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[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1261 Introduced in Senate (IS)]

109th CONGRESS
  1st Session
                                S. 1261

   To simplify access to financial aid and access to information on 
college costs, to provide for more learning and less reporting, and for 
                            other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             June 16, 2005

 Mr. Alexander introduced the following bill; which was read twice and 
        referred to the Committee on Health, Education, Labor, and 
        PensionsYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY

_______________________________________________________________________

                                 A BILL

 
   To simplify access to financial aid and access to information on 
college costs, to provide for more learning and less reporting, and for 
                            other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Higher Education Simplification and 
Deregulation Act of 2005''.

SEC. 2. TABLE OF CONTENTS.

    The table of contents for this Act is as follows:

Sec. 1. Short title.
Sec. 2. Table of contents.
Sec. 3. References.
   TITLE I--SIMPLIFICATION OF ACCESS TO FINANCIAL AID AND ACCESS TO 
                      INFORMATION ON COLLEGE COSTS

Subtitle A--Simplification of the Free Application for Federal Student 
                              Aid (FAFSA)

Sec. 111. Simplifying forms and regulations.
Sec. 112. System of early financial aid information.
Sec. 113. Simplification for students with special circumstances.
Sec. 114. Simplifying the verification process.
Subtitle B--Year-Round Federal Pell Grants and Flexible Loans for Year 
                              Round Study

Sec. 121. Year-round Federal Pell Grants.
Sec. 122. Flexible loan limits for year-round study.
                     Subtitle C--College Best Buys

Sec. 131. College best buys.
                Subtitle D--Graduate Education Programs

Sec. 141. Graduate education programs.
       Subtitle E--Voter Registration Dissemination Clarification

Sec. 151. Voter registration dissemination clarification.
                TITLE II--MORE LEARNING, LESS REPORTING

Sec. 201. Findings.
             Subtitle A--Expert Panel To Review Regulations

Sec. 211. Review of regulations.
    Subtitle B--One Size Does Not Fit All for Industry and Academic 
                              Regulations

Sec. 221. Different standards for industry and academic regulations.
             Subtitle C--Accelerating Negotiated Rulemaking

Sec. 231. Negotiated rulemaking.
              Subtitle D--Compliance and Master Calendars

Sec. 241. Compliance and master calendars.
            Subtitle E--Ownership of Nonprofit Institutions

Sec. 251. Ownership of nonprofit institutions.
               Subtitle F--Disbursement of Student Loans

Sec. 261. Renewal of expired provisions.
        TITLE III--ELIMINATION OF CERTAIN REPORTING REQUIREMENTS

Sec. 301. Disclosures of foreign gifts.

SEC. 3. REFERENCES.

    Except as otherwise expressly provided, whenever in this Act an 
amendment or repeal is expressed in terms of an amendment to, or repeal 
of, a section or other provision, the reference shall be considered to 
be made to a section or other provision of the Higher Education Act of 
1965 (20 U.S.C. 1001 et seq.).

   TITLE I--SIMPLIFICATION OF ACCESS TO FINANCIAL AID AND ACCESS TO 
                      INFORMATION ON COLLEGE COSTS

Subtitle A--Simplification of the Free Application for Federal Student 
                              Aid (FAFSA)

SEC. 111. SIMPLIFYING FORMS AND REGULATIONS.

