus4  7ii7 ,transf] out rates4
 ,ea* su* rate %all be disaggregat$ by  
age 7#be ye>s old & y\ng]1 & old] ?an   
#be ye>s old71 income1 race & e?nicity1 
& fir/-g5]ation college /atus4  7iii7   
,)drawal rates1 includ+ rates ( /ud5ts  
:o )draw f a c]tificate program to seek 
employm5t 9 a relat$ field ( /udy4  7,b7
 ,employm5t outcomes1 includ+ ! foll[+3 
7i7 ,! av]age sal>y ( a graduate #c ye>s
 aft] graduation4  7ii7 ,! p]c5tage (   

graduates :o1 #ahj days aft]            
graduation-- 7,i7 are employ$ full "t2  
7,,ii7 are employ$ "p-"t2  7,,iii7 are  
employ$ 9 ! graduate's field ( /udy or  
c]tificate2 &  7,,iv7 make m ?an #be1jjj
 a ye>4  7iii7 ,! cohort repaym5t rate4 
7,c7 ,/ud5t satisfaction rate z indicat$
 by a survey ( all /ud5ts & rec5t alumni
 ) ! foll[+ #b que/ions us+ a #e-po9t   
,lik]t scale3  7i7 ,h[ satisfi$ are y ) 
y\r educational exp]i5ce at "n (        
in/itution8  7ii7 ,if y 7 mak+ !        
decision today1 h[ likely w\ld y be to  
*oose to att5d "n ( in/itution aga98    
7,d7 ,! p]c5tage ( /ud5ts :o cont9ue    
enrollm5t at ! in/itution aft] ! fir/   
ye> ( enrollm5t4  7,e7 ,! av]age net    
price = ! in/itution's mo/ rec5t cohort 
( graduates1 disaggregat$ by income     
qu>tile4  7,f7 ,! av]age annual net     
price = full-"t att5dance1 brok5 out by 
tuition1 fees1 liv+ co/s1 & o!r         
7indirect7 co/s4  7,g7 ,! m$ian "t to   
degree completion4  7,h7 ,! p]c5tage (  
enroll$ /ud5ts ) /ud5t loan debt4  7,i7 

,! av]age /ud5t loan debt at "t (       
graduation = ! mo/ rec5t cohort (       
graduates :o borr[$ money4  7,j7 ,!     
av]age /ud5t loan debt at "t ( )drawal =
 ! mo/ rec5t cohort ( non-graduates :o  
borr[$ money4  7#b7 ,cohort repaym5t    
rate  7,a7 ,9 g5]al ,9 ?is subsection1 !
 t]m cohort repaym5t rate means1 = any  
fiscal ye> beg9n+ ) fiscal ye> #bjbc--  
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 ,new data po9ts ,!         
,secret>y %all "w ) ! ,national ,c5t] = 
,education ,/ati/ics to id5tify new data
 po9ts t ne$ to be collect$ to assi/    
colleges & univ]sities ) ! collection1  
organization1 & di/ribution ( key       
p]=mance indicators & cohort repaym5t   
rates4  7#d7 ,guidance ,! ,secret>y %all
 issue guidance1 ) input f /akehold]s1  
to facilitate ! data collection &       
display ( key p]=mance indicators4  4   
7b7 ,enhanc$ data collection =          
in/itutions ) enrollm5t rates ( less ?an
 #e1jjj /ud5ts ,section #dhi7;a7 ( !    
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajif7;a77 is am5d$-- 7#a7 9 !
 fir/ s5t5ce1 by ins]t+ 7or1 9 ! case ( 
an in/itution ) an enrollm5t ( less ?an 
#e1jjj /ud5ts1 #f7 aft] #e2 &  7#b7 by  
add+ at ! end ! foll[+3 ,9 addition1 !  
,secret>y %all provide funds to assi/   

small in/itutions ( high] education1 )  
enrollm5t rates ( less ?an #e1jjj       
/ud5ts1 ) data collection1 organization1
 & di/ribution ( p]=mance indicators &  
cohort repaym5t rates44  #f4 ,repeal (  
increas$ alt]native m9imum tax exemption
 am\nt = individuals  7a7 ,9 g5]al      
,section #ee7;d7 ( ! ,int]nal ,rev5ue   
,code ( #aihf is am5d$ by /rik+ p>agraph
 7#d74  7b7 ,effective date ,! am5dm5t  
made by ?is section %all apply to       
taxable ye>s beg9n+ aft] ,decemb] #ca1  
#bjah4  #g4 ,repeal ( increas$ e/ate &  
gift tax exemption  7a7 ,9 g5]al        
,section #bjaj7;c77#c7 ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by /rik+ 
,janu>y #a1 #bjbf & ins]t+ ! date ( !   
enactm5t ( ! ,degrees ,n ,debt ,act (   
#bjai4  7b7 ,effective date ,! am5dm5t  
made by ?is section %all apply to e/ates
 ( dec$5ts dy+ & gifts made aft] ! date 
( ! enactm5t ( ?is ,act4