II 

118TH CONGRESS 

1ST SESSION S. 3355 

To require institutions of higher education participating in Federal financial 

aid programs to pay a percentage of the cost of attendance for each 

enrolled full-time student, based on the endowment fund of the institution, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

NOVEMBER 29, 2023 

Mr. SCOTT of Florida introduced the following bill; which was read twice and 

referred to the Committee on Health, Education, Labor, and Pensions 

A BILL 

To require institutions of higher education participating in 

Federal financial aid programs to pay a percentage of 

the cost of attendance for each enrolled full-time student, 

based on the endowment fund of the institution, and 

for other purposes. 

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 ‘‘Changing Our Learn5 ing, Loans, Endowments, and Graduation Expectations 

6 Act’’ or the ‘‘COLLEGE Act’’. 


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1 SEC. 2. COST MATCH REQUIREMENT. 

2 Part G of title IV of the Higher Education Act of 

3 1965 (20 U.S.C. 1088 et seq.) is amended by adding at 

4 the end the following: 

5 ‘‘SEC. 494A. COST MATCH REQUIREMENT AND COST AND 

6 ENDOWMENT REPORT. 

7 ‘‘(a) COST MATCH REQUIREMENT.— 

8 ‘‘(1) IN GENERAL.—For each award year, each 

9 institution of higher education participating in a 

10 program under this title that has an endowment 

11 fund that is maintained for the purpose of gener12 ating income for the support of the institution and 

13 is greater than $1,000,000,000 shall pay the covered 

14 percentage of the cost of attendance for each full15 time student enrolled at the institution of higher 

16 education. 

17 ‘‘(2) COVERED PERCENTAGE.—The covered 

18 percentage shall be: 

19 ‘‘(A) In the case of an institution of higher 

20 education that has an endowment fund that is 

21 greater than $1,000,000,000, but less than 

22 $5,000,000,000, 25 percent. 

23 ‘‘(B) In the case of an institution of higher 

24 education that has an endowment fund that is 

25 $5,000,000,000 or greater, but less than 

26 $10,000,000,000, 50 percent. 


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1 ‘‘(C) In the case of an institution of higher 

2 education that has an endowment fund that is 

3 $10,000,000,000 or greater, 75 percent. 

4 ‘‘(b) COST AND ENDOWMENT REPORT.—Not later 

5 than July 1 of each year, each institution of higher edu6 cation participating in a program under this title shall 

7 submit a report to the Secretary containing the following 

8 information: 

9 ‘‘(1) The total cost of attendance for a full-time 

10 student for the upcoming award year. 

11 ‘‘(2) If the total cost of attendance for the up12 coming award year is greater than the cost of at13 tendance for the prior award year— 

14 ‘‘(A) the amount of the increase in the cost 

15 of attendance from the prior award year; and 

16 ‘‘(B) an explanation of the basis for such 

17 increase. 

18 ‘‘(3) A statement of whether the institution of 

19 higher education has an endowment fund, and if 

20 so— 

21 ‘‘(A) the amount of the endowment fund 

22 as of the date the report is submitted; and 

23 ‘‘(B) the total increase in the amount of 

24 the endowment fund over the preceding 4 fiscal 


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1 quarters, specifying the growth attributable 

2 to— 

3 ‘‘(i) contributions to the endowment 

4 fund, including charitable donations, gifts, 

5 bequests, and similar contributions of 

6 money or assets; and 

7 ‘‘(ii) investments of amounts in the 

8 endowment fund, including bonds, securi9 ties, asset acquisitions or sales, and similar 

10 financial investments and transactions.’’. 

11 SEC. 3. PROGRAM PARTICIPATION AGREEMENT. 

12 Section 487(a) of the Higher Education Act of 1965 

13 (20 U.S.C. 1094(a)) is amended by adding at the end the 

14 following: 

15 ‘‘(30) The institution will— 

16 ‘‘(A) pay the covered percentage of the 

17 cost of attendance for each full-time enrolled 

18 student, as described in section 494A(a); and 

19 ‘‘(B) annually submit the cost and endow20 ment report described in section 494A(b).’’. 