    (a) Common Financial Aid Form Development and Processing.--Section 
483 (20 U.S.C. 1090) is amended--
            (1) in subsection (a)--
                    (A) by striking paragraphs (1), (2), and (5);
                    (B) by redesignating paragraphs (3), (4), (6), and 
                (7), as paragraphs (9), (10), (11), and (12), 
                respectively;
                    (C) by inserting before paragraph (9), as 
                redesignated by subparagraph (B), the following:
            ``(1) In general.--The Secretary, in cooperation with 
        representatives of agencies and organizations involved in 
        student financial assistance, shall produce, distribute, and 
        process free of charge common financial reporting forms as 
        described in this subsection to be used for application and 
        reapplication to determine the need and eligibility of a 
        student for financial assistance under parts A through E (other 
        than subpart 4 of part A). These forms shall be made available 
        to applicants in both paper and electronic formats and shall be 
        referred to (except as otherwise provided in this subsection) 
        as the `Free Application for Federal Student Aid'.
            ``(2) Early estimates.--The Secretary shall permit an 
        applicant to complete a form described in this subsection in 
        the years prior to enrollment in order to obtain from the 
        Secretary an estimate of the family contribution, as defined in 
        section 473. Such applicant shall be permitted to update 
        information submitted on a form described in this subsection 
        using the process required under paragraph (5).
            ``(3) Paper format.--
                    ``(A) In general.--Subject to subparagraph (C), the 
                Secretary shall produce, distribute, and process common 
                forms in paper format to meet the requirements of 
                paragraph (1). The Secretary shall develop a common 
                paper form for applicants who do not meet the 
                requirements of subparagraph (B).
                    ``(B) EZ FAFSA.--
                            ``(i) In general.--The Secretary shall 
                        develop and use a simplified paper application 
                        form, to be known as the `EZ FAFSA', to be used 
                        for applicants meeting the requirements under 
                        section 479(c).
                            ``(ii) Reduced data requirements.--The EZ 
                        FAFSA shall permit an applicant to submit for 
                        financial assistance purposes, only the data 
                        elements required to make a determination of 
                        whether the applicant meets the requirements 
                        under section 479(c).
                            ``(iii) State data.--The Secretary shall 
                        include on the EZ FAFSA such data items as may 
                        be necessary to award State financial 
                        assistance, as provided under paragraph (6), 
                        except the Secretary shall not include a 
                        State's data if that State does not permit its 
                        applicants for State assistance to use the EZ 
                        FAFSA.
                            ``(iv) Free availability and processing.--
                        The provisions of paragraph (7) shall apply to 
                        the EZ FAFSA, and the data collected by means 
                        of the EZ FAFSA shall be available to 
                        institutions of higher education, guaranty 
                        agencies, and States in accordance with 
                        paragraph (9).
                            ``(v) Testing.--The Secretary shall conduct 
                        appropriate field testing on the EZ FAFSA.
                    ``(C) Phasing out the paper form for students who 
                do not meet the requirements of the ez fafsa.--
                            ``(i) In general.--The Secretary shall make 
                        all efforts to encourage all applicants to 
                        utilize the electronic forms described in 
                        paragraph (4).
                            ``(ii) Phaseout of full fafsa.--Not later 
                        than 5 years after the date of enactment of the 
                        Higher Education Simplification and 
                        Deregulation Act of 2005, to the extent 
                        practicable, the Secretary shall phase out the 
                        long paper form created under subparagraph (A) 
                        and used by applicants who do not meet the 
                        requirements under section 479(c).
                            ``(iii) Maintenance of the fafsa in a 
                        printable electronic file.--The Secretary shall 
                        maintain a version of the paper forms described 
                        in subparagraphs (A) and (B) in a printable 
                        electronic file that is easily portable. The 
                        printable electronic file shall be made easily 
                        accessible and downloadable to students on the 
                        same website used to provide students with the 
                        electronic application forms described in 
                        paragraph (4). The Secretary shall enable 
                        students to submit a form described in this 
                        paragraph that is downloaded and printed from 
                        an electronic file format in order to meet the 
                        filing requirements of this section and in 
                        order to receive aid from programs under this 
                        title.
                            ``(iv) Reporting requirement.--The 
                        Secretary shall report annually to Congress on 
                        the impact of the digital divide on students 
                        completing applications for aid under this 
                        title using the forms described under this 
                        paragraph and paragraph (4). The Secretary 
                        shall also report on the steps taken to 
                        eliminate the digital divide and phase out the 
                        long paper form described in subparagraph (A). 
                        The Secretary's report shall specifically 
                        address the impact of the digital divide on 
                        independent students, adults, and dependent 
                        students, and students meeting the requirements 
                        of subsection (b) or (c) of section 479.
            ``(4) Electronic format.--
                    ``(A) In general.--The Secretary shall produce, 
                distribute, and process common forms in electronic 
                format to meet the requirements of paragraph (1). The 
                Secretary shall develop common electronic forms for 
                applicants who do not meet the requirements of 
                subparagraph (B). The Secretary shall include on the 
                common electronic forms space for information that 
                needs to be submitted from the applicant to be eligible 
                for State financial assistance, as provided under 
                paragraph (6), except the Secretary shall not require 
                applicants to complete data required by any State other 
                than the applicant's State of residence.
                    ``(B) Simplified electronic applications.--
                            ``(i) In general.--The Secretary shall 
                        develop and use a simplified electronic 
                        application form to be used by applicants 
                        meeting the requirements under section 479(c) 
                        and an additional, separate simplified 
                        electronic application form to be used by 
                        applicants meeting the requirements under 
                        section 479(b).
                            ``(ii) Reduced data requirements.--The 
                        simplified electronic application forms shall 
                        permit an applicant to submit for financial 
                        assistance purposes, only the data elements 
                        required to make a determination of whether the 
                        applicant meets the requirements under 
                        subsection (b) or (c) of section 479.
                            ``(iii) State data.--The Secretary shall 
                        include on the simplified electronic 
                        application forms such data items as may be 
                        necessary to award State financial assistance, 
                        as provided under paragraph (6), except the 
                        Secretary shall not require applicants to 
                        complete data required by any State other than 
                        the applicant's State of residence and shall 
                        not include a State's data if such State does 
                        not permit its applicants for State assistance 
                        to use the simplified electronic application 
                        form described in this subparagraph.
                            ``(iv) Free availability and processing.--
                        The provisions of paragraph (7) shall apply to 
                        the simplified electronic application forms, 
                        and the data collected by means of the 
                        simplified electronic application forms shall 
                        be available to institutions of higher 
                        education, guaranty agencies, and States in 
                        accordance with paragraph (9).
                            ``(v) Testing.--The Secretary shall conduct 
                        appropriate field testing on the forms 
                        developed under this subparagraph.
                    ``(C) Use of forms.--Nothing in this subsection 
                shall be construed to prohibit the use of the forms 
                developed by the Secretary pursuant to this paragraph 
                by an eligible institution, eligible lender, guaranty 
                agency, State grant agency, private computer software 
                provider, a consortium of such entities, or such other 
                entity as the Secretary may designate.
                    ``(D) Privacy.--The Secretary shall ensure that 
                data collection under this paragraph complies with 
                section 552a of title 5, United States Code, and that 
                any entity using the electronic version of the forms 
                developed by the Secretary pursuant to this paragraph 
                shall maintain reasonable and appropriate 
                administrative, technical, and physical safeguards to 
                ensure the integrity and confidentiality of the 
                information, and to protect against security threats, 
                or unauthorized uses or disclosures of the information 
                provided on the electronic version of the forms. Data 
                collected by such electronic version of the forms shall 
                be used only for the application, award, and 
                administration of aid awarded under this title, State 
                aid, or aid awarded by eligible institutions or such 
                entities as the Secretary may designate. No data 
                collected by such electronic version of the forms shall 
                be used for making final aid awards under this title 
                until such data have been processed by the Secretary or 
                a contractor or designee of the Secretary, except as 
                may be permitted under this title.
                    ``(E) Signature.--Notwithstanding any other 
                provision of this Act, the Secretary may permit an 
                electronic form under this paragraph to be submitted 
                without a signature, if a signature is subsequently 
                submitted by the applicant or if the applicant uses a 
                personal identification number provided by the 
                Secretary under subparagraph (F).
                    ``(F) Personal identification numbers authorized.--
                The Secretary is authorized to assign to applicants 
                personal identification numbers--
                            ``(i) to enable the applicants to use such 
                        numbers in lieu of a signature for purposes of 
                        completing a form under this paragraph; and
                            ``(ii) for any purpose determined by the 
                        Secretary to enable the Secretary to carry out 
                        this title.
            ``(5) Streamlined reapplication process.--
                    ``(A) In general.--The Secretary shall develop 
                streamlined reapplication forms and processes, 
                including both paper and electronic reapplication 
                processes, consistent with the requirements of this 
                subsection, for an applicant who applies for financial 
                assistance under this title in the next succeeding 
                academic year subsequent to the academic year in which 
                such applicant first applied for financial assistance 
                under this title.
                    ``(B) Mechanisms for reapplication.--The Secretary 
                shall develop appropriate mechanisms to support 
                reapplication.
                    ``(C) Identification of updated data.--The 
                Secretary shall determine, in cooperation with States, 
                institutions of higher education, and agencies and 
                organizations involved in student financial assistance, 
                the data elements that can be updated from the previous 
                academic year's application.
                    ``(D) Reduced data authorized.--Nothing in this 
                title shall be construed as limiting the authority of 
                the Secretary to reduce the number of data elements 
                required of reapplicants.
                    ``(E) Zero family contribution.--Applicants 
                determined to have a zero family contribution pursuant 
                to section 479(c) shall not be required to provide any 
                financial data in a reapplication form, except that 
                which is necessary to determine eligibility under such 
                section.
            ``(6) State requirements.--
                    ``(A) In general.--Except as provided in paragraphs 
                (3)(B)(iii), (4)(A), and (4)(B)(iii), the Secretary 
                shall include on the forms developed under this 
                subsection, such State-specific data items as the 
                Secretary determines are necessary to meet State 
                requirements for need-based State aid. Such items shall 
                be selected in consultation with State agencies in 
                order to assist in the awarding of State financial 
                assistance in accordance with the terms of this 
