IB 
Union Calendar No. 624 
118TH CONGRESS 
2D SESSION 
H. R. 6951 
[Report No. 118–739] 
To lower the cost of postsecondary education for students and families. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 11, 2024 
Ms. FOXX (for herself, Mr. OWENS, Mr. GROTHMAN, Mr. ALLEN, Mr. 
SMUCKER, Mrs. MCCLAIN, Mrs. STEEL, and Mr. WILLIAMS of New York) 
introduced the following bill; which was referred to the Committee on 
Education and the Workforce 
NOVEMBER 18, 2024 
Additional sponsors: Mrs. HOUCHIN, Ms. STEFANIK, Mr. MORAN, Mr. JAMES, 
Mrs. CHAVEZ-DEREMER, Mr. BENTZ, Mr. MURPHY, Mr. WILSON of 
South Carolina, Mr. ESTES, Mr. MANN, Mr. RESCHENTHALER, Mr. SES-
SIONS, Mr. BANKS, Mr. CARTER of Texas, Mr. BEAN of Florida, Mrs. 
MILLER of Illinois, Mr. COMER, Mr. KILEY, Mr. WEBER of Texas, Mr. 
FINSTAD, Mr. AMODEI, Mr. ROGERS of Alabama, Mr. ROUZER, Mr. 
EDWARDS, Ms. TENNEY, Mr. WEBSTER of Florida, Mr. VAN ORDEN, Mr. 
BURGESS, Mr. LAMALFA, Mr. CURTIS, Mr. YAKYM, Mr. LATURNER, Mr. 
SMITH of Nebraska, Mr. VAN DREW, Mr. PENCE, Mr. BILIRAKIS, Mr. 
MOOLENAAR, Mr. FLEISCHMANN, Mr. AUSTIN SCOTT of Georgia, Mr. 
DUARTE, Mr. TIMMONS, Mr. LOUDERMILK, Mrs. HARSHBARGER, Mr. 
POSEY, Mr. HUDSON, Ms. MALLIOTAKIS, Mr. SCOTT FRANKLIN of Flor-
ida, Mr. MEUSER, Mrs. HINSON, Mr. LANGWORTHY, Mr. CLINE, Mr. 
LAMBORN, Mrs. MILLER of West Virginia, Mrs. LUNA, Mr. RUTHER-
FORD, Mr. FRY, Mr. FERGUSON, Mr. CALVERT, Mr. JOHNSON of South 
Dakota, Mr. MILLS, Mr. TONY GONZALES of Texas, Mr. DUNCAN, Mr. 
SCALISE, Mr. MOONEY, Mr. ROGERS of Kentucky, Mr. ARRINGTON, Mr. 
HERN, Mr. DUNN of Florida, Mr. ALFORD, Mr. JACKSON of Texas, Mrs. 
BICE, Mr. TIFFANY, Mr. EMMER, Mr. CISCOMANI, Mr. SMITH of Mis-
souri, Mr. ADERHOLT, Mr. MCHENRY, Mr. GUTHRIE, Mr. D’ESPOSITO, 
Ms. MALOY, Mrs. CAMMACK, Mr. PFLUGER, Ms. VAN DUYNE, Mr. 
ZINKE, Mr. KUSTOFF, Mr. KELLY of Pennsylvania, Mr. FULCHER, Mr. 
LUETKEMEYER, Mr. ISSA, Mr. BAIRD, Mr. WALTZ, Mrs. RODGERS of 
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Washington, Mr. DESJARLAIS, Mr. MCCLINTOCK, Mr. ROSE, Mr. JOR-
DAN, Mr. CLYDE, Mr. NORMAN, Mr. WESTERMAN, Ms. GRANGER, Mr. 
NEHLS, Mr. DONALDS, Mr. BRECHEEN, Mr. GREEN of Tennessee, Mr. 
GOOD of Virginia, Mr. BISHOP of North Carolina, Mr. HARRIS, Mr. 
ELLZEY, Mr. BERGMAN, Mr. GRAVES of Missouri, Mr. MCCORMICK, Mr. 
VALADAO, Mr. STAUBER, Mr. FALLON, Mr. FONG, Mr. WILLIAMS of 
Texas, Mr. LALOTA, Mr. SMITH of New Jersey, Mr. MOORE of Alabama, 
Mr. GOODEN of Texas, Mrs. KIGGANS of Virginia, Ms. HAGEMAN, Mr. 
KELLY of Mississippi, Mr. LAHOOD, Mr. SELF, Mr. HILL, Mr. STEUBE, 
Mr. BURCHETT, Mr. SCHWEIKERT, Mr. OBERNOLTE, Mrs. LESKO, Mr. 
BUCHANAN, Mr. FITZGERALD, Mr. BURLISON, Mr. CLOUD, Mr. OGLES, 
Mr. GAETZ, Mr. WENSTRUP, Mr. LOPEZ, Mr. MAST, Mr. GRIFFITH, Mr. 
HUNT, Mr. JOYCE of Ohio, Mr. RULLI, Mr. CRENSHAW, and Ms. 
BOEBERT 
NOVEMBER 18, 2024 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on January 11, 2024] 
A BILL 
To lower the cost of postsecondary education for students 
and families. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the ‘‘Col-
lege Cost Reduction Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. References. 
TITLE I—TRANSPARENCY 
PART A—DEFINITIONS 
Sec. 101. Definitions. 
PART B—COLLEGE COSTS AND FINANCIAL VALUE 
Sec. 111. Financial aid offers. 
Sec. 112. College scorecard website. 
Sec. 113. Postsecondary student data system. 
Sec. 114. Database of student information prohibited. 
TITLE II—ACCESS AND AFFORDABILITY 
PART A—FINANCIAL NEED 
Sec. 201. Amount of need; cost of attendance; median cost of college. 
