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S 3355 118th Congress Senate Education

COLLEGE Act

Introduced: November 29, 2023 Introduced by: Scott, Rick Republican · Florida See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 29, 2023
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Nov 29, 2023
Introduced in Senate
 Plain-English summary Congressional Research Service

Changing Our Learning, Loans, Endowments, and Graduation Expectations Act or the COLLEGE Act

This bill requires institutions of higher education (IHEs) to provide cost-match awards to enrolled students based on the size of the IHE's endowment fund, makes IHEs responsible for a percentage of the student loan balance of students who are in default, and establishes related reporting requirements.

Specifically, the bill requires an IHE that has an endowment fund that is greater than $1 billion to pay the covered percentage of the cost of attendance for each full-time student enrolled at the IHE.

Additionally, the bill requires an IHE to remit to the Department of Education (ED) an annually increasing percentage of the loan balance of students who are in default.

The bill also establishes certain reporting requirements, including by requiring IHEs and ED to report certain metrics related to student debt and academic programs.

What's happening now November 29, 2023

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

 Committees of jurisdiction 1