                subsection, except as provided in paragraphs 
                (3)(B)(iii), (4)(A), and (4)(B)(iii). The number of 
                such data items shall not be less than the number 
                included on the form on October 7, 1998, unless States 
                notify the Secretary that they no longer require those 
                data items for the distribution of State need-based 
                aid.
                    ``(B) Annual review.--The Secretary shall conduct 
                an annual review process to determine which forms and 
                data items the States require to award need-based State 
                aid and other application requirements that the States 
                may impose.
                    ``(C) Encourage use of forms.--The Secretary shall 
                encourage States to take such steps as necessary to 
                encourage the use of simplified application forms, 
                including those described in paragraphs (3)(B) and 
                (4)(B), for applicants who meet the requirements under 
                subsection (b) or (c) of section 479.
                    ``(D) Federal register notice.--The Secretary shall 
                publish on an annual basis a notice in the Federal 
                Register requiring a State agency to inform the 
                Secretary--
                            ``(i) if the agency is unable to permit 
                        applicants to utilize the simplified 
                        application forms described in paragraph (3)(B) 
                        or (4)(B); and
                            ``(ii) of the State-specific data that the 
                        State agency requires for delivery of State 
                        need-based financial aid.
                    ``(E) State notification to the secretary.--
                            ``(i) In general.--Each State agency shall 
                        notify the Secretary--
                                    ``(I) whether the State permits an 
                                applicant to file a form described in 
                                paragraph (3)(B) or (4)(B) for purposes 
                                of determining eligibility for State 
                                need-based financial aid; and
                                    ``(II) of the State-specific data 
                                that the State agency requires for 
                                delivery of State need-based financial 
                                aid.
                            ``(ii) Acceptance of forms.--In the event 
                        that a State does not permit an applicant to 
                        file a form described in paragraph (3)(B) or 
                        (4)(B) for purposes of determining eligibility 
                        for State need-based financial aid--
                                    ``(I) the State shall notify the 
                                Secretary if it is not permitted to do 
                                so because of either State law or 
                                because of agency policy; and
                                    ``(II) the notification under 
                                subclause (I) shall include an estimate 
                                of the program cost to permit 
                                applicants to complete simplified 
                                application forms under paragraphs 
                                (3)(B) and (4)(B).
                            ``(iii) Lack of notification by the 
                        state.--If a State does not notify the 
                        Secretary pursuant to clause (i), the Secretary 
                        shall--
                                    ``(I) permit residents of that 
                                State to complete simplified 
                                application forms under paragraphs 
                                (3)(B) and (4)(B); and
                                    ``(II) not require any resident of 
                                such State to complete any data 
                                previously required by that State under 
                                this section.
            ``(7) Charges to students and parents for use of forms 
        prohibited.--The common financial reporting forms prescribed by 
        the Secretary under this subsection shall be produced, 
        distributed, and processed by the Secretary and no parent or 
        student shall be charged a fee by the Secretary, a contractor, 
        a third-party servicer or private software provider, or any 
        other public or private entity for the collection, processing, 
        or delivery of financial aid through the use of such forms. The 
        need and eligibility of a student for financial assistance 
        under parts A through E (other than under subpart 4 of part A) 
        may only be determined by using a form developed by the 
        Secretary pursuant to this subsection. No student may receive 
        assistance under parts A through E (other than under subpart 4 
        of part A), except by use of a form developed by the Secretary 
        pursuant to this subsection. No data collected on a paper or 
        electronic form, worksheet, or other document for which a fee 
        is charged shall be used to complete the form prescribed under 
        this subsection. No person, commercial entity, or other entity 
        shall request, obtain, or utilize an applicant's Personal 
        Identification Number for purposes of submitting an application 
        on an applicant's behalf except--
                    ``(A) State agencies that have entered into an 
                agreement with the Secretary to streamline 
                applications;
                    ``(B) eligible institutions; or
                    ``(C) programs under this title as permitted by the 
                Secretary.
            ``(8) Application processing cycle.--The Secretary shall--
                    ``(A) enable students to submit forms created under 
                this subsection in order to meet the filing 
                requirements of this section and in order to receive 
                aid from programs under this title; and
                    ``(B) enable students to submit forms created under 
                this subsection and initiate the processing of such 
                forms under this subsection, as early as practicable 
                prior to January 1 of the student's planned year of 
                enrollment.'';
                    (D) in paragraph (10)(C)(ii), as redesignated by 
                subparagraph (B), by striking ``subsection (b)'' and 
                inserting ``paragraph (5)''; and
                    (E) by adding at the end the following:
            ``(13) Early application and award demonstration program.--
                    ``(A) In general.--Not later than 2 years after the 
                date of enactment of this paragraph, the Secretary 
                shall implement an early application demonstration 
                program enabling dependent students to--
                            ``(i) complete applications under this 
                        subsection in such students' junior year of 
                        secondary school, or in the academic year that 
                        is 2 years prior to such students' intended 
                        year of enrollment; and
                            ``(ii) be eligible to receive aid under 
                        this title and such aid as may be available 
                        from participants under this paragraph, 
                        including State financial assistance and other 
                        aid provided by participating institutions.
                    ``(B) Purpose.--The purpose of the demonstration 
                program is to measure the benefits, in terms of student 
                aspirations and plans to attend college, and the 
                adverse effects, in terms of program costs, integrity, 
                distribution, and delivery of aid under this title, of 
                implementing an early application system for all 
                dependent students that allows dependent students to 
                apply for financial aid using information from the year 
                prior to the year prior to enrollment. Additional 
                objectives associated with implementation of the 
                demonstration program are:
                            ``(i) Measure the feasibility of enabling 
                        dependent students to apply for Federal, State, 
                        and institutional financial aid in such 
                        students' junior year of secondary school, 
                        using information from the year prior to the 
                        year prior to enrollment, by completing any of 
                        the application forms under this subsection.
                            ``(ii) Determine the feasibility, benefits, 
                        and adverse effects of implementing a data 
                        match with the Internal Revenue Service, as 
                        described in subparagraph (E).
                            ``(iii) Identify whether receiving final 
                        financial aid awards not later than the fall of 
                        the senior year provides students with 
                        additional time to compete for the limited 
                        resources available for State and institutional 
                        financial aid and positively impacts the 
                        college aspirations and plans of these 
                        students.
                            ``(iv) Measure the impact of using income 
                        information from the year prior to the year 
                        prior to enrollment on--
                                    ``(I) eligibility for financial aid 
                                under this title and for other State 
                                and institutional aid; and
                                    ``(II) the cost of financial aid 
                                programs under this title.
                            ``(v) Effectively evaluate the benefits and 
                        adverse effects of the demonstration program on 
                        program costs, integrity, distribution, and 
                        delivery of aid.
                    ``(C) Participants.--The Secretary shall select 
                States and institutions within these States to 
                participate in the demonstration program that are 
                participating in the programs under this title and that 
                are willing to make final financial aid awards to 
                students based on such students' application 
                information from the year prior to the year prior to 
                enrollment. The Secretary shall also select as 
                participants in the demonstration program secondary 
                schools located in the participating States and 
                dependent students who reside in the participating 
                States.
                    ``(D) Application process.--The Secretary shall 
                ensure that the following provisions are included in 
                the demonstration program:
                            ``(i) Participating States and institutions 
                        shall--
                                    ``(I) allow participating students 
                                to apply for financial aid during such 
                                students' junior year of secondary 
                                school using information from the year 
                                prior to the year prior to enrollment 
                                and all provisions available under this 
                                title; and
                                    ``(II) award final financial aid 
                                awards to participating students based 
                                on the applications provided under the 
                                demonstration program.
                            ``(ii) Participating States and 
                        institutions shall not require students 
                        participating in the demonstration program to 
                        complete an additional application in the year 
                        prior to enrollment in order to receive State 
                        aid and any other institutional aid.
                            ``(iii) Financial aid administrators at 
                        participating institutions shall be allowed to 
                        use such administrators' discretion in awarding 
                        financial aid to participating students as 
                        outlined under sections 479A and 480(d).
                    ``(E) Data match with the internal revenue 
                service.--The Secretary shall include in the 
                demonstration project a data match with the Internal 
                Revenue Service in order to verify data provided by 
                participating students and gauge the feasibility of 
                implementing such a data match for all students 
                applying for aid under this title.
                    ``(F) Evaluation.--The Secretary shall conduct a 
                rigorous evaluation of the demonstration program in 
                order to measure the program's benefits and adverse 
                effects as indicated under subparagraph (B).
                    ``(G) Outreach.--The Secretary shall make 
                appropriate efforts in order to notify States of the 
                demonstration program. Upon determination of which 
                States will participate in the demonstration program, 
                the Secretary shall continue to make efforts to notify 
                institutions and dependent students within such States 
                of the opportunity to participate in the demonstration 
                program and of the participation requirements.
                    ``(H) Consultation.--The Secretary shall consult 
                with the Advisory Committee on Student Financial 
                Assistance, as established under section 491, on the 
                design and implementation of the demonstration program 
                and on the evaluation described in subparagraph (F).'';
            (2) by striking subsection (b);
            (3) by redesignating subsections (c), (d), and (e) as 
        subsections (b), (c), and (d), respectively; and
            (4) by adding at the end the following:
    ``(e) Addressing the Digital Divide.--The Secretary shall utilize 
savings accrued by moving more applicants to the electronic forms 
described in subsection (a)(4) and by phasing out the full paper form 
pursuant to subsection (a)(3)(C) to improve access to the electronic 
forms described in subsection (a)(4) for applicants meeting the 
requirements of section 479(c).''.
    (b) Master Calendar.--Section 482(a)(1)(B) (20 U.S.C. 
1089(a)(1)(B)) is amended to read as follows:
                    ``(B) by March 1: proposed modifications, updates, 
                and notices pursuant to sections 478 and 483(a)(6) 
                published in the Federal Register;''.

