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Service Act of 1990 (42 U.S.C. 12601 et seq.) shall re-
ceive under this section the amount, if any, by which the 
maximum benefit available under this section exceeds the 
maximum education award available under such subtitle. 
‘‘(f) INELIGIBILITY
FOR DOUBLE BENEFITS.—No 
borrower may receive a reduction of loan obligations under 
both this section and section 428J or 460. 
‘‘(g) DEFINITIONS.—In this section: 
‘‘(1) CRITICAL FOREIGN LANGUAGE.—The term 
‘critical foreign language’ includes the languages of 
Arabic, Korean, Japanese, Chinese, Pashto, Persian- 
Farsi, Serbian-Croatian, Russian, Portuguese, and 
any other language identified by the Secretary of 
Education, in consultation with the Defense Lan-
guage Institute, the Foreign Service Institute, and 
the National Security Education Program, as a crit-
ical foreign language need. 
‘‘(2) 
EARLY
CHILDHOOD
EDUCATOR.—The 
term ‘early childhood educator’ means an early 
childhood educator who works directly with children 
in an eligible preschool program or eligible early 
childhood education program who has completed a 
baccalaureate or advanced degree in early childhood 
development, early childhood education, or in a field 
related to early childhood education. 
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‘‘(3) ELIGIBLE
PRESCHOOL
PROGRAM.—The 
term ‘eligible preschool program’ means a program 
that provides for the care, development, and edu-
cation of infants, toddlers, or young children age 5 
and under, meets any applicable State or local gov-
ernment licensing, certification, approval, and reg-
istration requirements, and is operated by— 
‘‘(A) a public or private school that is sup-
ported, sponsored, supervised, or administered 
by a local educational agency; 
‘‘(B) a Head Start agency serving as a 
grantee designated under the Head Start Act 
(42 U.S.C. 9831 et seq.); 
‘‘(C) a nonprofit or community based orga-
nization; or 
‘‘(D) a child care program, including a 
home. 
‘‘(4) ELIGIBLE EARLY CHILDHOOD EDUCATION 
PROGRAM.—The term ‘eligible early childhood edu-
cation program’ means— 
‘‘(A) a family child care program, center- 
based child care program, State prekinder-
garten program, school program, or other out- 
of-home early childhood development care pro-
gram, that— 
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‘‘(i) is licensed or regulated by the 
State; and 
‘‘(ii) serves 2 or more unrelated chil-
dren who are not old enough to attend kin-
dergarten; 
‘‘(B) a Head Start Program carried out 
under the Head Start Act (42 U.S.C. 9831 et 
seq.); or 
‘‘(C) an Early Head Start Program carried 
out under section 645A of the Head Start Act 
(42 U.S.C. 9840a). 
‘‘(5) LOW-INCOME COMMUNITY.—In this sub-
section, the term ‘low-income community’ means a 
community in which 70 percent of households earn 
less than 85 percent of the State median household 
income. 
‘‘(6) NURSE.—The term ‘nurse’ means a nurse 
who meets all of the following: 
‘‘(A) The nurse graduated from— 
‘‘(i) an accredited school of nursing 
(as those terms are defined in section 801 
of the Public Health Service Act (42 
U.S.C. 296)); 
‘‘(ii) a nursing center; or 
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‘‘(iii) an academic health center that 
provides nurse training. 
‘‘(B) The nurse holds a valid and unre-
stricted license to practice nursing in the State 
in which the nurse practices in a clinical set-
ting. 
‘‘(C) The nurse holds one or more of the 
following: 
‘‘(i) A graduate degree in nursing, or 
an equivalent degree. 
‘‘(ii) A nursing degree from a colle-
giate school of nursing (as defined in sec-
tion 801 of the Public Health Service Act 
(42 U.S.C. 296)). 
‘‘(iii) A nursing degree from an asso-
ciate degree school of nursing (as defined 
in section 801 of the Public Health Service 
Act (42 U.S.C. 296)). 
‘‘(iv) A nursing degree from a diploma 
school of nursing (as defined in section 
801 of the Public Health Service Act (42 
U.S.C. 296)). 