PART B—FINANCIAL AID 
SUBPART 1—GRANTS 
Sec. 211. Federal Pell Grant program. 
Sec. 212. Campus-based aid programs. 
SUBPART 2—LOANS 
Sec. 221. Loan limits. 
Sec. 222. Loan repayment. 
Sec. 223. Loan rehabilitation. 
Sec. 224. Interest capitalization. 
Sec. 225. Origination fees. 
TITLE III—ACCOUNTABILITY AND STUDENT SUCCESS 
PART A—ACCOUNTABILITY 
SUBPART 1—DEPARTMENT OF EDUCATION 
Sec. 301. Agreements with institutions. 
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Sec. 302. Regulatory relief. 
Sec. 303. Limitation on authority of Secretary to propose or issue regulations 
and Executive actions. 
Sec. 304. Office of Federal Student Aid. 
SUBPART 2—ACCREDITORS 
Sec. 311. Accrediting agency recognition. 
Sec. 312. National Advisory Committee on Institutional Quality and Integrity 
(NACIQI). 
Sec. 313. Alternative quality assurance experimental site initiative. 
PART B—STUDENT SUCCESS 
Sec. 321. Postsecondary student success grants. 
Sec. 322. Reverse Transfer Efficiency Act. 
Sec. 323. Transparent and fair transfer of credit policies. 
SEC. 2. REFERENCES. 
(a) HIGHER EDUCATION ACT OF 1965.—Except as 
otherwise expressly provided, whenever in this Act an 
amendment or repeal is expressed in terms of an amend-
ment to, or repeal of, a section or other provision, the ref-
erence shall be considered to be made to a section or other 
provision of the Higher Education Act of 1965 (20 U.S.C. 
1001 et seq.). 
(b) FAFSA SIMPLIFICATION ACT.—Except as other-
wise expressly provided, whenever in this Act a reference 
to a section or other provision of the Higher Education Act 
of 1965 (20 U.S.C. 1001 et seq.) refers to such section or 
other provision as amended or added by the FAFSA Sim-
plification Act, the reference shall be considered to be made 
to the section or other provision as amended or added by— 
(1) title VII of division FF of the Consolidated 
Appropriations Act, 2021 (title VII of division FF of 
Public Law 116–260), subject to the effective date of 
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section 701(b) of such Act, as amended by section 
102(a) of the FAFSA Simplification Act Technical 
Corrections Act (division R of Public Law 117–103) 
(including the authorization provided under section 
102(c)(1)(A) of such Act); and 
(2) the FAFSA Simplification Act Technical 
Corrections Act (division R of Public Law 117–103). 
TITLE I—TRANSPARENCY 
PART A—DEFINITIONS 
SEC. 101. DEFINITIONS. 
(a) DEFINITIONS.—Section 103 of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1003) is amended by adding 
at the end the following: 
‘‘(25) CIP CODE.—The term ‘CIP code’ means 
the six-digit taxonomic identification code assigned 
by an institution of higher education to a specific 
program of study at the institution, determined by 
the institution in accordance with the Classification 
of Instructional Programs published by the National 
Center for Education Statistics. 
‘‘(26) CREDENTIAL LEVEL.— 
‘‘(A) IN
GENERAL.—The term ‘credential 
level’ means the level of the degree or other cre-
dential awarded by an institution of higher edu-
cation to students who complete a program of 
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study of the institution. Each degree or other cre-
dential awarded by an institution shall be cat-
egorized by the institution as either under-
graduate credential level or graduate credential 
level. 
‘‘(B) 
UNDERGRADUATE
CREDENTIAL.— 
When used with respect to a credential or creden-
tial level, the term ‘undergraduate credential’ in-
cludes credentials such as an undergraduate cer-
tificate, an associate degree, a bachelor’s degree, 
and a post-baccalaureate certificate. 
‘‘(C) GRADUATE CREDENTIAL.—When used 
with respect to a credential or credential level, 
the term ‘graduate credential’ includes creden-
tials such as a master’s degree, a doctoral degree, 
a professional degree, and a postgraduate certifi-
cate. 
‘‘(27) PROGRAM OF STUDY.—The term ‘program 
of study’ means an academic program of study offered 
to students by an institution of higher education 
that— 
‘‘(A) upon completion of the program, re-
sults in the award of a credential to a student, 
including a degree, diploma, or certificate, for 
one credential level; 
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‘‘(B) is certified as a program of study in 
the institution’s program participation agree-
ment under section 487; and 
‘‘(C) is classified by a combination of— 
‘‘(i) a CIP code; and 
‘‘(ii) one credential level, determined 
by the credential awarded upon completion 
of the program. 
‘‘(28) PROGRAM LENGTH.—The term ‘program 
length’ means the minimum amount of time in weeks, 
months, or years that is specified in the catalog, mar-
keting materials, or other official publications of an 
institution of higher education for a full-time student 
to complete the requirements for a specific program of 
study and to obtain the degree or credential awarded 
by such program. 
‘‘(29) TIME TO CREDENTIAL.—The term ‘time to 
credential’ means, with respect to a student, the ac-
tual amount of time in weeks, months, or years it 
takes the student to complete the requirements for a 
specific program of study and to obtain the degree or 
credential awarded by such program. 
