Helping College Students Cross the Finish Line Act

To amend the Higher Education Act of 1965 to establish a grant program for undergraduate students with financial need to assist such students in completing degrees at institutions of higher education. 1. Short title This Act may be cited as the Helping College Students Cross the Finish Line Act 2. Grants to institutions to provide awards to undergraduate and vocational students with financial need to assist in completion of degree and certificate programs Part A of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070 et seq. 8 Grants to institutions To provide awards to undergraduate and vocational students with financial need To assist in completion of degree and certificate programs 420. Grants to institutions to provide awards to undergraduate and vocational students with financial need to assist in completion of degree and certificate programs (a) Grants for establishment of financial assistance program The Secretary shall award grants to institutions of higher education to establish programs of financial assistance for students in accordance with this section. (b) Financial assistance program (1) Establishment An institution of higher education receiving a grant under subsection (a) shall establish a financial assistance program to award funds to not less than 100 eligible students per academic year in accordance with this subsection. (2) Student eligibility A student shall be eligible for an award under a financial assistance program established by an institution of higher education in accordance with this subsection if— (A) such student is enrolled as an undergraduate or vocational student at such institution on a not less than half-time basis; (B) such student is academically able to complete the degree or certificate program for which such student is enrolled within an academic year; (C) such student is in good academic standing at such institution (as determined by such institution) at the time of the distribution of the award; (D) in the case of a student who previously received an award under this section, such student maintained good academic standing during the academic period for which the student received such previous award under this section; (E) such student has an outstanding tuition payment due to such institution and is unable to fully pay the amount due; and (F) the institution determines that without financial assistance, such student will discontinue the degree or certificate program for which such student is enrolled due to an inability to pay tuition. (3) Grant amount The amount of an award to a student under a financial assistance program established by an institution of higher education in accordance with this subsection for a semester or equivalent shall be the lesser of— (A) $1,000; or (B) the amount of tuition such institution determines the student is unable to pay for such semester or equivalent. (4) Limitation on number of grants A student may only receive an award under a financial assistance program established by an institution of higher education in accordance with this subsection for a total of two semesters or the equivalent of two semesters. (5) Information on other financial assistance (A) Information required Each institution of higher education receiving a grant under subsection (a) shall provide information to each covered student attending such institution on financial assistance available from any source other than this section. (B) Covered student defined In this paragraph, the term covered student (c) Financial literacy survey The Secretary shall create, and each student receiving an award under a financial assistance program established by an institution of higher education in accordance with subsection (b) shall complete, an online survey concerning financial literacy. Such survey shall include matters relating to budgeting and saving, student loan debt, and career planning. (d) Reports (1) Institutions of higher education Each institution of higher education receiving a grant under subsection (a) shall annually submit to the Secretary a report containing, for the academic year preceding the date of the submission of such report— (A) the number of students enrolled at such institution that received an award under a financial assistance program established by such institution in accordance with subsection (b); (B) the number of such students who completed the degree or certificate program in which such students were enrolled during such academic year; (C) the number of such students who, following completion of the degree or certificate program in which such students were enrolled, subsequently enrolled in a degree or certificate program at a higher level; (D) the number of such students who, following completion of the degree or certificate program in which such students were enrolled, subsequently obtained full-time employment and the average salary for such students; and (E) any other information that the Secretary considers necessary. (2) Secretary The Secretary shall annually submit to Congress a report on the implementation of this section. Such report shall include— (A) the aggregate data submitted by all institutions of higher education in accordance with paragraph (1); (B) an analysis of the grant program under this section and any suggestions for improving such program; and (C) any other information that the Secretary considers necessary. (e) Authorization of appropriations There are authorized to be appropriated to carry out this section such sums as may be necessary for fiscal years 2015 through 2020. .

Summary: Helping College Students Cross the Finish Line Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require the Secretary of Education to award grants to institutions of higher education (IHEs) to establish a financial assistance program that awards funds to at least 100 of the IHE's undergraduate or vocational students each academic year who: are enrolled on at least a half-time basis; are academically able to complete the degree or certificate program in which they are enrolled within an academic year; are in good academic standing; if they previously received such an award, maintained good academic standing during the academic period for which they received such award; are unable to fully pay an outstanding tuition payment that is due; and without financial assistance, will discontinue the degree or certificate program in which they are enrolled. Caps the amount of such award. Prohibits a student from receiving an award for more than two semesters or the equivalent of two semesters. Requires the IHEs to provide each student who receives an award that does not fully cover the amount due on the student's outstanding tuition with information on the financial assistance available from any other source. Directs the Secretary to create, and each student that receives an award to complete, an online financial literacy survey that includes matters relating to budgeting and saving, student loan debt, and career planning.