‘‘(5) consult with appropriate accrediting agen-
cies or associations and appropriate State regulatory 
authorities. 
‘‘(h) TERMINATION OF AUTHORITY.—The authority 
of the Secretary under this section shall cease to be effec-
tive on October 1, 2010.’’. 
TITLE III—TRANSFER OF 
CREDIT 
SEC. 301. REQUIREMENT RELATING TO CREDIT TRANSFER. 
(a) PROGRAM PARTICIPATION AGREEMENTS.—Sec-
tion 487(a) (20 U.S.C. 1094(a)) is amended by adding 
at the end the following new paragraph: 
‘‘(24)(A) The institution will not exclude the 
transfer of credits earned by a student completing 
courses or programs at other eligible institutions of 
higher education solely on the basis of the agency or 
association that accredited such other eligible insti-
tution if that agency or association is recognized by 
the Secretary pursuant to section 496 to be a reli-
able authority as to the quality of the education or 
training offered and is currently listed by the Sec-
retary pursuant to section 101(c). 
‘‘(B) The institution will base decisions on 
whether to accept such credits on the basis of wheth-
er (i) the courses or programs are equivalent in con-
tent to the courses or programs offered by the insti-
tution, and (ii) the student completed such courses 
or programs at the institution’s required level of 
proficiency. 
‘‘(C) The institution will report publicly, on an 
annual as well as a three-year rolling average basis, 
the percentage of credits accepted in transfer and 
fully counted toward the degree or certificate com-
pletion requirements of undergraduate students. 
Such data shall be disaggregated to report on the 
following categories of institutions from which cred-
its were accepted in transfer: (i) nationally accred-
ited; (ii) regionally accredited in the same State; (iii) 
regionally accredited in the same region; and (iv) re-
gionally accredited in a different region.’’. 
(b) ACCREDITING AGENCY AND ASSOCIATION RE-
QUIREMENTS.—Section 496(a) (20 U.S.C. 1099b(a)) is 
amended—
(1) by striking ‘‘and’’ at the end of paragraph 
(7); 
(2) by striking the period at the end of para-
graph (8) and inserting ‘‘; and’’; and 
(3) by adding at the end the following new 
paragraph:
‘‘(9) such agency or association not adopt or 
apply standards, policies, or practices that restrict or 
deny the transfer of credits earned by a student 
completing courses or programs at other eligible in-
stitutions of higher education solely on the basis of 
the agency or association that accredited such other 
eligible institution if that agency or association is 
recognized by the Secretary pursuant to this section 
to be a reliable authority as to the quality of the 
education or training offered and is currently listed 
by the Secretary pursuant to section 101(c).’’. 
(c) ACCREDITING
AGENCY
STANDARDS.—Section 
496(a)(5) (20 U.S.C. 1099b(a)(5)) is amended—
(1) by striking ‘‘and’’ at the end of subpara-
graph (I); 
(2) by inserting ‘‘and’’ after the semicolon at 
the end of subparagraph (J); and 
(3) by inserting after subparagraph (J) the fol-
lowing new subparagraph: 
‘‘(K) policies for the transfer of credit and 
the notification of the public of such policies;’’. 
TITLE IV—SENSE OF CONGRESS 
SEC. 401. REGULATORY BURDEN IMPACT ON TUITION AND 
FEES. 
It is the sense of Congress that—
(1) reducing administrative and regulatory bur-
dens within the Federal student financial assistance 
programs will improve efficiency and reduce the 
costs associated with the management of such pro-
grams, as well as increase the affordability of post-
secondary education for all students; 
(2) in consultation with postsecondary institu-
tions, States should take an active role in reviewing 
and modifying administrative and reporting require-
ments for institutions and students within the stu-
dent financial assistance programs controlled by 
such States, in an effort to reduce such burdens and 
costs; and 
(3) the Department of Education and the 
States, in considering the implementation of regula-
tions or administrative requirements, should take 
into consideration and determine the amount of ad-
ditional burden and costs being placed on institu-
tions and students before such regulation or admin-
istrative requirement is implemented.
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