‘‘(30) VALUE-ADDED EARNINGS.— 
‘‘(A) CALCULATION.—With respect to a stu-
dent who received Federal financial aid under 
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title IV and who completed a program of study 
offered by an institution of higher education, the 
term ‘value-added earnings’ means— 
‘‘(i) the annual earnings of such stu-
dent measured during the applicable earn-
ings measurement period for such program 
(as determined under subparagraph (C)); 
minus 
‘‘(ii) in the case of a student who com-
pleted a program of study that awards— 
‘‘(I) an undergraduate credential 
(other than such a credential awarded 
by a qualifying undergraduate pro-
gram 
as 
defined 
in 
section 
455(a)(4)(B)(ii)), 150 percent of the 
poverty line applicable to a single in-
dividual as determined under section 
673(2) of the Community Services 
Block Grant Act (42 U.S.C. 9902(2)) 
for such year; or 
‘‘(II) a graduate credential or an 
undergraduate credential awarded by a 
qualifying undergraduate program as 
defined in section 455(a)(4)(B)(ii), 300 
percent of the poverty line applicable 
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to a single individual as determined 
under section 673(2) of the Community 
Services Block Grant Act (42 U.S.C. 
9902(2)) for such year. 
‘‘(B) GEOGRAPHIC ADJUSTMENT.— 
‘‘(i) IN GENERAL.—Except as provided 
in clause (ii), the Secretary shall use the ge-
ographic location of the institution at which 
a student completed a program of study to 
adjust the value-added earnings of the stu-
dent calculated under subparagraph (A) by 
dividing— 
‘‘(I) the difference between sub-
clauses (I) and (II) of such subpara-
graph; by 
‘‘(II) the most recent regional 
price parity index of the Bureau of Ec-
onomics Analysis for the State or, as 
applicable, metropolitan area in which 
such institution is located. 
‘‘(ii) 
EXCEPTION.—The 
value-added 
earnings of a student calculated under sub-
paragraph (A) shall not be adjusted based 
on geographic location in accordance with 
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clause (i) if such student attended prin-
cipally through distance education. 
‘‘(C) EARNINGS MEASUREMENT PERIOD.— 
‘‘(i) IN GENERAL.—For the purpose of 
calculating the value-added earnings of a 
student, except as provided in clause (ii), 
the annual earnings of a student shall be 
measured— 
‘‘(I) in the case of a program of 
study that awards an undergraduate 
certificate, post baccalaureate certifi-
cate, or graduate certificate, one year 
after the student completes such pro-
gram; 
‘‘(II) in the case of a program of 
study that awards an associate’s degree 
or master’s degree, 2 years after the 
student completes such program; and 
‘‘(III) in the case of a program of 
study that awards a bachelor’s degree, 
doctoral degree, or professional degree, 
4 years after the student completes 
such program. 
‘‘(ii) EXCEPTION.—The Secretary may, 
as the Secretary determines appropriate 
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based on the characteristics of a program of 
study, extend an earnings measurement pe-
riod described in clause (i) for a program 
of study that— 
‘‘(I) requires completion of an ad-
ditional educational program after 
completion of the program of study in 
order to obtain a licensure associated 
with the credential awarded for such 
program of study; and 
‘‘(II) when combined with the 
program length of such additional edu-
cational program for licensure, has a 
total program length that exceeds the 
relevant earnings measurement period 
prescribed for such program of study 
under clause (i), 
except that in no case shall the annual 
earnings of a student be measured more 
than 5 years after the student completes a 
program of study.’’. 
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PART B—COLLEGE COSTS AND FINANCIAL VALUE 
SEC. 111. FINANCIAL AID OFFERS. 
(a) INSTITUTION FINANCIAL AID OFFER.—Part B of 
title I of the Higher Education Act of 1965 (20 U.S.C. 1011 
et seq.) is amended by adding at the end the following: 
‘‘SEC. 124. INSTITUTION FINANCIAL AID OFFER FORM. 
‘‘(a) STANDARD FORM AND TERMINOLOGY.—The Sec-
retary, in consultation with the heads of relevant Federal 
agencies, shall develop standard terminology and a stand-
ard form for financial aid offers based on recommendations 
from representatives of students, veterans, servicemembers, 
families of students, institutions of higher education (in-
cluding community colleges, for-profit institutions, four- 
year public institutions, and four-year private nonprofit 
institutions), financial aid experts, secondary school and 
postsecondary counselors, college access professionals, non-
profit organizations, and consumer groups. 
‘‘(b) KEY REQUIRED CONTENTS FOR AID OFFER.— 
The standard form developed pursuant to subsection (a) 
shall be titled ‘Financial Aid Offer’ and shall include the 
following items in a consumer-friendly manner that is sim-
ple and understandable, with costs listed first, followed by 
grants and scholarships, clearly separated from each other 
with separate headings: 
‘‘(1) COST INFORMATION.— 
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‘‘(A) IN GENERAL.—Information on the stu-
dent’s estimated cost of attendance, including the 
following: 
‘‘(i) DIRECT COSTS.—The total cost of 
all items described in section 472 that are 
billed to the student by the institution or 
otherwise required by the institution for en-
rollment, 
including 
such 
total 
cost 
disaggregated by the cost of each such item, 
including, as determined under such sec-
tion— 
‘‘(I) tuition and fees (and other 
required expenses); and 
‘‘(II) housing and food for a stu-
dent electing institutionally owned or 
operated food services or institutionally 
owned or operated housing. 
‘‘(ii) INDIRECT COSTS.—The total cost 
(including such total cost disaggregated by 
the cost of each item) as determined under 
section 472, of— 
‘‘(I) housing and food for a stu-
dent not electing institutionally owned 
or operated food services and not living 
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in institutionally owned or operated 
housing; 
‘‘(II) books, school supplies, equip-
ment, course materials, and rental or 
purchase of a personal computer; 
‘‘(III) transportation; and 
‘‘(IV) any other item described in 
such section and not described in 
clause (i) determined to be necessary 
by the institution. 
‘‘(B) The academic period covered by the fi-
nancial aid offer, and an explanation that the 
amount of financial aid offered may differ— 
‘‘(i) for academic periods not covered 
by the aid offer, such as a summer term or 
future academic year; or 
‘‘(ii) by program. 
‘‘(C) An indication of whether cost and aid 
estimates are based on full-time or part-time en-
rollment. 