SEC. 112. SYSTEM OF EARLY FINANCIAL AID INFORMATION.

    Section 485 (20 U.S.C. 1092) is amended by adding at the end the 
following:
    ``(h) Early Awareness of Financial Aid Eligibility.--
            ``(1) In general.--The Secretary shall implement, in 
        cooperation with States, institutions of higher education, 
        elementary schools, secondary schools, early intervention and 
        outreach programs under this title, and other agencies and 
        organizations involved in student financial assistance and 
        college access, a comprehensive system of early financial aid 
        information to provide students and families with early and 
        adequate information about financial aid and early estimates of 
        such students' financial aid eligibility from multiple sources. 
        Such system shall include the activities described in 
        paragraphs (2) and (3).
            ``(2) Availability of means to communicate aid 
        eligibility.--
                    ``(A) Students who receive benefits.--The Secretary 
                shall--
                            ``(i) make special efforts to notify 
                        students who receive or are eligible to receive 
                        benefits under Federal means-tested benefit 
                        programs (including the school lunch program 
                        established under the Richard B. Russell 
                        National School Lunch Act (42 U.S.C. 1751 et 
                        seq.), the food stamp program under the Food 
                        Stamp Act of 1977 (7 U.S.C. 2011 et seq.), and 
                        other such programs as determined by the 
                        Secretary) of such students' potential 
                        eligibility for a maximum Federal Pell Grant 
                        under subpart 1 of part A; and
                            ``(ii) disseminate informational materials 
                        as determined necessary.
                    ``(B) Middle school students.--The Secretary shall 
                make, in cooperation with States, institutions of 
                higher education, middle schools, and programs under 
                this title that serve middle school students, special 
                efforts to notify middle school students and their 
                parents of the availability of financial aid under this 
                title and, in accordance with paragraph (3)(D), of the 
                approximate amounts of grant, work-study, and loan aid 
                that an individual would be eligible for under this 
                title upon completion and verification of an 
                application form under section 483(a). The Secretary 
                shall ensure that such information is accurate and that 
                it is provided in an age-appropriate format using 
                dissemination mechanisms suitable for students in 
                middle school.
                    ``(C) Secondary school students.--The Secretary 
                shall make, in cooperation with States, institutions of 
                higher education, secondary schools, and programs under 
                this title that serve secondary school students, 
                special efforts to notify students in secondary school 
                and their parents, as early as possible but not later 
                than such students' junior year of secondary school, of 
                the availability of financial aid under this title and, 
                in accordance with paragraph (3)(D), of the approximate 
                amounts of grant, work-study, and loan aid that an 
                individual would be eligible for under this title upon 
                completion and verification of an application form 
                under section 483(a). The Secretary shall ensure that 
                such information is accurate and that it is provided in 
                an age-appropriate format using dissemination 
                mechanisms suitable for students in secondary school.
                    ``(D) Adult learners.--The Secretary shall make, in 
                cooperation with States, institutions of higher 
                education, and other organizations involved in student 
                financial aid, special efforts to provide individuals 
                who would qualify as independent students, as defined 
                in section 480(d), with information regarding the 
                availability of financial aid under this title and, in 
                accordance with paragraph (3)(D), of the approximate 
                amounts of grant, work-study, and loan aid that an 
                individual would be eligible for under this title upon 
                completion and verification of an application form 
                under section 483(a). The Secretary shall ensure that 
                such information--
                            ``(i) is accurate;
                            ``(ii) includes specific information 
                        regarding the availability of financial aid for 
                        students defined as independent students under 
                        section 480(d); and
                            ``(iii) uses dissemination mechanisms 
                        suitable for adult learners.
                    ``(E) Public awareness campaign.--Not later than 3 
                years after the date of enactment of the Higher 
                Education Simplification and Deregulation Act of 2005, 
                the Secretary shall implement, in consultation with 
                States, institutions of higher education, early 
                intervention and outreach programs under this title, 
                and other agencies and organizations involved in 
                student financial aid, a public awareness campaign in 
                order to increase national awareness regarding the 
                availability of financial aid under this title. The 
                public awareness campaign shall disseminate accurate 
                information regarding the availability of financial aid 
                under this title and shall be implemented, to the 
                extent practicable, using a variety of media, including 
                print, television, and radio. The Secretary shall 
                design and implement the public awareness campaign 
                based upon relevant independent research and the 
                information and dissemination strategies that have been 
                found to be the most effective in implementing 
                subparagraphs (A) through (D).
            ``(3) Availability of means to determine approximate 
        financial aid eligibility.--
                    ``(A) In general.--The Secretary shall provide, in 
                cooperation with States, institutions of higher 
                education, and other agencies and organizations 
                involved in student financial aid, and in accordance 
                with subparagraph (D), both via a widely disseminated 
                printed form and the Internet or other electronic 
                means, the capability for individuals to determine 
                easily, by entering relevant data, the approximate 
                amounts of grant, work-study, and loan aid an 
                individual would be eligible for under this title upon 
                completion and verification of an application form 
                under section 483(a).
                    ``(B) Data elements.--The Secretary shall 
                determine, in cooperation with States, institutions of 
                higher education, and other agencies and organizations 
                involved in student financial aid, the data elements 
                that are necessary to create a simplified form that 
                individuals can use to determine easily the approximate 
                amounts of grant, work-study, and loan aid an 
                individual would be eligible for under this title.
                    ``(C) Qualification to use simplified 
                application.--The capability provided under this 
                paragraph shall include the capability to determine 
                whether or not the individual is eligible to submit a 
                simplified application form under paragraph (3)(B) or 
                (4)(B) of section 483(a).
                    ``(D) Demonstration program to improve early 
                financial aid information.--
                            ``(i) In general.--The Secretary shall 
                        develop, in cooperation with States, 
                        institutions of higher education, and early 
                        intervention and outreach programs under this 
                        title, a comprehensive demonstration program to 
                        determine--
                                    ``(I) the feasibility of providing 
                                individuals with accurate estimates of 
                                the approximate amount of State and 
                                institutional aid, including from 
                                programs under this title that require 
                                matching contributions from States or 
                                institutions of higher education, that 
                                an individual would be eligible for 
                                upon completion and verification of an 
                                application form under section 483(a) 
                                and any additional forms required by a 
                                State or institution;
                                    ``(II) the feasibility of 
                                developing a mechanism to allow an 
                                individual to easily determine, by 
                                entering relevant data, the estimates 
                                of State and institutional aid 
                                described in subclause (I); and
                                    ``(III) whether the information 
                                students receive upon completion of an 
                                application form under section 483(a) 
                                can be improved in order to positively 
                                influence student enrollment in higher 
                                education without adverse effects on 
                                States or institutions of higher 
                                education.
                            ``(ii) Consultation.--In designing and 
                        implementing the demonstration program under 
                        clause (i), the Secretary shall consult with 
                        the Advisory Committee on Student Financial 
                        Assistance, established under section 491.
                            ``(iii) Report.--Not later than 3 years 
                        after the date of enactment of the Higher 
                        Education Simplification and Deregulation Act 
                        of 2005, the Secretary shall submit a report to 
                        the Committee on Health, Education, Labor, and 
                        Pensions of the Senate and the Committee on 
                        Education and the Workforce of the House of 
                        Representatives, describing--
                                    ``(I) the results of the 
                                demonstration program under this 
                                subparagraph; and
                                    ``(II) any proposed statutory or 
                                regulatory changes resulting from 
                                carrying out the demonstration 
                                program.''.

