Consultation with relevant parties would occur first. Adopt the fundamental elements of a performance-based organization for the delivery of student aid by hiring a highly skilled Chief Operating Officer and expanding contracting and managerial flexibility while holding the organization accountable for results and maintaining the Secretary's control of policy. Allow the Secretary to exempt institutions from selected statutory and regulatory requirements if they have a history of successful administration of the student aid programs. For example, audit submissions might be required less frequently from these institutions. Create a new refund policy that is less complex for schools to administer and for students to understand without compromising accountability for Federal funds.
Ensure students receive a quality education and taxpayer dollars are well spent.
Under this proposal, standard procedures will be established that will greatly reduce compliance costs for lenders and schools. Extend the requirement that 70 percent of all students graduate and 70 percent of all students find jobs to one-year vocational programs at proprietary institutions, with safeguards for exceptional circumstances. Terminate the eligibility of institutions with high student loan default rates to participate in other federal student aid programs, including the Pell Grant program, with safeguards for exceptional circumstances. Encourage Americans to work and save for college. Let students keep more of what they earn and save by doubling the income protection allowance for dependent students and by raising significantly the income offsets for independent students.