II 

117TH CONGRESS 

2D SESSION S. 5072 

To amend the Higher Education Act of 1965 to provide for institutional 

ineligibility based on low cohort repayment rates and to require risksharing payments of institutions of higher education. 

IN THE SENATE OF THE UNITED STATES 

OCTOBER 11, 2022 

Mr. KING (for Mrs. SHAHEEN (for herself and Mr. YOUNG)) introduced the 

following bill; which was read twice and referred to the Committee on 

Health, Education, Labor, and Pensions 

A BILL 

To amend the Higher Education Act of 1965 to provide 

for institutional ineligibility based on low cohort repayment rates and to require risk-sharing payments of institutions of higher education. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Student Protection and 

5 Success Act’’. 


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1 SEC. 2. INSTITUTIONAL INELIGIBILITY BASED ON LOW CO2 HORT REPAYMENT RATE. 

3 (a) IN GENERAL.—Section 455 of the Higher Edu4 cation Act of 1965 (20 U.S.C. 1087e) is amended by add5 ing at the end the following: 

6 ‘‘(r) INELIGIBILITY DUE TO LOW COHORT REPAY7 MENT RATE.— 

8 ‘‘(1) IN GENERAL.—Beginning with fiscal year 

9 2025 and each succeeding fiscal year, an institution 

10 that has a cohort repayment rate that is equal to or 

11 less than 15 percent shall not be eligible to partici12 pate in a program under this part for such fiscal 

13 year and for the 2 succeeding fiscal years. 

14 ‘‘(2) APPEALS.— 

15 ‘‘(A) IN GENERAL.—An institution may 

16 appeal the loss of eligibility under this sub17 section to the Secretary within 30 days of re18 ceiving notification from the Secretary of the 

19 loss of eligibility under this subsection. 

20 ‘‘(B) CONTINUED PARTICIPATION.—Dur21 ing an appeal under subparagraph (A), the Sec22 retary may permit the institution to continue to 

23 participate in a program under this part if the 

24 institution demonstrates to the satisfaction of 

25 the Secretary that the Secretary’s calculation of 

26 its cohort repayment rate is not accurate, and 


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1 that recalculation would increase its cohort re2 payment rate to be more than 15 percent. 

3 ‘‘(C) REQUIRED PAYMENT.—If an institu4 tion continues to participate in a program 

5 under this part, and the institution’s appeal of 

6 the loss of eligibility is unsuccessful, the institu7 tion shall be required to pay to the Secretary an 

8 amount equal to the amount of loans made by 

9 the Secretary under this part to borrowers at10 tending, or planning to attend, that institution 

11 during the pendency of such appeal and the in12 terest, special allowance, reinsurance, and any 

13 related payments made by the Secretary (or 

14 which the Secretary is obligated to make) with 

15 respect to such loans. 

16 ‘‘(3) COHORT REPAYMENT RATE.— 

17 ‘‘(A) IN GENERAL.—In this subsection, the 

18 term ‘cohort repayment rate’ means, for any 

19 fiscal year beginning with fiscal year 2025— 

20 ‘‘(i) in the case in which 30 or more 

21 borrowers at the institution enter repay22 ment on Federal Direct Stafford Loans, 

23 Federal Direct Unsubsidized Stafford 

24 Loans, Federal Direct PLUS Loans, or 

25 Federal Direct Consolidation Loans, reVerDate Sep 11 2014 04:29 Oct 20, 2022 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S5072.IS S5072

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1 ceived for attendance at the institution, the 

2 percentage of those borrowers who are not 

3 in default and who make at least a one 

4 dollar reduction on their initial student 

5 loan principal balance before the end of the 

6 second fiscal year following the fiscal year 

7 in which the borrowers entered repayment, 

8 except as provided in subparagraph (B); 

9 and 

10 ‘‘(ii) in the case in which less than 30 

11 borrowers at the institution enter repay12 ment on Federal Direct Stafford Loans, 