‘‘(D) An indication, as applicable, about 
whether any costs described in subparagraph 
(A)(i) which are subject to change are— 
‘‘(i) estimated based on the previous 
year; or 
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‘‘(ii) set for the academic period indi-
cated in accordance with subparagraph (B). 
‘‘(2) GRANTS AND SCHOLARSHIPS.—The aggre-
gate amount of grants and scholarships, differentiated 
by source, that the student does not have to repay, 
such as grant aid offered under title IV, grant aid of-
fered through other Federal programs, grant aid of-
fered by the institution, grant aid offered by the 
State, and, if known, grant aid or scholarship from 
an outside source to the student for such academic pe-
riod, including a disclosure that the grants and schol-
arships do not have to be repaid, except that institu-
tions shall be authorized to list individual grants and 
scholarships by name at the discretion of the institu-
tion. 
‘‘(3) NET PRICE.— 
‘‘(A) IN GENERAL.—The net price that the 
student, is estimated to have to pay for the stu-
dent to attend the institution for such academic 
period, including the following: 
‘‘(i) MINIMUM
AMOUNT
COVERED
BY 
STUDENT FOR ENROLLMENT.—The net price 
of tuition and fees (and other required ex-
penses), which is equal to— 
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‘‘(I) the sum of the costs described 
in paragraph (1)(A) that are required 
for students (as determined under 
paragraph (5)(B)) for the period indi-
cated in paragraph (1)(B); minus 
‘‘(II) the total amount of grant 
and scholarship aid described in para-
graph (2) that is included in the fi-
nancial aid offer and available to the 
student for the costs described in sub-
clause (I). 
‘‘(ii) ESTIMATED ANNUAL NET PRICE 
OF ATTENDANCE.—The estimated net price 
of attendance, which is equal to— 
‘‘(I) the cost of attendance for the 
student for the period indicated in 
paragraph (1)(B); minus 
‘‘(II) the total amount of grant 
and scholarship aid described in para-
graph (2). 
‘‘(B) DISCLOSURE.—A disclosure that the 
estimated annual net price of attendance as cal-
culated under subparagraph (A)(ii) is based on 
an estimate of the total cost of attendance for the 
year and not necessarily equivalent to the 
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amount the student will owe directly to the insti-
tution. 
‘‘(4) LOANS.— 
‘‘(A) Information on any education loan of-
fered through any Federal or State program (in-
cluding any loan under part D or part E of title 
IV other than a Federal Direct PLUS Loan) 
that the institution offers for the student for the 
academic period covered by the offer, which shall 
be made— 
‘‘(i) with clear use of the word ‘loan’ to 
describe the recommended loan amounts; 
and 
‘‘(ii) with clear labeling of subsidized 
and unsubsidized loans. 
‘‘(B) If applicable, a disclosure that such 
loans have to be repaid with interest. 
‘‘(C) Information on any other loan that the 
student or parent has applied for and been ap-
proved for, regardless of the source. 
‘‘(5) STUDENT
EMPLOYMENT.—Information on 
work-study 
employment 
opportunities 
(including 
work-study programs under part C of title IV, insti-
tutional work-study programs, or State work-study 
programs), including— 
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‘‘(A) the maximum annual amount the stu-
dent may earn through the program; and 
‘‘(B) a disclosure that any amounts received 
pursuant to such a program may be— 
‘‘(i) subject to the availability of quali-
fied employment opportunities upon stu-
dents enrollment; and 
‘‘(ii) disbursed over time as earned by 
the student. 
‘‘(6) PROCESS FOR ACCEPTING, ADJUSTING, OR 
DECLINING AID AND NEXT STEPS.— 
‘‘(A) The deadlines and a summary of the 
process (including the next steps) for— 
‘‘(i) accepting the financial aid offered; 
‘‘(ii) adjusting the amount of aid of-
fered; and 
‘‘(iii) declining the aid offered. 
‘‘(B) Information on when and how costs 
described in paragraph (1)(A)(i) must be paid, 
including a clear indication of whether each such 
cost is required or optional for the student. 
‘‘(C) A disclosure that verification of infor-
mation provided on the Free Application for 
Federal Student Aid may require the student to 
submit further documentation. 
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‘‘(D) Information about where a student or 
the student’s family can seek additional informa-
tion regarding the financial aid offered, includ-
ing contact information for the institution’s fi-
nancial aid office and the Department of Edu-
cation’s website on financial aid. 
‘‘(E) Information about where a student or 
a student’s family can seek additional informa-
tion on college costs and student outcomes, in-
cluding a link to the Department of Education’s 
College Scorecard website (or successor website). 
‘‘(7) NET PRICE CALCULATOR.—A link to the 
universal net price calculator website described in sec-
tion 132(c)(4). 
‘‘(8) QUICK REFERENCE BOX.—A standardized 
quick reference box to enable students to compare in-
formation on the costs and financial aid described in 
paragraphs (1) and (2). The quick reference box shall 
include the following two data elements: 
‘‘(A) The minimum amount covered by the 
student for enrollment described in paragraph 
(3)(A)(i). 
‘‘(B) The estimated annual net price of at-
tendance described in paragraph (3)(A)(ii). 
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‘‘(9) ADDITIONAL INFORMATION.—Any other in-
formation the Secretary, in consultation with the 
heads of relevant Federal agencies, including the Sec-
retary of the Treasury and the Director of the Bureau 
of Consumer Financial Protection, determines nec-
essary, based on the results and input of the consumer 
testing under subsection (h)(2), and limited only to 
effectively communicating college costs and financial 
aid eligibility to students and parents. 
