,,ii #aagth ,,congress #b;d ,session ,s4 #dggb ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,august #d1 #bjbb,mr4 ,scott of ,florida introduced the following bill2 which was read twice and referred to the ,committee on ,health1 ,education1 ,labor1 and ,pensions ,a ,,bill ,to require institutions of higher education participating in ,federal financial aid programs to pay a percentage of the cost of attendance for each enrolled full-time student1 based on the endowment fund of the institution1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,changing ,our ,learning1 ,loans1 ,endowments1 and ,graduation ,expectations ,act or the ,,college ,act4 #b4 ,cost match requirement ,part ,g of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhh et seq47 is amended by adding at the end the following3 #did;,a4 ,cost match requirement and cost and endowment report 7a7 ,cost match requirement 7#a7 ,in ,general ,for each award year1 each institution of higher education participating in a program under this title that has an endowment fund that is maintained for the purpose of generating income for the support of the institution and is greater than #a1jjj1jjj1jjj shall pay the covered percentage of the cost of attendance for each full-time student enrolled at the institution of higher education4 7#b7 ,covered percentage ,the covered percentage shall be3 7,a7 ,in the case of an institution of higher education that has an endowment fund that is greater than #a1jjj1jjj1jjj1 but less than #e1jjj1jjj1jjj1 #be percent4 7,b7 ,in the case of an institution of higher education that has an endowment fund that is #e1jjj1jjj1jjj or greater1 but less than #aj1jjj1jjj1jjj1 #ej percent4 7,c7 ,in the case of an institution of higher education that has an endowment fund that is #aj1jjj1jjj1jjj or greater1 #ge percent4 7b7 ,cost and endowment report ,not later than ,july #a of each year1 each institution of higher education participating in a program under this title shall submit a report to the ,secretary containing the following information3 7#a7 ,the total cost of attendance for a full-time student for the upcoming award year4 7#b7 ,if the total cost of attendance for the upcoming award year is greater than the cost of attendance for the prior award year-- 7,a7 the amount of the increase in the cost of attendance from the prior award year2 and 7,b7 an explanation of the basis for such increase4 7#c7 ,a statement of whether the institution of higher education has an endowment fund1 and if so-- 7,a7 the amount of the endowment fund as of the date the report is submitted2 and 7,b7 the total increase in the amount of the endowment fund over the preceding #d fiscal quarters1 specifying the growth attributable to-- 7i7 contributions to the endowment fund1 including charitable donations1 gifts1 bequests1 and similar contributions of money or assets2 and 7ii7 investments of amounts in the endowment fund1 including bonds1 securities1 asset acquisitions or sales1 and similar financial investments and transactions4 4 #c4 ,program participation agreement ,section #dhg7;a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajid7;a77 is amended by adding at the end the following3 7#cj7 ,the institution will-- 7,a7 pay the covered percentage of the cost of attendance for each full-time enrolled student1 as described in section #did;,a7a72 and 7,b7 annually submit the cost and endowment report described in section #did;,a7b74 4 #d4 ,risk-sharing payments for ,federal ,direct ,loans ,section #ded of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;d7a77 is amended-- 7#a7 in subsection 7a7-- 7,a7 in paragraph 7#e71 by striking and after the semicolon2 7,b7 by redesignating paragraph 7#f7 as paragraph 7#h72 and 7,c7 by inserting after paragraph 7#e7 the following3 7#f7 provide that the institution accepts the institutional risk-sharing requirements under subsection 7d72 2 and 7#b7 by adding at the end the following3 7d7 ,institutional risk-,sharing based on loan default 7#a7 ,in general ,beginning with the first fiscal year that begins after the date of enactment of the ,,college ,act1 and each succeeding fiscal year1 each institution of higher education participating in the direct student loan program under this part shall remit to the ,secretary1 at such times as the ,secretary may specify1 an institutional risk-sharing payment1 as determined under paragraph 7#b74 7#b7 ,determination of risk-sharing payments 7,a7 ,determination of cohort loan balance ,the cohort loan balance of an institution for a fiscal year equals the total principal amount of all loans made under this part to attend such institution for the cohort of borrowers who entered repayment1 deferment1 or forbearance on such loans in the third preceding fiscal year for which the determination is made4 7,b7 ,determination of cohort nonrepayment loan balance ,the cohort nonrepayment loan balance of an institution for a fiscal year equals1 from the total amount of the loans described in subparagraph 7,a71 the total loan balance of those borrowers who have gone into default in the #c consecutive fiscal years since their loans entered repayment1 deferment1 or forbearance4 7,c7 ,determination of payment ,the risk-sharing payment of an institution for a fiscal year shall equal1 for the first fiscal year after the date of enactment of the ,,college ,act through the twenty-fifth fiscal year after such date1 an amount equal to #a percent of the cohort nonrepayment loan balance determined under subparagraph 7,b7 through #be percent of that balance1 respectively1 for each year4 4 #e4 ,program integrity 7a7 ,institutional reporting ,section #ded of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;d71 as amended by section #d1 is further amended-- 7#a7 in subsection 7a71 by inserting after paragraph 7#f7 7as added by section #d71 the following3 7#g7 provide that the institution will collect and by ,july #a of each year report to the ,secretary data1 in the aggregate and disaggregated by academic major1 regarding-- 7,a7 the #d-year graduation rate for each academic program offered at the institution2 7,b7 the percentage of graduates who are employed full-time or continuing their education full-time #a1 #c1 and #e years after graduating2 7,c7 the median full-time wages of graduates for each academic program #a1 #c1 and #e years after graduating2 7,d7 the total cost of tuition and fees for the mandatory credit hours necessary to graduate with a degree for each academic program2 7,e7 the cost to graduate with a degree for each academic program by major 7including tuition1 fees1 room and board1 and books and supplies72 7,f7 the average monthly payment due for loans made under part ,b1 ,d1 or ,e1 for graduates of each academic program2 7,g7 the average total student loan debt of graduates for each academic program2 and 7,h7 the average #c-year student loan default rate of graduates for each academic program2 and 2 and 7#b7 by adding at the end the following3 7e7 ,publicly available information ,the ,secretary shall publish and make publicly available the data described in subsection 7a77#g74 4 7b7 ,program review and data ,section #dih;,a7a77#a7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajii;c-#a7;a77#a77 is amended by striking title2 and inserting title1 which shall include annually collecting and reporting1 for each institution-- 7,a7 the average amount of ,federal student loan debt owed for an individual student on the date of graduation from that institution2 and 7,b7 the rate of loan deferment1 rate of forbearance1 rate of default1 and rate of delinquency 7each expressed separately7 for borrowers of all ,federal student loans1 #e1 #g1 and #aj years after the borrowers' date of graduation from the institution2 4