13 Federal Direct Unsubsidized Stafford 

14 Loans, Federal Direct PLUS Loans, or 

15 Federal Direct Consolidation Loans, re16 ceived for attendance at the institution, the 

17 percentage of those borrowers plus all of 

18 the borrowers at the institution who en19 tered repayment on such loans (or on the 

20 portion of a loan made under section 428C 

21 that is used to repay any such loans) in 

22 the 3 fiscal years preceding the fiscal year 

23 for which the determination is made, who 

24 are not in default and who make at least 

25 a one dollar reduction on their initial stuVerDate Sep 11 2014 04:29 Oct 20, 2022 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S5072.IS S5072

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1 dent loan principal balance before the end 

2 of the second fiscal year following the year 

3 in which the borrowers entered repayment, 

4 except as provided in subparagraph (B). 

5 ‘‘(B) EXCEPTION.—The ‘cohort repayment 

6 rate’ calculation under subparagraph (A) shall 

7 not include in the calculation a borrower who 

8 is— 

9 ‘‘(i) in deferment on repayment of a 

10 loan described in subparagraph (A) due to 

11 study in an approved graduate fellowship 

12 program or in an approved rehabilitation 

13 training program for the disabled; 

14 ‘‘(ii) in deferment on repayment of a 

15 loan described in subparagraph (A) during 

16 a period of at least half-time enrollment in 

17 college or a career school; 

18 ‘‘(iii) in deferment on repayment of a 

19 loan described in subparagraph (A) during 

20 a period of service qualifying for loan dis21 charge or cancellation under part E; 

22 ‘‘(iv) in deferment on repayment of a 

23 loan described in subparagraph (A) due to 

24 active duty military service of the borrower 


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1 during a war, military operation, or na2 tional emergency; 

3 ‘‘(v) in deferment on repayment of a 

4 loan described in subparagraph (A) during 

5 the 13 months following the conclusion of 

6 qualifying active duty military service by 

7 the borrower, or until the borrower returns 

8 to enrollment on at least a half-time basis, 

9 whichever is earlier, if the borrower is a 

10 member of the National Guard or other re11 serve component of the Armed Forces and 

12 was called or ordered to active duty while 

13 enrolled at least half-time at an eligible 

14 school or within 6 months of having been 

15 enrolled at least half-time; 

16 ‘‘(vi) in mandatory forbearance on re17 payment of a loan described in subpara18 graph (A) for the full fiscal year; or 

19 ‘‘(vii) serving as a volunteer under the 

20 Peace Corps Act (22 U.S.C. 2501 et seq.) 

21 or the Domestic Volunteer Service Act of 

22 1973 (42 U.S.C. 4950 et seq.). 

23 ‘‘(C) PUBLICATION OF REPAYMENT

24 RATES.—The Secretary shall publish the cohort 


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1 repayment rates for institutions determined 

2 under this subsection. 

3 ‘‘(4) NOTIFICATION.—Beginning with the first 

4 fiscal year for which data are available after the date 

5 of enactment of the Student Protection and Success 

6 Act and each succeeding fiscal year until fiscal year 

7 2025, the Secretary shall notify each institution that 

8 has a cohort repayment rate that is equal to or less 

9 than 15 percent that the institution risks losing eli10 gibility to participate in a program under this 

11 part.’’. 

12 (b) INELIGIBILITY IN OTHER PROGRAMS.— 

13 (1) PELL GRANTS.—The Higher Education Act 

14 of 1965 (20 U.S.C. 1001 et seq.), as amended by 

15 the FAFSA Simplification Act (title VII of division 

16 FF of Public Law 116–260) and the FAFSA Sim17 plification Act Technical Corrections Act (Public 

18 Law 117–103), is amended in section 401(j)— 

19 (A) in the heading, by striking ‘‘BASED ON

20 DEFAULT RATES’’; 

21 (B) in paragraph (1), by inserting ‘‘until 

22 fiscal year 2025’’ after ‘‘succeeding fiscal year’’; 

