,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #ifci  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #bj1         
#bjbb,ms4 ,van ,duyne introduc$ ! foll[+
 bill2 :i* 0 ref]r$ to ! ,committee on  
,education & ,labor  ,a ,,bill  ,to     
require ! ,secret>y ( ,education to     
report default & o!r data = ea* program 
( /udy ( c]ta9 in/itutions ( high]      
education = :i* ! ,secret>y annually    
reports cohort default data "u ! ,high] 
,education ,act ( #aife4  #a4 ,%ort     
title ,?is ,act may be cit$ z ! ,high]  
,/&>ds = ,high] ,education ,act4  #b4   
,collection & report+ ( default data =  
c]ta9 programs ( /udy ,section          
#dce7m77#d7 ( ! ,high] ,education ,act (
 #aife 7#bj ,u4,s4,c4 #ajhe7m77#d77 is  
am5d$ by add+ at ! end ! foll[+3  7,e7  
,program ( /udy report+ requirem5ts  7i7
 ,9 g5]al ,subject to clause 7ii71 = ea*
 fiscal ye> beg9n+ aft] ! date (        
enactm5t ( ! ,high] ,/&>ds = ,high]     
,education ,act1 ! ,secret>y %all       
include 9 ! annual report requir$ "u    

subp>agraph 7,c71 = ea* cov]$ in/itution
 = :i* a cohort default rate is         
calculat$ "u ?is subsection = a fiscal  
ye>1 ! foll[+ ) respect ea* program (   
/udy ( su* in/itution 9 :i* "o or m     
curr5t & =m] /ud5ts at ! in/itution :o  
ent] repaym5t 9 t fiscal ye> on ,f$]al  
,direct ,/af=d ,loans1 ,f$]al ,direct   
,,plus ,loans1 or ,f$]al ,direct        
,unsubsidiz$ ,/af=d ,loans1 receiv$ =   
att5dance at ! in/itution1 are enroll$  
79 ! case ( a curr5t /ud5t7 or 7 mo/    
rec5tly enroll$ prior to ent]+ repaym5t 
79 ! case ( a =m] /ud5t73 7,i7 ,! numb] 
( ^? curr5t & =m] /ud5ts :o ent]        
repaym5t on su* loans 7or on ! portion (
 a ,f$]al ,direct ,consolidation ,loan t
 is us$ to repay any su* loans7 9 t     
fiscal ye>4  7,,ii7 ,( ! /ud5ts id5tifi$
 9 subclause 7,i71 ! p]c5tage :o default
 on any su* loan be=e ! end ( ! second  
succe$+ fiscal ye> foll[+ ! fiscal ye> 9
 :i* ! /ud5ts ent]$ repaym5t4  7,,iii7  
,( su* /ud5ts1 ! p]c5tage :o are betwe5 
#ca & #cfj days del9qu5t on any su* loan

 be=e ! end ( su* second succe$+ fiscal 
ye>4  7,,iv7 ,( su* /ud5ts1 ! p]c5tage  
:o are 9 =be>ance on any su* loan be=e !
 end ( su* second succe$+ fiscal ye>4   
7,v7 ,( su* /ud5ts1 ! p]c5tage :o are 9 
def]m5t on any su* loan be=e ! end ( su*
 second succe$+ fiscal ye>4  7,,vi7 ,(  
su* /ud5ts1 ! p]c5tage :o-- 7aa7 h be5  
mak+ regul> paym5ts on su* loans1 b =   
:om-- 7,,aa7 on any day be=e ! end ( su*
 second succe$+ fiscal ye>1 ! sum ( !   
out/&+ balance due on su* loans1 exce$s 
7,,bb7 ! sum ( ! out/&+ balance due on  
su* loans on ! date t is "o ye> prec$+ !
 day 9 subitem 7,,aa72 &  7bb7 are n    
describ$ 9 subclauses 7,,ii7 ?r\gh 7,v74
  7,,vii7 ,( su* /ud5ts1 ! p]c5tage :o--
  7aa7 h be5 mak+ regul> paym5ts on su* 
loans1 & = :om-- 7,,aa7 on any day be=e 
! end ( su* second succe$+ fiscal ye>1 !
 sum ( ! out/&+ balance due on su*      
loans1 is less ?an 7,,bb7 ! sum ( !     
out/&+ balance due on su* loans on !    
date t is "o ye> prec$+ ! day 9 subitem 
7,,aa72 &  7bb7 are n describ$ 9        

subclauses 7,,ii7 ?r\gh 7,v74  7,,viii7 
,( su* /ud5ts1 ! p]c5tage :o1 be=e ! end
 ( su* second succe$+ fiscal ye>-- 7aa7 
are mak+ regul> paym5ts on su* loans1 & 
= :om-- 7,,aa7 ! sum ( ! out/&+ balance 
due on su* loans1 is less ?an 7,,bb7 !  
sum ( ! orig9al balance due on su*      
loans2 &  7bb7 are n describ$ 9         
subclauses 7,,ii7 ?r\gh 7,v74  7,,ix7 ,(
 su* /ud5ts1 ! p]c5tage :o h paid ea*   
su* loan 9 full be=e ! end ( su* second 
succe$+ fiscal ye>4  7,x7 ,( su* /ud5ts1
 ! p]c5tage ^: obligation to repay all  
su* loans has be5 dis*>g$ "u section    
#dcg be=e ! end ( su* second succe$+    
fiscal ye>4  7ii7 ,exclusion ( c]ta9    
programs ( /udy ,! ,secret>y %all       
exclude "u clause 7i7 in=mation )       
respect to any program ( /udy if ! numb]
 ( /ud5ts 7or =m] /ud5ts7 ( su* program 
is insuffici5t to yield /ati/ically     
reliable in=mation or ! results w\ld    
reveal p]sonally id5tifiable in=mation  
ab\t an individual /ud5t 7or =m] /ud5t74
  7iii7 ,def9itions ,9 ?is subp>agraph3 

7,i7 ,cov]$ in/itution ,! t]m cov]$     
in/itution means an in/itution t is !   
b5efici>y ( an end[m5t fund t has a     
total value ( n less ?an #a1jjj1jjj1jjj4
  7,,ii7 ,end[m5t fund ,! t]m end[m5t   
fund means a fund e/abli%$ by ,/ate law1
 by an in/itution ( high] education1 or 
by a f\ndation :i* is exempt f ,f$]al   
income taxation & is ma9ta9$ = ! purpose
 ( g5]at+ income = ! support ( !        
in/itution1 b :i* %all n include real   
e/ate  4