‘‘(c) OTHER REQUIRED CONTENTS FOR AID OFFER.— 
The standard form developed under subsection (a) shall in-
clude, in addition to the information described in subsection 
(b), the following information in a concise format deter-
mined by the Secretary, in consultation with the heads of 
relevant Federal agencies and the individuals and entities 
described in subsection (a): 
‘‘(1) Additional options and potential resources 
for paying for the amount listed in subsection (b)(3), 
such as tuition payment plans. 
‘‘(2) The following information relating to pri-
vate student loans and Federal Direct PLUS Loans: 
‘‘(A) A disclosure that Federal Direct PLUS 
Loans, private education loans, or income share 
agreements may be available to cover remaining 
need, except that the institution may not include 
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Federal Direct PLUS Loans or private edu-
cation loans other than under the conditions de-
scribed in subsection (b)(4)(C) and must include 
a disclosure that such loans— 
‘‘(i) are subject to an additional appli-
cation process; and 
‘‘(ii) must be repaid by the borrower or 
their co-signer, and may not be eligible for 
the benefits available for Federal Direct 
Loans or Federal Direct Unsubsidized 
Loans. 
‘‘(B) A statement that students considering 
borrowing to cover the cost of attendance should 
consider available Federal student loans prior to 
applying for private education loans, including 
an explanation that Federal student loans offer 
generally more favorable terms and beneficial re-
payment options than private loans. 
‘‘(d) ADDITIONAL FORMATTING REQUIREMENTS FOR 
FINANCIAL AID OFFER.—The financial aid offer shall meet 
the following requirements: 
‘‘(1) Clearly distinguish between the aid offered 
under paragraphs (2) and (4) of subsection (b), by in-
cluding a subtotal for the aid offered in each of such 
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paragraphs and by refraining from commingling the 
different types of aid described in such paragraphs. 
‘‘(2) Use standard terminology and definitions, 
as described in subsection (f)(1), and use plain lan-
guage where possible. 
‘‘(3) Use the standard aid offer described in sub-
section (f)(2). 
‘‘(e) ADDITIONAL REQUIREMENTS FOR ELECTRONIC 
FINANCIAL AID OFFERS.—In the case of an electronic fi-
nancial aid offer that includes a requirement that a student 
confirm receipt of such offer, such confirmation may not 
be considered an acceptance or rejection of such offer. 
‘‘(f) SUPPLEMENTAL CONTENT AND DISCLOSURES TO 
BE PROVIDED.—In addition to the standard form described 
under subsection (a), institutions shall provide, in supple-
mental documents or through easily accessible weblinks to 
the institution’s portal or a website, the following: 
‘‘(1) The renewability requirements and condi-
tions under which the student can expect to receive 
similar amounts of such financial aid for each aca-
demic period the student is enrolled at the institution. 
‘‘(2) Whether the aid offer may change if aid 
from outside sources is applied after the student re-
ceives the initial aid offer, and, if applicable, how 
that aid will change. 
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‘‘(3) If loans under part D or part E of title IV 
or other education loans offered through Federal pro-
grams are included— 
‘‘(A) a disclosure that the interest rates and 
fees on such loans are set annually and affect 
total cost over time, and a link to any website 
that includes current information on interest 
rates and fees; and 
‘‘(B) if an institution’s recommended Fed-
eral student loan aid offered in subsection (b)(4) 
is less than the Federal maximum available to 
the student, the institution shall provide addi-
tional information on Federal student loans in-
cluding the types and amounts for which the stu-
dent is eligible and the process for requesting 
higher loan amounts if offered loan amounts 
were included. 
‘‘(4) If the institution opts not to disclose other 
items described in subsection (b)(1)(A)(ii)(V) as part 
of the aid offer, a list of such other items and the al-
lowance amount for each such item. 
‘‘(g) STANDARD INFORMATION ESTABLISHED BY SEC-
RETARY.— 
‘‘(1) STANDARD TERMINOLOGY.—Not later than 
3 months after the date of enactment of the College 
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Cost Reduction Act, the Secretary, in consultation 
with the heads of relevant Federal agencies, and the 
individuals and entities described in subsection (a) 
shall establish standard terminology and definitions 
for the terms described in subsection (b). 
‘‘(2) STANDARD FORM.— 
‘‘(A) IN GENERAL.—The Secretary of Edu-
cation shall develop multiple draft financial aid 
offers for consumer testing, carry out consumer 
testing for such forms, and establish a finalized 
standard financial aid offer in accordance 
with— 
‘‘(i) the process established under sub-
section (h); and 
‘‘(ii) the requirements of this section. 
‘‘(B) SEPARATE FINANCIAL AID OFFERS.— 
The Secretary shall develop separate financial 
aid offers for— 
‘‘(i) undergraduate students; and 
‘‘(ii) graduate students. 
‘‘(h) ADDITIONAL INFORMATION; REMOVAL OF INFOR-
MATION.—Nothing in this section shall preclude an institu-
tion from— 
‘‘(1) supplementing the financial aid offer with 
additional information, provided that such informa-
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tion utilizes the same standard terminology identified 
in subsection (f)(1) and does not misrepresent costs, 
financial aid offered, or net price; or 
‘‘(2) deleting a required item or disclosure if— 
‘‘(A) the student is ineligible for such aid; 
‘‘(B) the institution does not participate in 
the aid program or type; 
‘‘(C) the aid offer does not include the aid 
program or type; or 
‘‘(D) a cost of attendance item is not appli-
cable to the student. 
‘‘(i) DEVELOPMENT OF FINANCIAL AID OFFER.— 
‘‘(1) DRAFT FORM.—Not later than 9 months 
after the date of enactment of the College Cost Reduc-
tion Act, the Secretary of Education, in consultation 
with the heads of relevant Federal agencies and the 
individuals and entities described in subsection (a) 
shall design and produce multiple draft financial aid 
offers for consumer testing with postsecondary stu-
dents or prospective students. In developing that form, 
the Secretary shall ensure that— 
‘‘(A) the headings described in paragraphs 
(1) through (4) of subsection (b) are in the same 
font, appears in the same order, and are dis-
played prominently on the financial aid offer, 
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such that none of that information is inappro-
priately omitted or deemphasized; 
‘‘(B) the other information required under 
subsection (b) appears in a standard format and 
design on the financial aid offer; and 
‘‘(C) the institution may include a logo or 
brand alongside the title of the financial aid 
offer. 
