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B of title IV for students attending 
the institution; and 
‘‘(III) agrees to reimburse the 
Secretary for the cost of any loan de-
faults to the extent that the institu-
tion’s cohort default rate exceeds 5 
percent.’’. 
(c) CONFORMING AMENDMENT CONCERNING 90/10 
ENFORCEMENT.—Section 
102(b)(1) 
(20 
U.S.C. 
1002(b)(1)) is amended— 
(1) by adding ‘‘and’’ after the semicolon in sub-
paragraph (D); 
(2) by striking ‘‘; and’’ and inserting a period 
in subparagraph (E); and 
(3) by striking subparagraph (F). 
(d) ADDITIONAL INSTITUTIONS.—Section 102 (20 
U.S.C. 1002) is further amended— 
(1) by striking subsection (b)(2) and inserting 
the following: 
‘‘(2) ADDITIONAL
INSTITUTIONS.—The term 
‘proprietary institution of higher education’ also in-
cludes a proprietary educational institution in any 
State that, in lieu of the requirement in section 
101(a)(1), admits as regular students individuals—
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the lowest quartile of institutions within such cat-
egory, as determined by the Secretary, during the 
last year of such 3-year interval. 
‘‘(2) The dollar amount of the institution’s in-
crease in its full price, as computed under subsection 
(a)(3), is less than $500 for such 3-year interval. 
‘‘(g) STATE HIGHER EDUCATION APPROPRIATIONS 
CHART.—The Secretary shall annually report on the Col-
lege Navigator website, in charts for each State— 
‘‘(1) a comparison of— 
‘‘(A) the percentage change in State ap-
propriations per full-time equivalent student in 
each public institution of higher education in 
the State for each of the 5 most recent pre-
ceding academic years; to 
‘‘(B) the percentage change in tuition and 
fees for each public institution of higher edu-
cation in the State for each of the 5 most re-
cent preceding academic years; and 
‘‘(2) the total amount of need-based and merit- 
based aid provided by the State to full-time equiva-
lent students attending an institution of higher edu-
cation in the State. 
‘‘(h) AVAILABILITY OF NET PRICE INFORMATION.—
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‘‘(1) NET PRICE.—In this section, the term ‘net 
price’ means the average yearly tuition and fees ac-
tually charged to a full-time undergraduate student 
receiving student aid at an institution of higher edu-
cation, after deduction of any discounts and Federal 
and State aid, and any other institutional aid, that 
reduce the full price of tuition and fees at the insti-
tution, as determined in accordance with regulations 
prescribed by the Secretary. 
‘‘(2) NET PRICE CALCULATOR.— 
‘‘(A) DEVELOPMENT.—Not later than 1 
year after the date of enactment of the College 
Opportunity and Affordability Act of 2007, the 
Secretary shall, in consultation with institutions 
of higher education, develop a net price calcu-
lator to help students, families, and consumers 
determine the net price of an institution of 
higher education. The calculator shall be devel-
oped in a manner that permits students to de-
termine an estimate of their individual net price 
of attendance for an institution. 
‘‘(B) USE OF NET PRICE CALCULATOR BY 
INSTITUTIONS.—Not later than 3 years after 
the date of enactment of the College Oppor-
tunity and Affordability Act of 2007, each insti-
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tution of higher education that receives Federal 
funds under this Act shall adopt and make 
available for use on the institution’s website the 
net price calculator developed under subpara-
graph (A) to help students, families, and other 
consumers determine the net price of such insti-
tution of higher education. 
‘‘(i) POSTSECONDARY EDUCATION PRICE INDICES.— 
Not later than 1 year after the date of enactment of the 
College Opportunity and Affordability Act of 2007, the 
Bureau of Labor Statistics, in consultation with the Com-
missioner of Education Statistics and representatives of 
institutions of higher education, shall develop, for inclu-
sion in the higher education pricing summary page re-
quired under subsection (j)(3), postsecondary education 
price indices that accurately reflect the annual change in 
tuition and fees for undergraduate students in the cat-
egories of institutions described in subsection (b). Such 
indices shall be updated annually. Prior to the completion 
of the postsecondary education price indices, the Secretary 
is authorized to use an alternative, comparable index or 
indices. 
‘‘(j) CONSUMER COST INFORMATION.— 
‘‘(1) INFORMATION FROM INSTITUTIONS.—Not 
later than 1 year after the date of enactment of the