II 

118TH CONGRESS 

2D SESSION S. 4565 

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 

JUNE 18, 2024 

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), as amended by the 

5 FAFSA Simplification Act (title VII of division FF of 

6 Public Law 116–260) and the FAFSA Simplification Act 

7 Technical Corrections Act (Public Law 117–103), is 

8 amended by adding at the end the following: 

9 ‘‘(q) INELIGIBILITY DUE TO LOW COHORT REPAY10 MENT RATE.— 

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

12 2027 and each succeeding fiscal year, an institution 

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

14 less than 15 percent shall not be eligible to partici15 pate in a program under this part for such fiscal 

16 year and for the 2 succeeding fiscal years. 

17 ‘‘(2) APPEALS.— 

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

19 appeal the loss of eligibility under this sub20 section to the Secretary within 30 days of re21 ceiving notification from the Secretary of the 

22 loss of eligibility under this subsection. 

23 ‘‘(B) CONTINUED PARTICIPATION.—Dur24 ing an appeal under subparagraph (A), the Sec25 retary may permit the institution to continue to 

26 participate in a program under this part if the 


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1 institution demonstrates to the satisfaction of 

2 the Secretary that the Secretary’s calculation of 

3 its cohort repayment rate is not accurate, and 

4 that recalculation would increase its cohort re5 payment rate to be more than 15 percent. 

6 ‘‘(C) REQUIRED PAYMENT.—If an institu7 tion continues to participate in a program 

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

9 the loss of eligibility is unsuccessful, the institu10 tion shall be required to pay to the Secretary an 

11 amount equal to the amount of loans made by 

12 the Secretary under this part to borrowers at13 tending, or planning to attend, that institution 

14 during the pendency of such appeal and the in15 terest, special allowance, reinsurance, and any 

16 related payments made by the Secretary (or 

17 which the Secretary is obligated to make) with 

18 respect to such loans. 

19 ‘‘(3) COHORT REPAYMENT RATE.— 

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

21 term ‘cohort repayment rate’ means, for any 

22 fiscal year beginning with fiscal year 2027— 

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

24 borrowers at the institution enter repay25 ment on Federal Direct Stafford Loans, 


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1 Federal Direct Unsubsidized Stafford 

2 Loans, Federal Direct PLUS Loans, or 

3 Federal Direct Consolidation Loans, re4 ceived for attendance at the institution, the 

5 percentage of those borrowers who are not 

6 in default and who make at least a one 

7 dollar reduction on their initial student 

8 loan principal balance before the end of the 

9 second fiscal year following the fiscal year 

10 in which the borrowers entered repayment, 

11 except as provided in subparagraph (B); 

12 and 

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

14 borrowers at the institution enter repay15 ment on Federal Direct Stafford Loans, 

16 Federal Direct Unsubsidized Stafford 

17 Loans, Federal Direct PLUS Loans, or 

18 Federal Direct Consolidation Loans, re19 ceived for attendance at the institution, the 

20 percentage of those borrowers plus all of 

21 the borrowers at the institution who en22 tered repayment on such loans (or on the 

23 portion of a loan made under section 428C 

24 that is used to repay any such loans) in 

25 the 3 fiscal years preceding the fiscal year 


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1 for which the determination is made, who 

2 are not in default and who make at least 

3 a one dollar reduction on their initial stu4 dent loan principal balance before the end 

5 of the second fiscal year following the year 

6 in which the borrowers entered repayment, 

7 except as provided in subparagraph (B). 

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

9 rate’ calculation under subparagraph (A) shall 

10 not include in the calculation a borrower who 

11 is— 

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

13 loan described in subparagraph (A) due to 

14 study in an approved graduate fellowship 

15 program or in an approved rehabilitation 

16 training program for the disabled; 

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

18 loan described in subparagraph (A) during 

19 a period of at least half-time enrollment in 

20 college or a career school; 

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

22 loan described in subparagraph (A) during 

23 a period of service qualifying for loan dis24 charge or cancellation under part E; 


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

2 loan described in subparagraph (A) due to 

3 active duty military service of the borrower 

4 during a war, military operation, or na5 tional emergency; 

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

7 loan described in subparagraph (A) during 

8 the 13 months following the conclusion of 

9 qualifying active duty military service by 

10 the borrower, or until the borrower returns 

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

12 whichever is earlier, if the borrower is a 

13 member of the National Guard or other re14 serve component of the Armed Forces and 

15 was called or ordered to active duty while 

16 enrolled at least half-time at an eligible 

17 school or within 6 months of having been 

18 enrolled at least half-time; 

19 ‘‘(vi) in mandatory forbearance on re20 payment of a loan described in subpara21 graph (A) for the full fiscal year; or 

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

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

24 or the Domestic Volunteer Service Act of 

25 1973 (42 U.S.C. 4950 et seq.). 