‘‘(2) CONSUMER TESTING.— 
‘‘(A) IN
GENERAL.—Not later than 9 
months after the date of enactment of the College 
Cost Reduction Act, the Secretary, in consulta-
tion with the heads of relevant Federal agencies, 
shall establish a process to submit the financial 
aid offer drafts developed under paragraph (1) 
for consumer testing among representatives of 
students (including low-income students, first 
generation college students, adult students, vet-
erans, servicemembers, and prospective students), 
students’ families (including low-income fami-
lies, families with first generation college stu-
dents, and families with prospective students), 
institutions of higher education, secondary school 
and postsecondary counselors, and nonprofit con-
sumer groups. 
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‘‘(B) LENGTH OF CONSUMER TESTING.—The 
Secretary shall ensure that the consumer testing 
under this paragraph lasts not longer than 8 
months after the process for consumer testing is 
developed under subparagraph (A). 
‘‘(C) NONAPPLICATION OF PAPERWORK RE-
DUCTION ACT.—Subchapter I of chapter 35 of 
title 44, United States Code, shall not apply to 
the consumer testing process under this para-
graph. 
‘‘(3) FINAL FORM.— 
‘‘(A) IN GENERAL.—The results of consumer 
testing under paragraph (2) shall be used in the 
development of the finalized standard financial 
aid offer required under subsection (f)(2). 
‘‘(B) REPORTING REQUIREMENT.—Not later 
than 3 months after the date on which the con-
sumer testing under paragraph (2) concludes, the 
Secretary shall submit to Congress, and publish 
on its website— 
‘‘(i) the final standard financial aid 
offer; and 
‘‘(ii) a report detailing the results of 
such testing, including whether the Sec-
retary added, modified, or moved any addi-
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tional items to the standard financial aid 
offer pursuant to subsection (b)(6). 
‘‘(4) AUTHORITY
TO
MODIFY.—The Secretary 
may modify or remove the definitions, terms, for-
matting, and design of the financial aid offer based 
on the results of consumer testing required under this 
subsection and before finalizing the form, or in subse-
quent consumer testing. The Secretary may also rec-
ommend additional changes to Congress. 
‘‘(j) COST OF ATTENDANCE DEFINED.—In this section, 
the term ‘cost of attendance’ has the meaning given such 
term in section 472. 
‘‘(k) USE OF MANDATORY FINANCIAL AID OFFER AND 
TERMS.— 
‘‘(1) IN GENERAL.—Notwithstanding any other 
provision of law, each institution of higher education 
that receives Federal financial assistance under this 
Act shall— 
‘‘(A) use the financial aid offer developed 
under this section in providing paper, mobile-op-
timized offers, or other electronic offers to all stu-
dents who apply for aid and are accepted at the 
institution; and 
‘‘(B) use the standard terminology and defi-
nitions developed by the Secretary under sub-
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section (f)(1) for all communications from the 
institution related to financial aid offers. 
‘‘(2) EFFECTIVE DATE.—The requirements under 
this section shall take effect on the first date on which 
the Secretary releases the Free Application for Fed-
eral Student Aid for the applicable award year asso-
ciated with that application, if such date occurs not 
less than 1 year after the Secretary of Education fi-
nalizes the standard terminology and form developed 
in accordance with this section. 
‘‘(3) ADMINISTRATIVE
PROCEDURES.—Notwith-
standing any other provision of law, the Secretary 
shall not have the authority to prescribe regulations 
to carry out this section, including with respect to the 
definition of ‘income share agreement’ or ‘private 
education loan’ (as such term is defined in section 
140(a) of the Truth in Lending Act (15 U.S.C. 
1650(a))).’’. 
(b) RELATIONSHIP TO EXISTING LAW.—Section 484 of 
the Higher Education Opportunity Act (20 U.S.C. 1092 
note) is amended by adding at the end the following: 
‘‘(c) SUNSET.—The authority of the Secretary to carry 
out this section shall terminate on the date on which the 
standard form for financial aid offers under section 124 
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of the Higher Education Act of 1965 (20 U.S.C. 1001 et 
seq.) is released.’’. 
SEC. 112. COLLEGE SCORECARD WEBSITE. 
(a) COLLEGE SCORECARD WEBSITE.— 
(1) DEFINITIONS; CONFORMING AMENDMENTS.— 
Section 132 of the Higher Education Act of 1965 (20 
U.S.C. 1015a(a)) is amended— 
(A) by amending subsection (a) to read as 
follows: 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) COLLEGE SCORECARD WEBSITE.—The term 
‘College Scorecard website’ means the College Score-
card website required under subsection (c) and in-
cludes any successor website. 
‘‘(2) COST OF ATTENDANCE.—The term ‘cost of 
attendance’ has the meaning given such term in sec-
tion 472. 
‘‘(3) TOTAL NET PRICE REQUIRED FOR COMPLE-
TION.—The term ‘total net price required for comple-
tion’ means, with respect to the period of completion 
of a program of study— 
‘‘(A) the sum of the required costs described 
in section 124(b)(3)(A)(i)(I) charged to a student 
for such period of completion; minus 
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‘‘(B) the total amount of grant and scholar-
ship aid described in paragraph (2) of section 
124(b) that is available to the student for the 
costs described in subparagraph (A) for comple-
tion of a program of study.’’; 
(B) by striking subsections (b) through (g); 
and 
(C) by redesignating subsection (h) as sub-
section (b). 
