ards for every institution of higher edu-
cation that receives funds or whose stu-
dents receive funds pursuant to title IV of 
the Higher Education Act of 1965 (20 
U.S.C. 1070 et seq.) programs. The stand-
ards shall focus on affordability, access for 
low- and middle-income students, and 
value. The Commission shall recommend 
standards that are in accordance with the 
types of information that institutions of 
higher education are authorized to collect 
and report under the Higher Education 
Act of 1965 (20 U.S.C. 1001 et seq.). 
(ii) Recommendations for applying the 
standards to institutions of higher edu-
cation with different academic missions. 
(iii) Recommendations for periodic re-
evaluation of the standards and their effi-
cacy by the Secretary. 
(iv) Recommendations for sharing in-
stitutions’ performance with respect to the 
standards with prospective students and 
conducting complementary consumer edu-
cation for students. 
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(v) Recommendations for the criteria 
the Secretary should use to reward institu-
tions of higher education that meet and ex-
ceed the minimum accountability stand-
ards. 
(vi) Recommendations to Congress on 
reforms to statutory or regulatory limita-
tions on the collection and availability of 
data that would improve the Secretary’s 
ability to assess institutions’ compliance 
with minimum standards of affordability, 
accessibility, and value. 
(6) SECURING
INFORMATION.—The Commis-
sion may secure directly from any Federal depart-
ment or agency such information as the Commission 
considers necessary to carry out its duties under this 
section. The Commission may request the head of 
any State or local department or agency to furnish 
such information to the Commission. 
(7) FINAL STANDARDS.— 
(A) IN GENERAL.—Not later than 1 year 
after receiving the report under paragraph (5), 
the Secretary shall publish a final rule on insti-
tutional accountability standards. The stand-
ards shall be determined by the Secretary after 
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giving due consideration to the recommended 
standards provided by the Commission. The 
Secretary shall set forth in writing the reasons 
for any deviation from the Commission’s rec-
ommendations for any standard or measure and 
shall submit the written statement to the au-
thorizing committees. 
(B) REQUIRED
MEASURES
TO
BE
IN-
CLUDED.—In carrying out subparagraph (A), 
the Secretary shall include the measures de-
scribed in paragraph (3)(B) that the Commis-
sion is required to include as part of its min-
imum accountability standards. 
(8) ASSESSMENT.—The Secretary shall annu-
ally assess compliance with the institutional account-
ability standards. On September 30 of the year fol-
lowing the publication of the final rule as required 
under paragraph (7) and every year thereafter, the 
Secretary shall publish a list of each institution of 
higher education that participates in title IV of the 
Higher Education Act of 1965 (20 U.S.C. 1070 et 
seq.) and the institution’s level of compliance with 
the accountability standards. The list shall be made 
easily accessible to the public. 
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(9) IMPLEMENTATION.—The Secretary shall es-
tablish procedures to implement this subsection, in-
cluding procedures for effectively applying this sub-
section. 
(10) TERMINATION.—The Commission shall 
terminate 60 days after the date on which the Com-
mission submits the report under paragraph (5). 
(c) INCENTIVIZE IMPROVEMENT FOR BELOW-STAND-
ARD INSTITUTIONS.— 
(1) IN GENERAL.—An institution of higher edu-
cation that participates in title IV of the Higher 
Education Act of 1965 (20 U.S.C. 1070 et seq.) 
programs and that does not meet the institutional 
accountability standards adopted under subsection 
(b)— 
(A) shall be deemed to be in probationary 
status; and 
(B) shall work with the Secretary to de-
velop a plan for how the institution will achieve 
compliance not later than 5 years after the date 
of the determination of noncompliance. 
(2) CONTINUOUS
IMPROVEMENT.—For each 
year following a determination that an institution of 
higher education does not meet the institutional ac-
countability standards adopted under subsection (b), 
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the institution shall demonstrate to the Secretary 
continuous improvement in following its plan to 
achieve compliance. 
(3) FAILURE TO MAKE CONTINUOUS IMPROVE-
MENT.— 
(A) IN GENERAL.— 
(i) 2 YEARS OUT.—If an institution of 
higher education does not show continuous 
improvement 2 years after a determination 
that it does not meet the institutional ac-
countability standards adopted under sub-
section (b), the institution shall pay to the 
Secretary an amount equal to 10 percent 
of the total amount of funds made avail-
able under title IV of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1070 et 
seq.) to students in attendance with an un-
dergraduate enrollment status at the insti-
tution during the prior academic year, to 
be deposited into the fund described in 
subparagraph (C). 
(ii) 3 YEARS OUT.—If an institution 
of higher education does not show contin-
uous improvement 3 years after a deter-
mination that it does not meet the institu-
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tional accountability standards adopted 
under subsection (b), the institution shall 
pay to the Secretary an amount equal to 
20 percent of the total amount of funds 
made available under title IV of the Higher 
Education Act of 1965 (20 U.S.C. 1070 et 
seq.) to students in attendance with an un-
dergraduate enrollment status at the insti-
tution during the prior academic year, to 
be deposited into the fund described in 
subparagraph (C). 
(iii) 4 YEARS OUT.—If an institution 
of higher education does not show contin-
uous improvement 4 years after a deter-
mination that it does not meet the institu-
tional accountability standards adopted 
under subsection (b), the institution shall 
pay to the Secretary an amount equal to 
30 percent of the total amount of funds 
made available under title IV of the Higher 
Education Act of 1965 (20 U.S.C. 1070 et 
seq.) to students in attendance with an un-
dergraduate enrollment status at the insti-
tution during the prior academic year, to 
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