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1 ‘‘(C) PUBLICATION OF REPAYMENT

2 RATES.—The Secretary shall publish the cohort 

3 repayment rates for institutions determined 

4 under this subsection. 

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

6 fiscal year for which data are available after the date 

7 of enactment of the Student Protection and Success 

8 Act and each succeeding fiscal year until fiscal year 

9 2027, the Secretary shall notify each institution that 

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

11 than 15 percent that the institution risks losing eli12 gibility to participate in a program under this 

13 part.’’. 

14 (b) INELIGIBILITY IN OTHER PROGRAMS.— 

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

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

17 the FAFSA Simplification Act (title VII of division 

18 FF of Public Law 116–260) and the FAFSA Sim19 plification Act Technical Corrections Act (Public 

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

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

22 DEFAULT RATES’’; 

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

24 fiscal year 2027’’ after ‘‘succeeding fiscal year’’; 


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1 (C) in paragraph (2), by inserting ‘‘or co2 hort repayment rate determination’’ after ‘‘de3 fault rate determination’’; and 

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

5 ‘‘(3) INELIGIBILITY BASED ON LOW COHORT

6 REPAYMENT RATES.—No institution of higher edu7 cation shall be an eligible institution for purposes of 

8 this subpart if such institution of higher education 

9 is ineligible to participate in a program under part 

10 D due to a low cohort repayment rate, as deter11 mined under section 455(q).’’. 

12 (2) STUDENT LOAN INSURANCE PROGRAM.— 

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

14 (20 U.S.C. 1085(a)) is amended— 

15 (A) in paragraph (2)— 

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

17 ON HIGH DEFAULT RATES’’; 

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

19 ‘‘An institution’’ and inserting ‘‘Until fis20 cal year 2027, an institution’’; and 

21 (iii) by adding at the end the fol22 lowing: 

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

24 an eligible institution for purposes of this part if 

25 such institution of higher education is ineligible to 


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

2 cohort repayment rate, as determined under section 

3 455(q).’’; and 

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

5 until fiscal year 2027,’’ after ‘‘July 1, 1999,’’. 

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

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

8 1087bb) is amended— 

9 (A) in subsection (a)— 

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

11 the institution is ineligible to participate in 

12 a program under part D due to a low co13 hort repayment rate, as determined under 

14 section 455(q)’’ after ‘‘subsection (f)’’; and 

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

16 ‘‘or the institution is ineligible to partici17 pate in a program under part D due to a 

18 low cohort repayment rate, as determined 

19 under section 455(q)’’ after ‘‘subsection 

20 (f)’’; 

21 (B) in subsection (b)— 

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

23 the institution is ineligible to participate in 

24 a program under part D due to a low coVerDate Sep 11 2014 04:22 Aug 06, 2024 Jkt 049200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\S4565.IS S4565

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1 hort repayment rate, as determined under 

2 section 455(q)’’ after ‘‘subsection (f)’’; and 

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

4 the institution is ineligible to participate in 

5 a program under part D due to a low co6 hort repayment rate, as determined under 

7 section 455(q)’’ after ‘‘subsection (f)’’; 

8 (C) in subsection (e)— 

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

10 ‘‘until fiscal year 2027,’’ after ‘‘succeeding 

11 fiscal year’’; and 

12 (ii) in paragraph (3)— 

13 (I) in subparagraph (A), by in14 serting ‘‘until fiscal year 2027,’’ after 

15 ‘‘any succeeding fiscal year’’; and 

16 (II) by adding at the end the fol17 lowing: 

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

19 An institution that is ineligible to participate in 

20 a program under part D due to a low cohort re21 payment rate, as determined under section 

22 455(q), shall not be eligible to participate in a 

23 program under this part.’’; and 

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

25 fiscal year 2027,’’ after ‘‘subsequent years’’. 


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1 SEC. 3. COLLEGE OPPORTUNITY BONUS PROGRAM. 

2 Subpart 1 of part A of title IV of the Higher Edu3 cation Act of 1965 (20 U.S.C. 1070a et seq.) is amended 

4 by adding at the end the following: 

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

6 ‘‘(a) PROGRAM AUTHORITY.— 

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

8 2027 and each succeeding fiscal year, the Secretary 

9 shall award grants to eligible institutions of higher 

10 education that are distributed under a formula de11 termined by the Secretary under subsection (d). 

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

13 the term ‘eligible institution of higher education’ 

14 means an institution of higher education that has a 

15 cohort repayment rate (as defined in section 

16 455(q)(3)) that is greater than 25 percent. 

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

18 eligible institutions of higher education that the Secretary 

19 determines have a strong record of making college more 

20 affordable and increasing college access and success for 

21 low-income and moderate-income students. 