‘‘(7) SPEECH-LANGUAGE
PATHOLOGIST.—The 
term ‘speech-language pathologist’ means a speech- 
language pathologist who— 
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‘‘(A) has received, at a minimum, a grad-
uate degree in speech-language pathology or 
communication sciences and disorders from an 
institution of higher education accredited by an 
agency or association recognized by the Sec-
retary pursuant to section 496(a) of this Act; 
and 
‘‘(B) provides speech-language pathology 
services under section 1861(ll)(1) of the Social 
Security Act (42 U.S.C. 1395x(ll)(1), or meets 
or exceeds the qualifications for a qualified 
speech-language pathologist under subsection 
(ll)(3) of such section (42 U.S.C. 1395x(ll)(3)). 
‘‘(h) PROGRAM FUNDING.—There shall be available 
to the Secretary to carry out this section, from funds not 
otherwise appropriated, such sums as may be necessary 
to provide loan forgiveness in accordance with this section 
to each eligible individual.’’. 
SEC. 132. INCOME-CONTINGENT REPAYMENT FOR PUBLIC 
SECTOR EMPLOYEES. 
Section 455(e) (20 U.S.C. 1087e(e)) is amended by 
adding at the end the following: 
‘‘(7) REPAYMENT PLAN FOR PUBLIC SECTOR 
EMPLOYEES.— 
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‘‘(A) IN
GENERAL.—The Secretary shall 
forgive the balance due on any loan made under 
this part or section 428C(b)(5) for a bor-
rower— 
‘‘(i) who has made 120 payments on 
such loan pursuant to income-contingent 
repayment; and 
‘‘(ii) who is employed, and was em-
ployed for the 10-year period in which the 
borrower made the 120 payments de-
scribed in clause (i), in a public sector job. 
‘‘(B) PUBLIC SECTOR JOB.—In this para-
graph, the term ‘public sector job’ means a full- 
time job in emergency management, govern-
ment, public safety, law enforcement, public 
health, education (including early childhood 
education), social work in a public child or fam-
ily service agency, public interest legal services 
(including prosecution or public defense or legal 
advocacy in low-income communities at a non-
profit organization), or at an organization that 
is described in section 501(c)(3) of the Internal 
Revenue Code of 1986 and exempt from tax-
ation under section 501(a) of such Code. 
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‘‘(8) RETURN TO STANDARD REPAYMENT.—A 
borrower who is repaying a loan made under this 
part pursuant to income-contingent repayment may 
choose, at any time, to terminate repayment pursu-
ant to income-contingent repayment and repay such 
loan under the standard repayment plan.’’. 
SEC. 133. INCOME-BASED REPAYMENT. 
(a) AMENDMENT.—Part G of title IV (20 U.S.C. 
1088 et seq.) is further amended by adding at the end 
the following: 
‘‘SEC. 493C. INCOME-BASED REPAYMENT. 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) EXCEPTED
PLUS
LOAN.—The term ‘ex-
cepted PLUS loan’ means a loan under section 
428B, or a Federal Direct PLUS Loan, that is 
made, insured, or guaranteed on behalf of a depend-
ent student. 
‘‘(2) PARTIAL
FINANCIAL
HARDSHIP.—The 
term ‘partial financial hardship’, when used with re-
spect to a borrower, means that for such borrower— 
‘‘(A) the annual amount due on the total 
amount of loans made, insured, or guaranteed 
under part B or D (other than an excepted 
PLUS loan) to a borrower as calculated under 
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the standard repayment plan under section 
428(b)(9)(A)(i) or 455(d)(1)(A); exceeds 
‘‘(B) 15 percent of the result obtained by 
calculating the amount by which— 
‘‘(i) the borrower’s, and the bor-
rower’s spouse’s (if applicable), adjusted 
gross income; exceeds 
‘‘(ii) 150 percent of the poverty line 
applicable to the borrower’s family size as 
determined under section 673(2) of the 
Community Services Block Grant Act (42 
U.S.C. 9902(2)). 