SEC. 113. SIMPLIFICATION FOR STUDENTS WITH SPECIAL CIRCUMSTANCES.

    (a) Simplifying for Students With Special Circumstances.--Section 
480(d) (20 U.S.C. 1087vv(d)) is amended to read as follows:
    ``(d) Independent Student.--
            ``(1) Definition.--The term `independent', when used with 
        respect to a student, means any individual who--
                    ``(A) is 24 years of age or older by December 31 of 
                the award year;
                    ``(B) is an orphan, in foster care, or a ward of 
                the court, or was in foster care or a ward of the court 
                until the individual reached the age of 18;
                    ``(C) is a veteran of the Armed Forces of the 
                United States (as defined in subsection (c)(1));
                    ``(D) is a graduate or professional student;
                    ``(E) is a married individual;
                    ``(F) has legal dependents other than a spouse;
                    ``(G) is a student for whom a financial aid 
                administrator makes a documented determination of 
                independence by reason of unusual circumstances; or
                    ``(H) is a member of the Armed Forces on active 
                duty (as that term is defined in the first sentence of 
                section 101(d)(1) of title 10, United States Code) or 
                is a member of the National Guard performing full-time 
                State active duty service.
            ``(2) Simplifying the dependency override process.--Nothing 
        in this section shall prohibit a financial aid administrator 
        from making a determination of independence, as described in 
        paragraph (1)(G), based upon a documented determination of 
        independence, as described in paragraph (1)(G), previously made 
        by another financial aid administrator in the same application 
        year.''.
    (b) Tailoring Electronic Applications for Students With Special 
Circumstances.--Section 483(a) (20 U.S.C. 1090(a)), as amended by 
section 111, is further amended by adding at the end the following:
            ``(14) Applications for students seeking a documented 
        determination of independence.--In the case of a dependent 
        student seeking a documented determination of independence by a 
        financial aid administrator, as described in section 480(d), 
        nothing in this section shall prohibit the Secretary from--
                    ``(A) allowing such student to--
                            ``(i) indicate the student's unusual 
                        circumstance and the student's request for a 
                        documented determination of independence on an 
                        electronic form developed pursuant to this 
                        section; and
                            ``(ii) submit such a form for preliminary 
                        processing with only the data required for an 
                        independent student, as defined in section 
                        480(d);
                    ``(B) collecting and processing on a preliminary 
                basis data provided by such student using the 
                electronic forms developed pursuant to this section; 
                and
                    ``(C) distributing such data to institutions of 
                higher education, guaranty agencies, and States for the 
                purposes of processing loan applications and 
                determining need and eligibility for institutional and 
                State financial aid awards on a preliminary basis, 
                pending a documented determination of independence by a 
                financial aid administrator.''.