23 (C) in paragraph (2), by inserting ‘‘or co24 hort repayment rate determination’’ after ‘‘de25 fault rate determination’’; and 


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1 (D) by adding at the end the following: 

2 ‘‘(3) INELIGIBILITY BASED ON LOW COHORT

3 REPAYMENT RATES.—No institution of higher edu4 cation shall be an eligible institution for purposes of 

5 this subpart if such institution of higher education 

6 is ineligible to participate in a program under part 

7 D due to a low cohort repayment rate, as deter8 mined under section 455(r).’’. 

9 (2) STUDENT LOAN INSURANCE PROGRAM.— 

10 Section 435(a) of the Higher Education Act of 1965 

11 (20 U.S.C. 1085(a)) is amended— 

12 (A) in paragraph (2)— 

13 (i) in the heading, by striking ‘‘BASED

14 ON HIGH DEFAULT RATES’’; 

15 (ii) in subparagraph (A), by striking 

16 ‘‘An institution’’ and inserting ‘‘Until fis17 cal year 2025, an institution’’; and 

18 (iii) by adding at the end the fol19 lowing: 

20 ‘‘(E) No institution of higher education shall be 

21 an eligible institution for purposes of this part if 

22 such institution of higher education is ineligible to 

23 participate in a program under part D due to a low 

24 cohort repayment rate, as determined under section 

25 455(r).’’; and 


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1 (B) in paragraph (6)(A), by inserting ‘‘and 

2 until fiscal year 2025,’’ after ‘‘July 1, 1999,’’. 

3 (3) FEDERAL PERKINS LOANS.—Section 462 of 

4 the Higher Education Act of 1965 (20 U.S.C. 

5 1087bb) is amended— 

6 (A) in subsection (a)— 

7 (i) in paragraph (1), by inserting ‘‘or 

8 the institution is ineligible to participate in 

9 a program under part D due to a low co10 hort repayment rate, as determined under 

11 section 455(r)’’ after ‘‘subsection (f)’’; and 

12 (ii) in paragraph (2)(D), by inserting 

13 ‘‘or the institution is ineligible to partici14 pate in a program under part D due to a 

15 low cohort repayment rate, as determined 

16 under section 455(r)’’ after ‘‘subsection 

17 (f)’’; 

18 (B) in subsection (b)— 

19 (i) in paragraph (2), by inserting ‘‘or 

20 the institution is ineligible to participate in 

21 a program under part D due to a low co22 hort repayment rate, as determined under 

23 section 455(r)’’ after ‘‘subsection (f)’’; and 

24 (ii) in paragraph (3), by inserting ‘‘or 

25 the institution is ineligible to participate in 


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1 a program under part D due to a low co2 hort repayment rate, as determined under 

3 section 455(r)’’ after ‘‘subsection (f)’’; 

4 (C) in subsection (e)— 

5 (i) in paragraph (2), by inserting 

6 ‘‘until fiscal year 2025,’’ after ‘‘succeeding 

7 fiscal year’’; and 

8 (ii) in paragraph (3)— 

9 (I) in subparagraph (A), by in10 serting ‘‘until fiscal year 2025,’’ after 

11 ‘‘any succeeding fiscal year’’; and 

12 (II) by adding at the end the fol13 lowing: 

14 ‘‘(F) LOW COHORT REPAYMENT RATES.— 

15 An institution that is ineligible to participate in 

16 a program under part D due to a low cohort re17 payment rate, as determined under section 

18 455(r), shall not be eligible to participate in a 

19 program under this part.’’; and 

20 (D) in subsection (f)(2), by inserting ‘‘until 

21 fiscal year 2025,’’ after ‘‘subsequent years’’. 