‘‘(b) INCOME-BASED REPAYMENT PROGRAM AU-
THORIZED.—Notwithstanding any other provision of this 
Act, the Secretary shall carry out a program under 
which— 
‘‘(1) a borrower of any loan made, insured, or 
guaranteed under part B or D (other than an ex-
cepted PLUS loan) who has a partial financial hard-
ship may elect, during any period the borrower has 
the partial financial hardship, to have the borrower’s 
aggregate monthly payment for all such loans not 
exceed the result described in subsection (a)(2)(B) 
divided by 12; 
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‘‘(2) the holder of such a loan shall apply the 
borrower’s monthly payment under this subsection 
first toward interest due on the loan and then to-
ward the principal of the loan; 
‘‘(3) any interest due and not paid under para-
graph (2) shall be capitalized; 
‘‘(4) any principal due and not paid under 
paragraph (2) shall be deferred; 
‘‘(5) the amount of time the borrower makes 
monthly payments under paragraph (1) may exceed 
10 years; 
‘‘(6) if the borrower no longer has a partial fi-
nancial hardship or no longer wishes to continue the 
election under this subsection, then— 
‘‘(A) the maximum monthly payment re-
quired to be paid for all loans made to the bor-
rower under part B or D (other than an ex-
cepted PLUS loan) shall not exceed the month-
ly 
amount 
calculated 
under 
section 
428(b)(9)(A)(i) or 455(d)(1)(A) when the bor-
rower first made the election described in this 
subsection; and 
‘‘(B) the amount of time the borrower is 
permitted to repay such loans may exceed 10 
years; 
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‘‘(7) the Secretary shall repay or cancel any 
outstanding balance of principal and interest due on 
all loans made under part B or D (other than a loan 
under section 428B or a Federal Direct PLUS 
Loan) to a borrower who— 
‘‘(A) is in deferment due to an economic 
hardship described in section 435(o) for a pe-
riod of time prescribed by the Secretary, not to 
exceed 20 years; or 
‘‘(B)(i) makes the election to participate in 
income-based repayment under paragraph (1); 
and 
‘‘(ii) for a period of time prescribed by the 
Secretary, not to exceed 20 years (including any 
period during which the borrower is in 
deferment due to an economic hardship de-
scribed in section 435(o)), meets 1 or more of 
the following requirements: 
‘‘(I) has made reduced monthly pay-
ments under paragraph (1); 
‘‘(II) has made monthly payments of 
not less than the monthly amount cal-
culated under section 428(b)(9)(A)(i) or 
455(d)(1)(A) when the borrower first made 
the election described in this subsection; 
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‘‘(III) has made payments under a 
standard repayment plan under section 
428(b)(9)(A)(i) or 455(d)(1)(A); 
‘‘(IV) has made payments under an 
income-contingent repayment plan under 
section 455(d)(1)(D); and 
‘‘(8) a borrower who is repaying a loan made 
under this part pursuant to income-based repayment 
may elect, at any time, to terminate repayment pur-
suant to income-based repayment and repay such 
loan under the standard repayment plan.’’. 
(b) 
CONFORMING
ICR 
AMENDMENT.—Section 
455(d)(1)(D) (20 U.S.C. 1087e(d)(1)(D)) is amended by 
inserting ‘‘made on behalf of a dependent student’’ after 
‘‘PLUS loan’’. 
SEC. 134. DEFINITION OF ECONOMIC HARDSHIP. 
Section 435(o) (20 U.S.C. 1085(o)) is amended— 
(1) in paragraph (1)— 
(A) in subparagraph (A)(ii)— 
(i) by striking ‘‘100 percent of the 
poverty line for a family of 2’’ and insert-
ing ‘‘150 percent of the poverty line appli-
cable to the borrower’s family size’’; and 
(ii) by inserting ‘‘or’’ after the semi-
colon; 
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(B) by striking subparagraph (B); and 
(C) by redesignating subparagraph (C) as 
subparagraph (B); and 
(2) in paragraph (2), by striking ‘‘(1)(C)’’ and 
inserting ‘‘(1)(B)’’. 
SEC. 135. DEFERRALS. 
(a) FISL.—Section 427(a)(2)(C)(iii) (20 U.S.C. 
1077(a)(2)(C)(iii)) is amended by striking ‘‘not in excess 
of 3 years’’. 
(b) INTEREST SUBSIDIES.—Section 428(b)(1)(M)(iv) 
(20 U.S.C. 1078(b)(1)(M)(iv)) is amended by striking 
‘‘not in excess of 3 years’’. 
(c) DIRECT
LOANS.—Section 455(f)(2)(D) (20 
U.S.C. 1087e(f)(2)(D)) is amended by striking ‘‘not in ex-
cess of 3 years’’. 
(d) PERKINS.—Section 464(c)(2)(A)(iv) (20 U.S.C. 
1087dd(c)(2)(A)(iv)) is amended by striking ‘‘not in ex-
cess of 3 years’’. 
SEC. 136. MAXIMUM REPAYMENT PERIOD. 
(a) IN
GENERAL.—Section 455(e) (20 U.S.C. 