SEC. 114. SIMPLIFYING THE VERIFICATION PROCESS.

    Section 484 (20 U.S.C. 1091) is amended by adding at the end the 
following:
    ``(s) Verification of Student Eligibility.--
            ``(1) Review.--The Secretary shall review all Departmental 
        regulations related to verifying the information provided on a 
        student's financial aid application in order to simplify the 
        verification process for students and institutions.
            ``(2) Report.--The Secretary shall, not later than 2 years 
        after the date of enactment of the Higher Education 
        Simplification and Deregulation Act of 2005, prepare and submit 
        a final report to the Committee on Health, Education, Labor, 
        and Pensions of the Senate and the Committee on Education and 
        the Workforce of the House of Representatives on steps taken, 
        to the extent practicable, to simplify the verification 
        process. The report shall specifically address steps taken to--
                    ``(A) reduce the burden of verification on 
                students, particularly on students who may be selected 
                for verification at multiple institutions;
                    ``(B) reduce the number of data elements that are 
                required to be verified for applicants meeting the 
                requirements of subsection (b) or (c) of section 479 so 
                that only those data elements required to determine 
                eligibility for the formulas defined in subsection (b) 
                or (c) of section 479 are subject to verification;
                    ``(C) reduce the burden and costs associated with 
                verification for institutions that are eligible to 
                participate in Federal student aid programs under this 
                title; and
                    ``(D) increase the use of technology in the 
                verification process.''.

Subtitle B--Year-Round Federal Pell Grants and Flexible Loans for Year 
                              Round Study

SEC. 121. YEAR-ROUND FEDERAL PELL GRANTS.

            Section 401(b)(6) of the Higher Education Act of 1965 (20 
        U.S.C. 1070a(b)(6)) is amended to read as follows:
            ``(6) The Secretary shall, for students enrolled full-time 
        in an associate or baccalaureate degree program of study at an 
        eligible institution, award such students 2 Federal Pell Grants 
        during a single award year to permit such students to 
        accelerate progress toward their degree objectives by enrolling 
        in academic programs for more than 9 months of an academic 
        year.''.

SEC. 122. FLEXIBLE LOAN LIMITS FOR YEAR-ROUND STUDY.

    (a) Federal Insurance Limits.--
            (1) Annual limits.--Section 425(a)(1) (20 U.S.C. 
        1075(a)(1)) is amended by adding at the end the following:
            ``(D) Notwithstanding subparagraph (A), the total of loans 
        made to a student in any academic year or its equivalent (as 
        determined by the Secretary) which may be covered by Federal 
        loan insurance under this part may exceed the annual limits 
        contained in clauses (i), (ii), (iii), and (iv) of subparagraph 
        (A), if--
                    ``(i) the student is enrolled in academic programs 
                for more than 9 months of an academic year; and
                    ``(ii) the aggregate insured unpaid principal 
                amount for all such insured loans made to the student 
                does not exceed the aggregate limits described in 
                paragraph (2).''.
            (2) Aggregate limits.--Section 425(a)(2) (20 U.S.C. 
        1075(a)(2)) is amended by adding at the end the following:
            ``(C)(i) Notwithstanding subparagraph (A)(ii), the 
        aggregate insured unpaid principal amount described in 
        subparagraph (A)(ii) for all such insured loans made to any 
        graduate or professional student (as defined by the Secretary) 
        shall not at any time exceed the sum of--
                    ``(I) $65,500; and
                    ``(II) the amount by which--
                            ``(aa) the cumulative undergraduate maximum 
                        annual limit described in clauses (i), (ii), 
                        and (iii) of paragraph (1)(A) that is 
                        applicable to the student for preceding 
                        undergraduate years; exceeds
                            ``(bb) the total amount of loans made to 
                        the student and covered by Federal loan 
                        insurance under this part.
            ``(ii) The additional amounts made available to a student 
        under clause (i) shall be made available to the student in 
        equal amounts over the course of the student's graduate or 
        professional program of study.''.
    (b) Guarantee Limits.--
            (1) Annual limits.--The matter following subclause (II) of 
        section 428(b)(1)(A)(vi) (20 U.S.C. 1078(b)(1)(A)(vi)) is 
        amended--
                    (A) by striking the semicolon and inserting '', 
                and''; and
                    (B) by adding at the end the following:
        ``except that notwithstanding any other provision of this 
        subparagraph, the total of loans made to a student in any 
        academic year or its equivalent (as determined by the 
        Secretary) which may be covered by Federal loan insurance under 
        this part may exceed the annual limits contained in clauses 
        (i), (ii), (iii), (iv), (v), and (vi), if the student is 
        enrolled in academic programs for more than 9 months of an 
        academic year and the aggregate insured unpaid principal amount 
        for all such insured loans made to the student does not exceed 
        the aggregate limits described in subparagraph (B);''.
            (2) Aggregate limits.--Section 428(b)(1)(B) (20 U.S.C. 
        1078(b)(1)(B)) is amended--
                    (A) in clause (i), by striking ``and'' after the 
                semicolon;
                    (B) in clause (ii), by striking ``428B,'' and 
                inserting ``428B; and''; and
                    (C) by inserting before the matter following clause 
                (ii) the following:
                            ``(iii) in the case of a graduate or 
                        professional student (as defined by the 
                        Secretary) and notwithstanding clause (ii), the 
                        sum of (I) $65,500 and (II) the amount by which 
                        the cumulative undergraduate maximum annual 
                        limit described in clauses (i), (ii), (iii), 
                        (iv), (v), and (vi) of subparagraph (A) that is 
                        applicable to the student for preceding 
                        undergraduate years, exceeds the total amount 
                        of loans made to the student and covered by 
                        Federal loan insurance under this part, which 
                        amount described in subclause (II) of this 
                        clause shall be made available to the student 
                        in equal amounts over the course of the 
                        student's graduate or professional program of 
                        study,''.

                     Subtitle C--College Best Buys

SEC. 131. COLLEGE BEST BUYS.

    Part C of title I (20 U.S.C. 1015) is amended by adding at the end 
the following:

``SEC. 132. COLLEGE BEST BUYS.