22 SEC. 3. COLLEGE OPPORTUNITY BONUS PROGRAM. 

23 Subpart 1 of part A of title IV of the Higher Edu24 cation Act of 1965 (20 U.S.C. 1070a et seq.) is amended 

25 by adding at the end the following: 


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1 ‘‘SEC. 401B. COLLEGE OPPORTUNITY BONUS PROGRAM. 

2 ‘‘(a) PROGRAM AUTHORITY.— 

3 ‘‘(1) IN GENERAL.—Beginning with fiscal year 

4 2025 and each succeeding fiscal year, the Secretary 

5 shall award grants to eligible institutions of higher 

6 education that are distributed under a formula de7 termined by the Secretary under subsection (d). 

8 ‘‘(2) ELIGIBLE INSTITUTION.—In this section, 

9 the term ‘eligible institution of higher education’ 

10 means an institution of higher education that has a 

11 cohort repayment rate (as defined in section 

12 455(r)(3)) that is greater than 25 percent. 

13 ‘‘(b) GRANTS.—The Secretary shall award grants to 

14 eligible institutions of higher education that the Secretary 

15 determines have a strong record of making college more 

16 affordable and increasing college access and success for 

17 low-income and moderate-income students. 

18 ‘‘(c) USES OF FUNDS.—Each eligible institution of 

19 higher education that receives a grant under this section 

20 may use the grant funds to support reforms to further 

21 increase college access and success for low- and moderate22 income students, by making key investments and adopting 

23 best practices, including by considering best practices re24 ported under section 5 of the Student Protection and Suc25 cess Act, and by— 


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1 ‘‘(1) awarding additional need-based financial 

2 aid to students enrolled at the institution who are el3 igible to receive a Federal Pell Grant; 

4 ‘‘(2) enhancing academic and student support 

5 services; and 

6 ‘‘(3) establishing or expanding accelerated 

7 learning opportunities. 

8 ‘‘(d) AMOUNT OF GRANT FUNDS.— 

9 ‘‘(1) IN GENERAL.—Each eligible institution of 

10 higher education that receives a grant under this 

11 section shall receive annual grant funds based on a 

12 formula determined by the Secretary that equally 

13 considers— 

14 ‘‘(A) the number and percentage of stu15 dents enrolled at the institution who are eligible 

16 to receive a Federal Pell Grant; 

17 ‘‘(B) the cohort repayment rate (as defined 

18 in section 455(r)(3)) of students enrolled at the 

19 institution who are eligible to receive a Federal 

20 Pell Grant; and 

21 ‘‘(C) the institution’s student service ex22 penditures as a percentage of the institution’s 

23 student service resources. 

24 ‘‘(2) CAP.—Each eligible institution of higher 

25 education that receives a grant under this section 


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1 shall receive grant funds for a fiscal year in an 

2 amount that is not more than 2.5 percent of the 

3 amount equal to the eligible institution’s total an4 nual revenues and investment returns less auxiliary 

5 enterprise revenues and hospital revenues, as defined 

6 in the IPEDS Finance Survey, for the most recent 

7 fiscal year upon which the eligible institution’s au8 dited financial reports are available. 

9 ‘‘(e) SUPPLEMENT NOT SUPPLANT.—Funds made 

10 available under this section shall be used to supplement, 

11 and not supplant— 

12 ‘‘(1) other State funds that States would other13 wise expend to carry out activities under this section 

14 to improve college affordability and graduate addi15 tional low- and moderate-income students; and 

16 ‘‘(2) institutional funds that eligible institutions 

17 of higher education receiving a grant under this sec18 tion would otherwise expend to carry out activities 

19 under this section to improve college affordability 

20 and graduate additional low- and moderate-income 

21 students. 

22 ‘‘(f) FUNDING.—The grant program under this sec23 tion shall be funded only with risk-sharing payments re24 ceived by the Secretary under section 454(d).’’. 


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1 SEC. 4. RISK-SHARING PAYMENTS. 