1087e(e)) is amended by adding at the end the following: 
‘‘(9) MAXIMUM REPAYMENT PERIOD.—In calcu-
lating the extended period of time for which an in-
come-contingent repayment plan under this sub-
section may be in effect for a borrower, the Sec-
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retary shall include all time periods during which a 
borrower of loans under part B, part D, or part E— 
‘‘(A) is not in default on any loan that is 
included in the income-contingent repayment 
plan; and 
‘‘(B)(i) is in deferment due to an economic 
hardship described in section 435(o); 
‘‘(ii) makes monthly payments under para-
graph (1) or (6) of section 493C(b); or 
‘‘(iii) makes payments under a standard 
repayment 
plan 
described 
in 
section 
428(b)(9)(A)(i) or subsection (d)(1)(A).’’. 
(b) TECHNICAL CORRECTION.—Section 455(d)(1)(C) 
(20 U.S.C. 1087e(d)(1)(C)) is amended by striking 
‘‘428(b)(9)(A)(v)’’ and inserting ‘‘428(b)(9)(A)(iv)’’. 
SEC. 137. DEFERRAL OF LOAN REPAYMENT FOLLOWING AC-
TIVE DUTY. 
Part G of title IV is amended by inserting after sec-
tion 484B (20 U.S.C. 1091b) the following new section: 
‘‘SEC. 484C. DEFERRAL OF LOAN REPAYMENT FOLLOWING 
ACTIVE DUTY. 
‘‘(a) DEFERRAL OF LOAN REPAYMENT FOLLOWING 
ACTIVE DUTY.—In addition to any deferral of repayment 
of a loan made under this title pursuant to section 
428(b)(1)(M)(iii), 455(f)(2)(C), or 464(c)(2)(A)(ii), a bor-
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rower of a loan under this title who is a member of the 
National Guard or other reserve component of the Armed 
Forces of the United States, or a member of such Armed 
Forces in a retired status, is called or ordered to active 
duty, and is currently enrolled, or was enrolled within six 
months prior to the activation, in a program of instruction 
at an eligible institution, shall be eligible for a deferment 
during the 13 months following the conclusion of such 
service, except that a deferment under this subsection 
shall expire upon the borrower’s return to enrolled student 
status. 
‘‘(b) 
ACTIVE
DUTY.—Notwithstanding 
section 
481(d), in this section, the term ‘active duty’ has the 
meaning given such term in section 101(d)(1) of title 10, 
United States Code, except that such term— 
‘‘(1) does not include active duty for training or 
attendance at a service school; but 
‘‘(2) includes, in the case of members of the 
National Guard, active State duty.’’. 
PART D—SUSTAINING THE PERKINS LOAN 
PROGRAM 
SEC. 141. FEDERAL PERKINS LOANS. 
Section 461(b) (20 U.S.C. 1087aa(b)) is amended by 
adding at the end the following new paragraphs: 
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‘‘(3) In addition to any amounts appropriated 
pursuant to paragraph (1) or (2) of this subsection, 
there shall be available to the Secretary for contribu-
tions to student loan funds established under part 
E, 
from 
funds 
not 
otherwise 
appropriated, 
$100,000,000 for each of the fiscal years 2008 
through 2012. The sum of the amount made avail-
able under this subsection for any such fiscal year, 
plus the amount so appropriated for such fiscal year, 
shall, for purposes of allocations under section 462, 
be treated as the amount appropriated pursuant to 
section 461(b) for such fiscal year. 
‘‘(4) The authority to make contributions to 
student loan funds under this part shall expire at 
the end of fiscal year 2012.’’. 
TITLE II—REDUCING THE COST 
OF COLLEGE 
SEC. 201. CONSUMER INFORMATION AND PUBLIC AC-
COUNTABILITY IN HIGHER EDUCATION. 
Section 131 of the Higher Education Act of 1965 (20 
U.S.C. 1015) is amended to read as follows: 
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‘‘SEC. 131. CONSUMER INFORMATION AND PUBLIC AC-
COUNTABILITY IN HIGHER EDUCATION. 