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

23 higher education that receives a grant under this section 

24 may use the grant funds to support reforms to further 

25 increase college access and success for low- and moderate26 income students, by making key investments and adopting 


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1 best practices, including by considering best practices re2 ported under section 5 of the Student Protection and Suc3 cess Act, and by— 

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

5 aid to students enrolled at the institution who are el6 igible to receive a Federal Pell Grant; 

7 ‘‘(2) enhancing academic and student support 

8 services; and 

9 ‘‘(3) establishing or expanding accelerated 

10 learning opportunities. 

11 ‘‘(d) AMOUNT OF GRANT FUNDS.— 

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

13 higher education that receives a grant under this 

14 section shall receive annual grant funds based on a 

15 formula determined by the Secretary that equally 

16 considers— 

17 ‘‘(A) the number and percentage of stu18 dents enrolled at the institution who are eligible 

19 to receive a Federal Pell Grant; 

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

21 in section 455(q)(3)) of students enrolled at the 

22 institution who are eligible to receive a Federal 

23 Pell Grant; and 


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1 ‘‘(C) the institution’s student service ex2 penditures as a percentage of the institution’s 

3 student service resources. 

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

5 education that receives a grant under this section 

6 shall receive grant funds for a fiscal year in an 

7 amount that is not more than 2.5 percent of the 

8 amount equal to the eligible institution’s total an9 nual revenues and investment returns less auxiliary 

10 enterprise revenues and hospital revenues, as defined 

11 in the IPEDS Finance Survey, for the most recent 

12 fiscal year upon which the eligible institution’s au13 dited financial reports are available. 

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

15 available under this section shall be used to supplement, 

16 and not supplant— 

17 ‘‘(1) other State funds that States would other18 wise expend to carry out activities under this section 

19 to improve college affordability and graduate addi20 tional low- and moderate-income students; and 

21 ‘‘(2) institutional funds that eligible institutions 

22 of higher education receiving a grant under this sec23 tion would otherwise expend to carry out activities 

24 under this section to improve college affordability 


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1 and graduate additional low- and moderate-income 

2 students. 

3 ‘‘(f) FUNDING.—The grant program under this sec4 tion shall be funded only with risk-sharing payments re5 ceived by the Secretary under section 454(d).’’. 

6 SEC. 4. RISK-SHARING PAYMENTS. 

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

8 U.S.C. 1087d) is amended— 

9 (1) in subsection (a)— 

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

11 after the semicolon; 

12 (B) in paragraph (6), by striking the pe13 riod at the end and inserting ‘‘; and’’; and 

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

15 ‘‘(7) provide that the institution accepts the in16 stitutional risk-sharing requirements under sub17 section (d), if applicable.’’; and 

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

19 ‘‘(d) INSTITUTIONAL RISK-SHARING BASED ON CO20 HORT NONREPAYMENT LOAN BALANCES.— 

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

22 2027 and each succeeding fiscal year, each institu23 tion of higher education participating in the direct 

24 student loan program under this part shall remit to 

25 the Secretary, at such times as the Secretary may 


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

2 nonrepayment loan balance of the institution, as de3 termined under paragraph (2). 

4 ‘‘(2) DETERMINATION OF RISK-SHARING PAY5 MENTS.— 

6 ‘‘(A) DETERMINATION OF COHORT LOAN

7 BALANCE.—The cohort loan balance of an insti8 tution for a fiscal year equals the total principal 

9 amount of all loans made under this part to at10 tend such institution for the cohort of bor11 rowers who entered repayment, deferment, or 

12 forbearance on such loans in the third pre13 ceding fiscal year for which the determination is 

14 made. 

15 ‘‘(B) DETERMINATION OF COHORT NON16 REPAYMENT LOAN BALANCE.— 

17 ‘‘(i) IN GENERAL.—The cohort non18 repayment loan balance of an institution 

19 for a fiscal year equals, from the total 

20 amount of the loans described in subpara21 graph (A), the total loan balance of those 

22 borrowers who have not made at least a 1 

23 dollar reduction in their principal balance 

24 in the 3 consecutive fiscal years since their 


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1 loans entered repayment, deferment, or 

2 forbearance. 

3 ‘‘(ii) EXCEPTION.—The cohort non4 repayment loan balance calculation under 

5 clause (i) shall not take into consideration 

6 a borrower who was— 

7 ‘‘(I) in deferment on repayment 

8 of a loan described in subparagraph 

9 (A) in the 3 consecutive fiscal years 

10 described in clause (i) due to study in 

11 an approved graduate fellowship pro12 gram or in an approved rehabilitation 

13 training program for the disabled; 

14 ‘‘(II) in deferment on repayment 

15 of a loan described in subparagraph 

16 (A) in the 3 consecutive fiscal years 

17 described in clause (i) during which 

18 time the borrower was in a period of 

19 at least half-time enrollment in college 

20 or a career school; 