    ``(a) List Published.--The Secretary shall annually publish in the 
Federal Register a list of the top 200 institutions of higher 
education, for each sector described in subsection (c)(2), that are the 
best buy for the academic year in order to help students decipher 
institutional expense and financial aid data.
    ``(b) Requirements.--In publishing the list described in subsection 
(a), the Secretary--
            ``(1) shall only use the most recent data available to the 
        Secretary from the National Center for Education Statistics; 
        and
            ``(2) shall publish the data in a user friendly manner.
    ``(c) Contents.--
            ``(1) Contents.--The list described in subsection (a) shall 
        identify, for each sector described in paragraph (2), the 
        following:
                    ``(A) The 200 institutions of higher education with 
                the lowest tuition and required fees.
                    ``(B) The 200 institutions of higher education with 
                the lowest cost of attendance.
                    ``(C) The 200 institutions of higher education with 
                the largest percentage of incoming full-time students 
                who receive financial aid.
                    ``(D) The 200 institutions of higher education with 
                the largest average amount of incoming full-time 
                student financial aid on a per student basis.
                    ``(E) The 200 institutions of higher education with 
                the largest percentage of students who receive 
                institutional grants and scholarships.
                    ``(F) The 200 institutions of higher education with 
                the slowest percentage increase in tuition and required 
                fees during the preceding 5 years.
                    ``(G) The 200 institutions of higher education with 
                the slowest percentage increase in total cost of 
                attendance during the preceding 5 years.
            ``(2) Sectors.--The sectors referred to in paragraph (1) 
        are as follows:
                    ``(A) 4-year public, degree-granting, institutions 
                of higher education.
                    ``(B) 2-year public, degree-granting, institutions 
                of higher education.
                    ``(C) 4-year, nonprofit, private, degree-granting, 
                institutions of higher education.
                    ``(D) 2-year, nonprofit, private, degree-granting, 
                institutions of higher education.
                    ``(E) 4-year, for-profit, private, degree-granting, 
                institutions of higher education.
                    ``(F) 2-year, for-profit, private, degree-granting, 
                institutions of higher education.
                    ``(G) Public, non-degree-granting, institutions of 
                higher education.
                    ``(H) Private, nonprofit, non-degree-granting, 
                institutions of higher education.
                    ``(I) Private, for-profit, non-degree-granting, 
                institutions of higher education.
    ``(d) Date.--The list described in this section shall be published 
on June 1, 2006, and each June 1 thereafter.''.

                Subtitle D--Graduate Education Programs

SEC. 141. GRADUATE EDUCATION PROGRAMS.

    (a) Javits Fellowships.--Section 701(a) (20 U.S.C. 1134(a)) is 
amended by striking ``financial need,''.
    (b) Javits Stipends.--Section 703(a) (20 U.S.C. 1134b(a)) is 
amended by striking ``, except'' and all that follows through ``title 
IV''.
    (c) Graduate Assistance Applications.--Section 713(b)(5) (20 U.S.C. 
1135b(b)(5)) is amended--
            (1) by striking subparagraph (A); and
            (2) by redesignating subparagraphs (B) and (C) as 
        subparagraphs (A) and (B), respectively.
    (d) Graduate Assistance Stipends.--Section 714(b) (20 U.S.C. 
1135c(b)) is amended by striking ``, except'' and all that follows 
through ``title IV''.

       Subtitle E--Voter Registration Dissemination Clarification

SEC. 151. VOTER REGISTRATION DISSEMINATION CLARIFICATION.

    Section 487(a)(23) (20 U.S.C. 1094(a)(23)) is amended by adding at 
the end the following:
            ``(D) An institution shall be considered in compliance with 
        the requirements of subparagraph (A) for any student to whom 
        the institution electronically transmits a message containing a 
        voter registration form acceptable for use in the State in 
        which the institution is located, or an Internet address where 
        such a form can be downloaded, if such information is in an 
        electronic message devoted solely to voter registration.''.

                TITLE II--MORE LEARNING, LESS REPORTING

SEC. 201. FINDINGS.

    Congress makes the following findings:
            (1) Institutions of higher education are among the most 
        heavily regulated entities in the United States.
            (2) With the exception of the Consumer Product Safety 
        Commission and the Federal Trade Commission, all Federal 
        agencies are involved in regulating some aspect of higher 
        education.
            (3) There are more than 7,000 regulations associated with 
        the student aid programs under title IV of the Higher Education 
        Act of 1965 (20 U.S.C. 1070 et seq.).

             Subtitle A--Expert Panel To Review Regulations

SEC. 211. REVIEW OF REGULATIONS.

    Section 498B (20 U.S.C. 1099c-2) is amended to read as follows:

``SEC. 498B. REVIEW OF REGULATIONS.

    ``(a) Review Required.--The Secretary shall review each regulation 
issued under this title that is in effect at the time of the review and 
applies to the operations or activities of any participant in the 
programs assisted under this title. The review shall include a 
determination of whether the regulation is duplicative, is no longer 
necessary, is inconsistent with other Federal requirements, is easily 
understood, is feasible, is cost effective, is narrowly tailored, and 
is based on an assessment of risk. The review may involve 1 or more of 
the following:
            ``(1) An assurance of the uniformity of interpretation and 
        application of such regulations.
            ``(2) The establishment of a process for ensuring that 
        eligibility and compliance issues, such as institutional audit, 
        program review, and recertification, are considered 
        simultaneously.
            ``(3) A determination of the extent to which unnecessary 
        costs are imposed on institutions of higher education as a 
        consequence of the applicability to the facilities and 
        equipment of such institutions of regulations prescribed for 
        purposes of regulating industrial and commercial enterprises.
    ``(b) Regulatory and Statutory Relief for Small Volume 
Institutions.--The Secretary shall review and evaluate ways in which 
regulations under and provisions of this Act affecting institutions of 
higher education (other than institutions described in section 
102(a)(1)(C)), that have received in each of the 2 most recent award 
years prior to the date of enactment of the Higher Education 
Simplification and Deregulation Act of 2005 less than $200,000 in funds 
through this title, may be improved, streamlined, or eliminated.
    ``(c) Consultation.--In carrying out subsections (a) and (b), the 
Secretary shall consult with relevant representatives of institutions 
of higher education participating in the programs authorized by this 
title, as follows:
            ``(1) Panels.--The Secretary shall convene not less than 4 
        review panels of representatives of the groups involved in 
        student financial assistance programs under this title to 
        provide advice and recommendations on the regulations under 
        this title related to the areas of--
                    ``(A) the operations of the financial assistance 
                programs;
                    ``(B) the institutional eligibility requirements 
                for the financial assistance programs;
                    ``(C) regulations not directly related to the 
                operations or the institutional eligibility 
                requirements of the financial assistance programs; and
                    ``(D) regulations for dissemination of information 
                to students about the financial assistance programs.
            ``(2) Nominations.--The Secretary shall seek nominations 
        for individuals with expertise in each area described in 
        subparagraphs (A) through (D) of paragraph (1) to serve on a 
        panel for that area.
            ``(3) Goals and recommendations.--Each panel shall identify 
        the goals to be achieved by the regulations applicable to the 
        appropriate area and shall recommend appropriate alternatives 
        identified as the most effective and efficient means to achieve 
        the goals with minimal burden and cost.
    ``(d) Reports to Congress.--
            ``(1) In general.--The Secretary shall submit, not later 
        than 2 years after the date of enactment of the Higher 
        Education Simplification and Deregulation Act of 2005, a report 
        to the Committee on Health, Education, Labor, and Pensions of 
        the Senate and the Committee on Education and the Workforce of 
        the House of Representatives detailing the Secretary's findings 
        and recommendations based on the reviews conducted under 
        subsections (a) and (b), including a timetable for 
        implementation of any recommended changes in regulations and a 
        description of any recommendations for legislative changes.
            ``(2) Additional reports.--Not later than January 1, 2009, 
        the Secretary shall submit a report to the Committee on Health, 
        Education, Labor, and Pensions of the Senate and the Committee 
        on Education and the Workforce of the House of Representatives 
        detailing the Secretary's findings and recommendations based on 
        the review conducted under subsection (a), including a 
        timetable for implementation of any recommended changes in 
        regulations and a description of any recommendations for 
        legislative changes.''.