(2) SCORECARD AUTHORIZED.—Section 132 of 
the Higher Education Act of 1965 (20 U.S.C. 1015a) 
is further amended— 
(A) by striking subsection (i); and 
(B) by inserting after subsection (b) (as so 
redesignated) the following: 
‘‘(c) CONSUMER INFORMATION.— 
‘‘(1) AVAILABILITY OF INFORMATION FOR TITLE 
IV INSTITUTIONS AND PROGRAMS.—Not later than 18 
months after the date of the enactment of the College 
Cost Reduction Act, the Secretary shall make publicly 
available on the College Scorecard website the fol-
lowing aggregated information with respect to each 
institution of higher education and each program of 
study at such institution, as applicable, that partici-
pates in a program under title IV: 
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‘‘(A) A link to the website of the institution. 
‘‘(B) A link to the net price calculator for 
such institution. 
‘‘(C) A link to the website of the institution 
containing campus safety data with respect to 
such institution. 
‘‘(D) The geographic location of the institu-
tion. 
‘‘(E) Information on the type of institution, 
including sector, size, predominant and highest 
credential awarded, research intensity, programs 
of study offered, and other characteristics of the 
institution. 
‘‘(F) Information on student enrollment, in-
cluding the number and percentage of students 
enrolled full-time, less than full-time, and en-
rolled in distance education. 
‘‘(G) Information on student progression 
and completion, including time to credential and 
rates of withdrawal, retention, transfer, or com-
pletion. 
‘‘(H) Information on college costs and fi-
nancial aid, including average, median, min-
imum, and maximum values of— 
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‘‘(i) the cost of attendance, including 
such cost disaggregated by the costs de-
scribed in paragraphs (1) through (14) of 
section 472(a); 
‘‘(ii) the grants and scholarships re-
ceived by students at the institution and the 
number and percentage of such students re-
ceiving 
such 
grants 
and 
scholarships, 
disaggregated by source and whether such 
aid is need-based, merit-based, an athletic 
scholarship, or other type of grant or schol-
arship; and 
‘‘(iii) the total net price required for 
completion for students who received Fed-
eral financial assistance described in para-
graph (2)(I). 
‘‘(I) Information on student debt and re-
payment, including— 
‘‘(i) the average, median, minimum, 
and maximum amounts borrowed by stu-
dents under title IV; and 
‘‘(ii) information with respect to re-
payment of loans made under title IV, in-
cluding borrower-based repayment rates, 
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dollar-based repayment rates, and time 
spent in repayment. 
‘‘(J) Information on the earnings of stu-
dents who received Federal financial assistance 
described in paragraph (2)(I), including the av-
erage, median, minimum, and maximum values 
of— 
‘‘(i) with respect to students who com-
plete a program of study in an award 
year— 
‘‘(I) the annual earnings of such 
students; and 
‘‘(II) the value-added earnings of 
such students; and 
‘‘(ii) with respect to students who do 
not complete a program of study in an 
award year, the annual earnings of such 
students. 
‘‘(2) DISAGGREGATED INFORMATION.—The Sec-
retary shall ensure the information described in para-
graph (1) is disaggregated, as applicable, by the fol-
lowing student characteristics: 
‘‘(A) Financial circumstances including— 
‘‘(i) household income categories, as de-
termined by students’ adjusted gross income, 
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family size, and poverty line (as defined in 
section 401(a)); and 
‘‘(ii) student aid index categories, as 
determined by the Secretary. 
‘‘(B) Sex. 
‘‘(C) Race and ethnicity. 
‘‘(E) Classification as a student with a dis-
ability. 
‘‘(F) Enrollment status, including part-time 
or full-time enrollment, and status as a distance 
education student. 
‘‘(G) Status as an in-district, in-State, or 
out-of-State student. 
‘‘(H) Status as an international student. 
‘‘(I) Status as a recipient of Federal finan-
cial assistance, including— 
‘‘(i) a Pell Grant; 
‘‘(ii) a loan made under title IV; and 
‘‘(iii) assistance described in section 
131(f)(4) administered, sponsored, or sup-
ported by the Department of Defense or the 
Department of Veterans Affairs. 
‘‘(J) Status as a participant in a program 
described in section 116(b)(3)(A)(ii) of the Work-
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force Innovation and Opportunity Act (29 
U.S.C. 3131(b)(3)(A)(ii)). 
‘‘(3) INSTITUTIONAL
AND
PROGRAM
COMPARI-
SON.—The Secretary shall include on the College 
Scorecard website a method for users to easily com-
pare institutions and programs, including in a man-
ner that allows for such comparison based on— 
‘‘(A) the institutional and program infor-
mation described in paragraph (1); and 
‘‘(B) the student characteristics described in 
paragraph (2). 
‘‘(4) UNIVERSAL NET PRICE CALCULATOR.— 
‘‘(A) ESTABLISHMENT.—Not later than 18 
months after the date of the enactment of this 
paragraph, the Secretary shall establish, on a 
dedicated website of the Department, a Universal 
Net Price Calculator that provides to an indi-
vidual, with respect to each institution of higher 
education and program of study offered by such 
institution— 
‘‘(i) the information described in sec-
tion 124, including the amounts described 
in clauses (i) and (ii) of subsection (b)(3) of 
such section; and 
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‘‘(ii) the total net price required for 
completion as defined under section 132(a). 
‘‘(B) UNIVERSAL NET PRICE CALCULATOR 
INPUTS.— 
‘‘(i) IN GENERAL.—Except as provided 
in clause (ii), the information required 
under subparagraph (A) shall be generated 
based on a single set of questions developed 
by the Secretary for purposes of capturing 
the information specified in paragraph (2) 
and using the data elements described in 
section 132(f)(2)(C)(ii). 