21 SEC. 4. RISK-SHARING PAYMENTS FOR FEDERAL DIRECT 

22 LOANS. 

23 Section 454 of the Higher Education Act of 1965 (20 

24 U.S.C. 1087d(a)) is amended— 

25 (1) in subsection (a)— 


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

2 after the semicolon; 

3 (B) by redesignating paragraph (6) as 

4 paragraph (8); and 

5 (C) by inserting after paragraph (5) the 

6 following: 

7 ‘‘(6) provide that the institution accepts the in8 stitutional risk-sharing requirements under sub9 section (d);’’; and 

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

11 ‘‘(d) INSTITUTIONAL RISK-SHARING BASED ON

12 LOAN DEFAULT.— 

13 ‘‘(1) IN GENERAL.—Beginning with the first 

14 fiscal year that begins after the date of enactment 

15 of the COLLEGE Act, and each succeeding fiscal 

16 year, each institution of higher education partici17 pating in the direct student loan program under this 

18 part shall remit to the Secretary, at such times as 

19 the Secretary may specify, an institutional risk-shar20 ing payment, as determined under paragraph (2). 

21 ‘‘(2) DETERMINATION OF RISK-SHARING PAY22 MENTS.— 

23 ‘‘(A) DETERMINATION OF COHORT LOAN

24 BALANCE.—The cohort loan balance of an insti25 tution for a fiscal year equals the total principal 


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1 amount of all loans made under this part to at2 tend such institution for the cohort of bor3 rowers who entered repayment, deferment, or 

4 forbearance on such loans in the third pre5 ceding fiscal year for which the determination is 

6 made. 

7 ‘‘(B) DETERMINATION OF COHORT NON8 REPAYMENT LOAN BALANCE.—The cohort non9 repayment loan balance of an institution for a 

10 fiscal year equals, from the total amount of the 

11 loans described in subparagraph (A), the total 

12 loan balance of those borrowers who have gone 

13 into default in the 3 consecutive fiscal years 

14 since their loans entered repayment, deferment, 

15 or forbearance. 

16 ‘‘(C) DETERMINATION OF PAYMENT.—The 

17 risk-sharing payment of an institution for a fis18 cal year shall equal, for the first fiscal year 

19 after the date of enactment of the COLLEGE 

20 Act through the twenty-fifth fiscal year after 

21 such date, an amount equal to 1 percent of the 

22 cohort nonrepayment loan balance determined 

23 under subparagraph (B) through 25 percent of 

24 that balance, respectively, for each year.’’. 


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1 SEC. 5. PROGRAM INTEGRITY. 

2 (a) INSTITUTIONAL REPORTING.—Section 454 of the 

3 Higher Education Act of 1965 (20 U.S.C. 1087d), as 

4 amended by section 4, is further amended— 

5 (1) in subsection (a), by inserting after para6 graph (6) (as added by section 4), the following: 

7 ‘‘(7) provide that the institution will collect and 

8 by July 1 of each year report to the Secretary data, 

9 in the aggregate and disaggregated by academic 

10 major, regarding— 

11 ‘‘(A) the 4-year graduation rate for each 

12 academic program offered at the institution; 

13 ‘‘(B) the percentage of graduates who are 

14 employed full-time or continuing their education 

15 full-time 1, 3, and 5 years after graduating; 

16 ‘‘(C) the median full-time wages of grad17 uates for each academic program 1, 3, and 5 

18 years after graduating; 

19 ‘‘(D) the total cost of tuition and fees for 

20 the mandatory credit hours necessary to grad21 uate with a degree for each academic program; 

22 ‘‘(E) the cost to graduate with a degree for 

23 each academic program by major (including tui24 tion, fees, room and board, and books and sup25 plies); 


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1 ‘‘(F) the average monthly payment due for 

2 loans made under part B, D, or E, for grad3 uates of each academic program; 

4 ‘‘(G) the average total student loan debt of 

5 graduates for each academic program; and 

6 ‘‘(H) the average 3-year student loan de7 fault rate of graduates for each academic pro8 gram; and’’; and 

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

10 ‘‘(e) PUBLICLY AVAILABLE INFORMATION.—The 

11 Secretary shall publish and make publicly available the 

12 data described in subsection (a)(7).’’. 

13 (b) PROGRAM REVIEW AND DATA.—Section 

14 498A(a)(1) of the Higher Education Act of 1965 (20 

15 U.S.C. 1099c–1(a)(1)) is amended by striking ‘‘title;’’ and 

16 inserting ‘‘title, which shall include annually collecting and 

17 reporting, for each institution— 

18 ‘‘(A) the average amount of Federal stu19 dent loan debt owed for an individual student 

20 on the date of graduation from that institution; 

21 and 

22 ‘‘(B) the rate of loan deferment, rate of 

23 forbearance, rate of default, and rate of delin24 quency (each expressed separately) for bor25 rowers of all Federal student loans, 5, 7, and 


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1 10 years after the borrowers’ date of gradua2 tion from the institution;’’. 

Æ 


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