2 Section 454 of the Higher Education Act of 1964 (20 

3 U.S.C. 1087d) is amended— 

4 (1) in subsection (a)— 

5 (A) in paragraph (5), by striking ‘‘and’’ 

6 after the semicolon; 

7 (B) in paragraph (6), by striking the pe8 riod at the end and inserting ‘‘; and’’; and 

9 (C) by adding at the end the following: 

10 ‘‘(7) provide that the institution accepts the in11 stitutional risk-sharing requirements under sub12 section (d), if applicable.’’; and 

13 (2) by adding at the end the following: 

14 ‘‘(d) INSTITUTIONAL RISK-SHARING BASED ON CO15 HORT NONREPAYMENT LOAN BALANCES.— 

16 ‘‘(1) IN GENERAL.—Beginning with fiscal year 

17 2025 and each succeeding fiscal year, each institu18 tion of higher education participating in the direct 

19 student loan program under this part shall remit to 

20 the Secretary, at such times as the Secretary may 

21 specify, a risk-sharing payment based on the cohort 

22 nonrepayment loan balance of the institution, as de23 termined under paragraph (2). 

24 ‘‘(2) DETERMINATION OF RISK-SHARING PAY25 MENTS.— 


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1 ‘‘(A) DETERMINATION OF COHORT LOAN

2 BALANCE.—The cohort loan balance of an insti3 tution for a fiscal year equals the total principal 

4 amount of all loans made under this part to at5 tend such institution for the cohort of bor6 rowers who entered repayment, deferment, or 

7 forbearance on such loans in the third pre8 ceding fiscal year for which the determination is 

9 made. 

10 ‘‘(B) DETERMINATION OF COHORT NON11 REPAYMENT LOAN BALANCE.— 

12 ‘‘(i) IN GENERAL.—The cohort non13 repayment loan balance of an institution 

14 for a fiscal year equals, from the total 

15 amount of the loans described in subpara16 graph (A), the total loan balance of those 

17 borrowers who have not made at least a 1 

18 dollar reduction in their principal balance 

19 in the 3 consecutive fiscal years since their 

20 loans entered repayment, deferment, or 

21 forbearance. 

22 ‘‘(ii) EXCEPTION.—The cohort non23 repayment loan balance calculation under 

24 clause (i) shall not take into consideration 

25 a borrower who was— 


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1 ‘‘(I) in deferment on repayment 

2 of a loan described in subparagraph 

3 (A) in the 3 consecutive fiscal years 

4 described in clause (i) due to study in 

5 an approved graduate fellowship pro6 gram or in an approved rehabilitation 

7 training program for the disabled; 

8 ‘‘(II) in deferment on repayment 

9 of a loan described in subparagraph 

10 (A) in the 3 consecutive fiscal years 

11 described in clause (i) during which 

12 time the borrower was in a period of 

13 at least half-time enrollment in college 

14 or a career school; 

15 ‘‘(III) in deferment on repayment 

16 of a loan described in subparagraph 

17 (A) in the 3 consecutive fiscal years 

18 described in clause (i) during which 

19 time the borrower was in a period of 

20 service qualifying for loan discharge 

21 or cancellation under part E; 

22 ‘‘(IV) in deferment on repayment 

23 of a loan described in subparagraph 

24 (A) in the 3 consecutive fiscal years 

25 described in clause (i) during which 


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1 time the borrower was on active duty 

2 military service during a war, military 

3 operation, or national emergency; 

4 ‘‘(V) in mandatory forbearance 

5 on repayment of a loan described in 

6 subparagraph (A) for the full fiscal 

7 year; or 

8 ‘‘(VI) serving as a volunteer 

9 under the Peace Corps Act (22 U.S.C. 

10 2501 et seq.) or the Domestic Volun11 teer Service Act of 1973 (42 U.S.C. 

12 4950 et seq.), during the 3 consecu13 tive fiscal years described in clause 

14 (i). 