‘‘(a) COLLEGE
OPPORTUNITY
ON-LINE
(COOL) 
WEBSITE RE-DESIGN PROCESS.—In carrying out this 
section, the Commissioner of Education Statistics— 
‘‘(1) shall identify the data elements related to 
college costs that are of greatest importance to pro-
spective students, enrolled students, and their fami-
lies, paying particular attention to low-income, non- 
traditional student populations, and first-generation 
college students; 
‘‘(2) shall convene a group of individuals with 
expertise the informational needs of prospective col-
lege students and parents to— 
‘‘(A) determine the relevance of particular 
data elements to prospective students, enrolled 
students, and families based upon the results of 
opinion research; and 
‘‘(B) make recommendations regarding the 
inclusion of specific data items and the most ef-
fective and least burdensome methods of col-
lecting and reporting useful data from institu-
tions of higher education; and 
‘‘(3) shall ensure that the redesigned COOL 
website— 
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‘‘(A) uses, to the extent practicable, data 
elements currently provided by institutions of 
higher education to the Secretary; 
‘‘(B) includes clear and uniform informa-
tion determined to be relevant to prospective 
students, enrolled students, and families; 
‘‘(C) provides comparable information, by 
ensuring that information is based on accepted 
criteria and common definitions; 
‘‘(D) includes a sorting function that per-
mits users to customize their search for and 
comparison of institutions of higher education 
based on the information identified through the 
process as prescribed in paragraph (1) as being 
of greatest relevance to choosing an institution 
of higher education. 
‘‘(b) DATA COLLECTION.— 
‘‘(1) DATA
SYSTEM.—The Commissioner of 
Education Statistics shall continue to redesign the 
relevant parts of the Integrated Postsecondary Edu-
cation Data System to include additional data as re-
quired by this section and to continue to improve the 
usefulness and timeliness of data collected by such 
System in order to inform consumers about institu-
tions of higher education. 
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‘‘(2) COLLEGE CONSUMER PROFILE.—The Sec-
retary shall continue to publish on the COOL 
website, for each academic year and in accordance 
with standard definitions developed by the Commis-
sioner of Education Statistics (including definitions 
developed under section 131(a)(3)(A) as in effect on 
the day before the date of enactment of the College 
Cost Reduction Act of 2007), from at least all insti-
tutions of higher education participating in pro-
grams under title IV the following information: 
‘‘(A) The tuition and fees charged for a 
first-time, full-time undergraduate student. 
‘‘(B) The room and board charges for a 
first-time, full-time undergraduate student. 
‘‘(C) The cost of attendance for a first- 
time, full-time undergraduate student, con-
sistent with the provisions of section 472. 
‘‘(D) The average amount of financial as-
sistance (including grant assistance) received by 
a first-year, full-time undergraduate student. 
‘‘(E) The number and percentage of first- 
time, full-time undergraduate students receiving 
financial assistance (including grant assistance) 
described in each clause of subparagraph (D). 
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‘‘(F) Student enrollment information, in-
cluding information on the number and percent-
age of full-time and part-time students, and the 
number and percentage of resident and non- 
resident students. 
‘‘(G) Faculty-to-student ratios. 
‘‘(H) The total number of faculty and the 
percentage of faculty who are full-time employ-
ees of the institution and the percentage who 
are part-time. 
‘‘(I) Graduation rates calculated pursuant 
to 
section 
485(a)(1)(L), 
including 
rates 
disaggregated by gender, by each major racial 
and ethnic subgroup, and by income status, as 
measured by receipt of Federal Pell Grants or 
Federal subsidized student loans. 
‘‘(J) A link to the institution of higher 
education with information of interest to stu-
dents including mission, accreditation, student 
services (including services for students with 
disabilities), transfer of credit policies, any ar-
ticulation agreements entered into by the insti-
tution. 
‘‘(K) The college affordability information 
elements specified in subsection (d). 
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‘‘(c) INFORMATION TO THE PUBLIC.—The Secretary 
shall work with public and private entities to promote 
broad public awareness, particularly among middle and 
high school students and their families, of the information 
made available under this section, including by distribu-
tion to students who participate in or receive benefits from 
means-tested federally funded education programs and 
other Federal programs determined by the Secretary. 
‘‘(d) COLLEGE AFFORDABILITY INFORMATION ELE-
MENTS.—The college affordability information elements 
required by subsection (b)(2)(K) shall include, for each in-
stitution submitting data— 
‘‘(1) the sticker price of the institution for the 
5 most recent academic years; and 
‘‘(2) the net tuition of the institution for the 
most recent academic year for which data are avail-
able. 