    Subtitle B--One Size Does Not Fit All for Industry and Academic 
                              Regulations

SEC. 221. DIFFERENT STANDARDS FOR INDUSTRY AND ACADEMIC REGULATIONS.

    (a) Development of Standards.--The Secretary of Education shall 
award a grant to the National Research Council to enable the National 
Research Council to develop different standards, in environmental, 
health, and safety areas, for the regulation of--
            (1) industrial facilities; and
            (2) research and teaching laboratories and facilities at 
        institutions of higher education.
    (b) Report.--The National Research Council shall report to Congress 
regarding the different standards developed under subsection (a). Such 
report shall contain recommendations for statutory or regulatory 
changes needed to implement the different standards described in 
subsection (a).
    (c) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section $500,000 for fiscal year 2006.

             Subtitle C--Accelerating Negotiated Rulemaking

SEC. 231. NEGOTIATED RULEMAKING.

    Section 492(b) (20 U.S.C. 1098a(b)) is amended by adding at the end 
the following:
            ``(3) New timeframe.--Notwithstanding any other provision 
        of this section, all negotiated rulemaking described in this 
        section that commences after the date of enactment of the 
        Higher Education Simplification and Deregulation Act of 2005 
        shall be completed not later than 1 year after the date of 
        enactment of the provision of law for which the negotiated 
        rulemaking is undertaken.''.

              Subtitle D--Compliance and Master Calendars

SEC. 241. COMPLIANCE AND MASTER CALENDARS.

    Section 482 (20 U.S.C. 1089) is amended by adding at the end the 
following:
    ``(e) Compliance Calendar.--Prior to the beginning of each award 
year, the Secretary shall provide to eligible institutions a list of 
all the reports and disclosures required under this Act. The list shall 
include--
            ``(1) the date each report is required to be completed and 
        to be submitted, made available, or disseminated;
            ``(2) the required recipients of each report;
            ``(3) any required method for transmittal or dissemination;
            ``(4) a description of the content of each report 
        sufficient to allow the institution to identify the appropriate 
        individuals to be assigned the responsibility for such report;
            ``(5) references to the statutory authority, applicable 
        regulations, and current guidance issued by the Secretary 
        regarding each report; and
            ``(6) any other information which is pertinent to the 
        content or distribution of the report or disclosure.
    ``(f) Initial Effective Date of New Disclosure or Reporting.--
            ``(1) In general.--For any new or revised requirement for 
        institutional disclosure or reporting under this Act enacted 
        after July 1, 2006, the period for which data shall be 
        collected shall begin not earlier than 270 days after the 
        publication of final regulations or guidance. The final 
        regulations or guidance shall include any required data 
        elements or method of collection.
            ``(2) Timing.--The Secretary shall take reasonable and 
        appropriate steps to ensure that institutions have adequate 
        time, before public disclosure or reporting to the Secretary, 
        for the establishment of systems for the collection of the 
        required data, for data collection and analysis, and for the 
        preparation of the data report in the required format.''.

            Subtitle E--Ownership of Nonprofit Institutions

SEC. 251. OWNERSHIP OF NONPROFIT INSTITUTIONS.

    (a) Default Management Plan.--Section 487(a)(14)(B) (20 U.S.C. 
1094(a)(14)(B)) is amended by adding at the end the following: ``This 
subparagraph shall not apply to an institution that meets the 
definition of an institution of higher education under section 101.''.
    (b) Eligibility and Certification Procedures.--Section 498 (20 
U.S.C. 1099c) is amended--
            (1) in subsection (e), by adding at the end the following:
    ``(7) This subsection shall not apply to an institution that meets 
the definition of an institution of higher education under section 
101.'';
            (2) in subsection (h), by adding at the end the following:
    ``(4) This subsection shall not apply to an institution that meets 
the definition of an institution of higher education under section 
101.''; and
            (3) in subsection (i), by adding at the end the following:
    ``(5) This subsection shall not apply to an institution that meets 
the definition of an institution of higher education under section 
101.''.

               Subtitle F--Disbursement of Student Loans

SEC. 261. RENEWAL OF EXPIRED PROVISIONS.

    (a) Amendment.--Section 422(d) of the Higher Education Amendments 
of 1998 (20 U.S.C. 1078-7 note) is amended by striking ``period 
beginning'' and all that follows through the period, and inserting the 
following: ``periods--
            ``(1) beginning on October 1, 1998, and ending on September 
        30, 2002; and
            ``(2) beginning on the date of enactment of the Higher 
        Education Simplification and Deregulation Act of 2005.''.
    (b) Clarification.--Sections 428G(a)(3) and 428G(b)(1) (as amended 
by section 422 of the Higher Education Amendments of 1998) shall be 
effective beginning on the date of enactment of the Higher Education 
Simplification and Deregulation Act of 2005.

        TITLE III--ELIMINATION OF CERTAIN REPORTING REQUIREMENTS

SEC. 301. DISCLOSURES OF FOREIGN GIFTS.

    Section 117 (20 U.S.C. 1011f) is amended--
            (1) in subsection (a), by striking ``file a disclosure 
        report with the Secretary'' and inserting ``make available to 
        the public a disclosure report'';
            (2) in the matter preceding paragraph (1) of subsection 
        (b), by striking ``to the Secretary''; and
            (3) in subsection (d)--
                    (A) in paragraph (1), by striking ``filed with the 
                Secretary'' and inserting ``made available to the 
                public''; and
                    (B) in paragraph (2), by striking ``filed with the 
                Secretary'' and inserting ``made available to the 
                public''.
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