21 ‘‘(III) in deferment on repayment 

22 of a loan described in subparagraph 

23 (A) in the 3 consecutive fiscal years 

24 described in clause (i) during which 

25 time the borrower was in a period of 


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1 service qualifying for loan discharge 

2 or cancellation under part E; 

3 ‘‘(IV) in deferment on repayment 

4 of a loan described in subparagraph 

5 (A) in the 3 consecutive fiscal years 

6 described in clause (i) during which 

7 time the borrower was on active duty 

8 military service during a war, military 

9 operation, or national emergency; 

10 ‘‘(V) in mandatory forbearance 

11 on repayment of a loan described in 

12 subparagraph (A) for the full fiscal 

13 year; or 

14 ‘‘(VI) serving as a volunteer 

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

16 2501 et seq.) or the Domestic Volun17 teer Service Act of 1973 (42 U.S.C. 

18 4950 et seq.), during the 3 consecu19 tive fiscal years described in clause 

20 (i). 

21 ‘‘(C) DETERMINATION OF PAYMENT.— 

22 ‘‘(i) IN GENERAL.— 

23 ‘‘(I) IN GENERAL.—Except as 

24 provided in subclause (II), the risk25 sharing payment of an institution for 


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1 a fiscal year equals 2 percent of the 

2 amount determined under clause (ii). 

3 ‘‘(II) CAP.—The risk-sharing 

4 payment of an institution for a fiscal 

5 year shall not be more than 2.5 per6 cent of the amount equal to the insti7 tution’s total annual revenues and in8 vestment returns less auxiliary enter9 prise revenues and hospital revenues, 

10 as defined in the IPEDS Finance 

11 Survey, for the most recent fiscal year 

12 upon which the institution’s audited 

13 financial reports are available. 

14 ‘‘(ii) AMOUNT BASED ON COHORT

15 NONREPAYMENT LOAN BALANCE AND UN16 EMPLOYMENT RATE.— 

17 ‘‘(I) IN GENERAL.—The amount 

18 under this clause is determined by 

19 subtracting the amount determined 

20 under subclause (II) from the cohort 

21 nonrepayment loan balance deter22 mined under subparagraph (B). 

23 ‘‘(II) AMOUNT BASED ON UNEM24 PLOYMENT RATE.—The amount under 

25 this subclause is determined by multiVerDate Sep 11 2014 04:22 Aug 06, 2024 Jkt 049200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\S4565.IS S4565

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1 plying the average national unemploy2 ment rate, as defined by the Bureau 

3 of Labor Statistics, for the 3 previous 

4 fiscal years from the date of the de5 termination by the cohort loan balance 

6 determined under subparagraph (A). 

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

8 fiscal year for which data are available after the date 

9 of enactment of the Student Protection and Success 

10 Act and each succeeding fiscal year until fiscal year 

11 2027, the Secretary shall notify each institution of 

12 higher education participating in the direct student 

13 loan program under this part of what the risk-shar14 ing payment based on the cohort nonrepayment loan 

15 balance of the institution, as determined under para16 graph (2), would be for such institution if such pro17 vision were in effect.’’. 

18 SEC. 5. REPORT. 

19 Not later than 6 months after the date of enactment 

20 of the Student Protection and Success Act, the Secretary 

21 of Education shall submit to Congress a report— 

22 (1) on best practices for institutions of higher 

23 education to improve repayment rates; and 

24 (2) that makes recommendations on how insti25 tutions of higher education can improve repayment 


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1 rates, with a particular emphasis on institutions that 

2 serve a high proportion of low-income students. 

3 SEC. 6. STUDENT SERVICE EXPENDITURES AND RE4 SOURCES. 

5 Section 153(a)(1)(I) of the Education Sciences Re6 form Act of 2002 (20 U.S.C. 9543(a)(1)(I)) is amended 

7 to read as follows: 

8 ‘‘(I) the financing and management of edu9 cation, including data on revenues and expendi10 tures, and information regarding— 

11 ‘‘(i) student service expenditures, 

12 that— 

13 ‘‘(I) includes instruction, infor14 mation technology, and other activities 

15 whose primary purpose is to con16 tribute to students’ emotional and 

17 physical well-being and to their intel18 lectual, cultural, and social develop19 ment inside and outside the context of 

20 the formal instructional program; and 

21 ‘‘(II) does not include expendi22 tures on marketing, recruitment, or 

23 intercollegiate athletic programs; 

24 ‘‘(ii) student service resources, which 

25 is a measure of an institution’s resources 


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1 that could reasonably be allocated towards 

2 student service expenditures, including net 

3 tuition revenues, State and local appropria4 tions, endowment income, and revenues re5 lated to student housing and food services 

6 less expenditures on student housing, food 

7 services, and the operations and mainte8 nance of a plant; and 

9 ‘‘(iii) recruitment and marketing ex10 penditures;’’. 

Æ 


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