‘‘(e) OUTCOMES AND ACTIONS.— 
‘‘(1) RESPONSE FROM INSTITUTION.—Effective 
on June 30, 2011, an institution that increases its 
sticker price at a percentage rate for any 3-year in-
terval ending on or after that date that exceeds two 
times the rate of change in the higher education 
price index over the same time period shall provide 
a report to the Secretary. Such report shall be pub-
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lished by the Secretary on the COOL website, and 
shall include— 
‘‘(A) a description of the factors contrib-
uting to the increase in the institution’s costs 
and in the tuition and fees charged to students; 
and 
‘‘(B) if determinations of tuition and fee 
increases are not within the exclusive control of 
the institution, a description of the agency or 
instrumentality of State government or other 
entity that participates in such determinations 
and the authority exercised by such agency, in-
strumentality, or entity. 
‘‘(2) CONSEQUENCES
FOR
2-YEAR
CONTINU-
ATION
OF
FAILURE.—If the Secretary determines 
that an institution that is subject to paragraph (1) 
has failed to reduce the subsequent increase in stick-
er price to equal to or below two times the rate of 
change in the higher education price index for 2 con-
secutive academic years subsequent to the 3-year in-
terval used under paragraph (1), the Secretary shall 
place the institution on affordability alert status. 
‘‘(3) 
EXEMPTIONS.—Notwithstanding 
para-
graph (2), an institution shall not be placed on af-
fordability alert status if, for any 3-year interval for 
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which sticker prices are computed under paragraph 
(1)— 
‘‘(A) with respect the class of institutions 
described in paragraph (5) to which the institu-
tion belongs, the sticker price of the institution 
is in the lowest quartile of institutions within 
such class, as determined by the Secretary, dur-
ing the last year of such 3-year interval; or 
‘‘(B) the institution has a percentage 
change in its sticker price computed under 
paragraph (1) that exceeds two times the rate 
of change in the higher education price index 
over the same time period, but the dollar 
amount of the sticker price increase is less than 
$500. 
‘‘(4) INFORMATION TO STATE AGENCIES.—Any 
institution that reports under paragraph (1)(B) that 
an agency or instrumentality of State government or 
other entity participates in the determinations of tui-
tion and fee increases shall, prior to submitting any 
information to the Secretary under this subsection, 
submit such information to, and request the com-
ments and input of, such agency, instrumentality, or 
entity. With respect to any such institution, the Sec-
retary shall provide a copy of any communication by 
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the Secretary with that institution to such agency, 
instrumentality, or entity. 
‘‘(5) CLASSES OF INSTITUTIONS.—For purposes 
of this subsection, the classes of institutions shall be 
those sectors used by the Integrated Postsecondary 
Education Data System, based on whether the insti-
tution is public, nonprofit private, or for-profit pri-
vate, and whether the institution has a 4-year, 2- 
year, or less than 2-year program of instruction. 
‘‘(6) DATA REJECTION.—Nothing in this sub-
section shall be construed as allowing the Secretary 
to reject the data submitted by an individual institu-
tion of higher education. 
‘‘(f) FINES.—In addition to actions authorized in sec-
tion 487(c), the Secretary may impose a fine in an amount 
not to exceed $25,000 on an institution of higher edu-
cation for failing to provide the information required by 
this section in a timely and accurate manner, or for failing 
to otherwise cooperate with the National Center for Edu-
cation Statistics regarding efforts to obtain data under 
subsection (c) and pursuant to the program participation 
agreement entered into under section 487. 
‘‘(g) REGULATIONS.—The Secretary is authorized to 
issue such regulations as may be necessary to carry out 
the provisions of this section. 
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‘‘(h) DEFINITIONS.—For the purposes of this section: 
‘‘(1) NET
TUITION.—The term ‘net tuition’ 
means the average tuition and fees charged to a full- 
time undergraduate student by an institution of 
higher education for any academic year, minus the 
average grant amount received by such a student for 
such academic year. 
‘‘(2) STICKER PRICE.—The term ‘sticker price’ 
means the average published tuition and fees 
charged to a first-time, full-time, undergraduate stu-
dent by an institution of higher education for any 
academic year. 
‘‘(3) HIGHER EDUCATION PRICE INDEX.—The 
term ‘higher education price index’ means a statis-
tical measure of change over time in the prices of a 
fixed market basket of goods and services purchased 
by colleges and universities through current fund 
educational and general expenditures (excluding ex-
penditures for research), as developed by the Bureau 
of Labor Statistics.’’. 
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