15 ‘‘(C) DETERMINATION OF PAYMENT.— 

16 ‘‘(i) IN GENERAL.— 

17 ‘‘(I) IN GENERAL.—Except as 

18 provided in subclause (II), the risk19 sharing payment of an institution for 

20 a fiscal year equals 2 percent of the 

21 amount determined under clause (ii). 

22 ‘‘(II) CAP.—The risk-sharing 

23 payment of an institution for a fiscal 

24 year shall not be more than 2.5 per25 cent of the amount equal to the instiVerDate Sep 11 2014 04:29 Oct 20, 2022 Jkt 039200 PO 00000 Frm 00017 Fmt 6652 Sfmt 6201 E:\BILLS\S5072.IS S5072

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1 tution’s total annual revenues and in2 vestment returns less auxiliary enter3 prise revenues and hospital revenues, 

4 as defined in the IPEDS Finance 

5 Survey, for the most recent fiscal year 

6 upon which the institution’s audited 

7 financial reports are available. 

8 ‘‘(ii) AMOUNT BASED ON COHORT

9 NONREPAYMENT LOAN BALANCE AND UN10 EMPLOYMENT RATE.— 

11 ‘‘(I) IN GENERAL.—The amount 

12 under this clause is determined by 

13 subtracting the amount determined 

14 under subclause (II) from the cohort 

15 nonrepayment loan balance deter16 mined under subparagraph (B). 

17 ‘‘(II) AMOUNT BASED ON UNEM18 PLOYMENT RATE.—The amount under 

19 this subclause is determined by multi20 plying the average national unemploy21 ment rate, as defined by the Bureau 

22 of Labor Statistics, for the 3 previous 

23 fiscal years from the date of the de24 termination by the cohort loan balance 

25 determined under subparagraph (A). 


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1 ‘‘(3) NOTIFICATION.—Beginning with the first 

2 fiscal year for which data are available after the date 

3 of enactment of the Student Protection and Success 

4 Act and each succeeding fiscal year until fiscal year 

5 2025, the Secretary shall notify each institution of 

6 higher education participating in the direct student 

7 loan program under this part of what the risk-shar8 ing payment based on the cohort nonrepayment loan 

9 balance of the institution, as determined under para10 graph (2), would be for such institution if such pro11 vision were in effect.’’. 

12 SEC. 5. REPORT. 

13 Not later than 6 months after the date of enactment 

14 of the Student Protection and Success Act, the Secretary 

15 of Education shall submit to Congress a report— 

16 (1) on best practices for institutions of higher 

17 education to improve repayment rates; and 

18 (2) that makes recommendations on how insti19 tutions of higher education can improve repayment 

20 rates, with a particular emphasis on institutions that 

21 serve a high proportion of low-income students. 


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1 SEC. 6. STUDENT SERVICE EXPENDITURES AND RE2 SOURCES. 

3 Section 153(a)(1)(I) of the Education Sciences Re4 form Act of 2002 (20 U.S.C. 9543(a)(1)(I)) is amended 

5 to read as follows: 

6 ‘‘(I) the financing and management of edu7 cation, including data on revenues and expendi8 tures, and information regarding— 

9 ‘‘(i) student service expenditures, 

10 that— 

11 ‘‘(I) includes instruction, infor12 mation technology, and other activities 

13 whose primary purpose is to con14 tribute to students’ emotional and 

15 physical well-being and to their intel16 lectual, cultural, and social develop17 ment inside and outside the context of 

18 the formal instructional program; and 

19 ‘‘(II) does not include expendi20 tures on marketing, recruitment, or 

21 intercollegiate athletic programs; 

22 ‘‘(ii) student service resources, which 

23 is a measure of an institution’s resources 

24 that could reasonably be allocated towards 

25 student service expenditures, including net 

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1 tions, endowment income, and revenues re2 lated to student housing and food services 

3 less expenditures on student housing, food 

4 services, and the operations and mainte5 nance of a plant; and 

6 ‘‘(iii) recruitment and marketing ex7 penditures;’’. 

Æ 


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