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[107th Congress Public Law 72]
[From the U.S. Government Printing Office]

<DOC>
[DOCID: f:publ072.107]

[[Page 647]]

                 NEED-BASED EDUCATIONAL AID ACT OF 2001

[[Page 115 STAT. 648]]

Public Law 107-72
107th Congress

                                 An Act

 
   To amend the Improving America's Schools Act of 1994 to extend the 
 favorable treatment of need-based educational aid under the antitrust 
  laws, and for other purposes. <<NOTE: Nov. 20, 2001 -  [H.R. 768]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Need-Based 
Educational Aid Act of 2001.>> 

SECTION 1. SHORT TITLE. <<NOTE: 15 USC 1 note.>> 

    This Act may be cited as the ``Need-Based Educational Aid Act of 
2001''.

SEC. 2. AMENDMENT.

    Section 568(d) of the Improving America's Schools Act of 1994 (15 
U.S.C. 1 note) is amended by striking ``2001'' and inserting ``2008''.

SEC. 3. GAO STUDY AND REPORT. <<NOTE: 15 USC 1 note.>> 

    (a) Study.--
            (1) In general.--The Comptroller General shall conduct a 
        study of the effect of the antitrust exemption on institutional 
        student aid under section 568 of the Improving America's Schools 
        Act of 1994 (15 U.S.C. 1 note).
            (2) Consultation.--The Comptroller General shall have final 
        authority to determine the content of the study under paragraph 
        (1), but in determining the content of the study, the 
        Comptroller General shall consult with--
                    (A) the institutions of higher education 
                participating under the antitrust exemption under 
                section 568 of the Improving America's Schools Act of 
                1994 (15 U.S.C. 1 note) (referred to in this Act as the 
                ``participating institutions'');
                    (B) the Antitrust Division of the Department of 
                Justice; and
                    (C) other persons that the Comptroller General 
                determines are appropriate.
            (3) Matters studied.--
                    (A) In general.--The study under paragraph (1) 
                shall--
                          (i) examine the needs analysis methodologies 
                      used by participating institutions;
                          (ii) identify trends in undergraduate costs of 
                      attendance and institutional undergraduate grant 
                      aid among participating institutions, including--
                                    (I) the percentage of first-year 
                                students receiving institutional grant 
                                aid;

[[Page 115 STAT. 649]]

                                    (II) the mean and median grant 
                                eligibility and institutional grant aid 
                                to first-year students; and
                                    (III) the mean and median parental 
                                and student contributions to 
                                undergraduate costs of attendance for 
                                first year students receiving 
                                institutional grant aid;
                          (iii) to the extent useful in determining the 
                      effect of the antitrust exemption under section 
                      568 of the Improving America's Schools Act of 1994 
                      (15 U.S.C. 1 note), examine--
                                    (I) comparison data, identified in 
                                clauses (i) and (ii), from institutions 
                                of higher education that do not 
                                participate under the antitrust 
                                exemption under section 568 of the 
                                Improving America's Schools Act of 1994 
                                (15 U.S.C. 1 note); and
                                    (II) other baseline trend data from 
                                national benchmarks; and
                          (iv) examine any other issues that the 
                      Comptroller General determines are appropriate, 
                      including other types of aid affected by section 
                      568 of the Improving America's Schools Act of 1994 
                      (15 U.S.C. 1 note).
                    (B) Assessment.--
                          (i) In general.--The study under paragraph (1) 
                      shall assess what effect the antitrust exemption 
                      on institutional student aid has had on 
                      institutional undergraduate grant aid and parental 
                      contribution to undergraduate costs of attendance.
                          (ii) Changes over time.--The assessment under 
                      clause (i) shall consider any changes in 
                      institutional undergraduate grant aid and parental 
                      contribution to undergraduate costs of attendance 
                      over time for institutions of higher education, 
                      including consideration of--
                                    (I) the time period prior to 
                                adoption of the consensus methodologies 
                                at participating institutions; and
                                    (II) the data examined pursuant to 
                                subparagraph (A)(iii).

    (b) Report.--
            (1) <<NOTE: Deadline.>>  In general.--Not later than 
        September 30, 2006, the Comptroller General shall submit a 
        report to the Committee on the Judiciary of the Senate and the 
        Committee on the Judiciary of the House of Representatives that 
        contains the findings and conclusions of the Comptroller General 
        regarding the matters studied under subsection (a).
            (2) Identifying individual institutions.--The Comptroller 
        General shall not identify an individual institution of higher 
        education in information submitted in the report under paragraph 
        (1) unless the information on the institution is available to 
        the public.

    (c) Recordkeeping Requirement.--
            (1) In general.--For the purpose of completing the study 
        under subsection (a)(1), a participating institution shall--
                    (A) collect and maintain for each academic year 
                until the study under subsection (a)(1) is completed--
                          (i) student-level data that is sufficient, in 
                      the judgment of the Comptroller General, to permit 
                      the analysis

[[Page 115 STAT. 650]]

                      of expected family contributions, identified need, 
                      and undergraduate grant aid awards; and
                          (ii) information on formulas used by the 
                      institution to determine need; and
                    (B) submit the data and information under paragraph 
                (1) to the Comptroller General at such time as the 
                Comptroller General may reasonably require.
            (2) Non-participating institutions.--Nothing in this 
        subsection shall be construed to require an institution of 
        higher education that does not participate under the antitrust 
        exemption under section 568 of the Improving America's Schools 
        Act of 1994 (15 U.S.C. 1 note) to collect and maintain data 
        under this subsection.

SEC. 4. <<NOTE: 15 USC 1 note.>> EFFECTIVE DATE.

    This Act and the amendments made by this Act shall take effect on 
September 30, 2001.

    Approved November 20, 2001.

LEGISLATIVE HISTORY--H.R. 768:
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HOUSE REPORTS: No. 107-32 (Comm. on the Judiciary).
CONGRESSIONAL RECORD, Vol. 147 (2001):
            Apr. 3, considered and passed House.
            Oct. 3, considered and passed Senate, amended.
            Nov. 6, House concurred in Senate amendments.

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