‘‘(ii) FAFSA-BASED ESTIMATE.—When 
an individual submits a Free Application 
for Federal Student Aid described in section 
483, the information required under sub-
paragraph (A) shall be automatically gen-
erated based solely on the contents of such 
application and the data elements described 
in section 132(f)(2)(C)(ii). 
‘‘(C) INTEGRATION WITH OTHER FEDERAL 
FINANCIAL
AID
RESOURCES.—The 
Secretary 
shall ensure that a website link or other means 
of accessing the Universal Net Price Calculator 
is included on— 
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‘‘(i) the College Scorecard website; and 
‘‘(ii) the FAFSA website. 
‘‘(D) RELATIONSHIP TO EARLY ESTIMATOR 
TOOL.—Beginning on the date on which the Uni-
versal Net Price Calculator becomes operational, 
the Secretary shall remove from the FAFSA 
website the electronic estimator maintained pur-
suant to section 485E(b)(4). 
‘‘(5) UPDATES.— 
‘‘(A) DATA.—The Secretary shall update the 
Universal Net Price Calculator Website and Col-
lege Scorecard website not less than annually. 
‘‘(B) TECHNOLOGY AND FORMAT.—The Sec-
retary shall regularly assess the format and tech-
nology of the College Scorecard website and make 
any changes or updates that the Secretary con-
siders appropriate. 
‘‘(6) CONSUMER
TESTING.—In developing and 
maintaining the College Scorecard website, the Sec-
retary, in consultation with appropriate departments 
and agencies of the Federal Government— 
‘‘(A) not later than 6 months after the date 
of the enactment of the College Cost Reduction 
Act, and not less than once every 3 years there-
after, shall conduct consumer testing with appro-
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priate persons, including current and prospective 
college students, family members of such stu-
dents, institutions of higher education, and ex-
perts, to ensure that the College Scorecard 
website is usable and easily understandable and 
provides useful and relevant information to stu-
dents and families; and 
‘‘(B) prominently shall display on such 
website in simple, understandable, and unbiased 
terms for the most recent academic year for 
which satisfactory data is available, the informa-
tion described in paragraphs (1) and (2) that 
was determined to be useful and relevant to stu-
dents and families based on the consumer testing 
described in subparagraph (A) for each institu-
tion and program of study (as applicable). 
‘‘(7) INTERAGENCY
COORDINATION.—The Sec-
retary, in consultation with each appropriate head of 
a department or agency of the Federal Government, 
shall ensure, to the greatest extent practicable, that 
any information related to higher education that is 
published by such department or agency is consistent 
with the information published on the College Score-
card website. 
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‘‘(8) DATA COLLECTION AND DUPLICATED RE-
PORTING.—Notwithstanding any other provision of 
this section, to the extent that another provision of 
this section requires the same reporting or collection 
of data that is required under this Act, an institution 
of higher education, or the Secretary or Commis-
sioner, shall use the reporting or data required under 
this subsection to satisfy both requirements. 
‘‘(9) DATA PRIVACY.— 
‘‘(A) IN GENERAL.—The Secretary shall en-
sure any information made available under this 
section is made available in accordance with the 
privacy 
laws 
described 
in 
section 
132(f)(1)(C)(iv). 
‘‘(B) SMALL INSTITUTIONS AND PROGRAM 
OF STUDY.—For purposes of publishing the in-
formation described in paragraphs (1) and (2), 
for any year for which the number of students is 
determined by the Secretary to be of insufficient 
size to maintain the privacy of student data , the 
Secretary shall— 
‘‘(i) aggregate up to 4 years of addi-
tional data for such program of study to ob-
tain data for a sufficient number of stu-
dents to maintain student privacy; 
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‘‘(ii) in the case of a program of study, 
if the method described in clause (i) is in-
sufficient to maintain student privacy, ag-
gregate data for students who completed or 
who were enrolled in, as applicable, similar 
program of study of the institution to ob-
tain data for a sufficient number of stu-
dents to maintain student privacy; and 
‘‘(iii) in the case of a program of 
study, if the methods described in clauses (i) 
and (ii) are insufficient to maintain stu-
dent privacy, or additional data described 
in such clauses is not available or can not 
be aggregated, aggregate data with respect 
to all students who completed or were en-
rolled in, as applicable, any program of 
study of the institution of the same creden-
tial level, in lieu of data specific to students 
in such program of study.’’. 
(b) CONFORMING AMENDMENTS.—The Higher Edu-
cation Act of 1965 (20 U.S.C. 1001 et seq.), as amended 
by subsection (a) of this section, is further amended by 
striking ‘‘College Navigator’’ each place it appears and in-
serting ‘‘College Scorecard’’. 
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(c) REFERENCES.—Any reference in any law (other 
than the Higher Education Act of 1965 (20 U.S.C. 1001 
et seq.)), regulation, document, record, or other paper of the 
United States to the College Navigator website shall be con-
sidered to be a reference to the College Scorecard website. 
SEC. 113. POSTSECONDARY STUDENT DATA SYSTEM. 
Section 132 of the Higher Education Act of 1965 (20 
U.S.C. 1015a) is further amended— 
(1) by redesignating subsections (j) and (k) as 
subsections (d) and (e), respectively; 
(2) by redesignating subsection (l) as subsection 
(g); and 
(3) by inserting after subsection (e), as so redes-
ignated, the following: 
‘‘(f) POSTSECONDARY STUDENT DATA SYSTEM.— 
‘‘(1) IN GENERAL.— 
‘‘(A) ESTABLISHMENT
OF
SYSTEM.—Not 
later than 3 years after the date of enactment of 
the College Cost Reduction Act, the Commis-
sioner of the National Center for Education Sta-
tistics (referred to in this subsection as the ‘Com-
missioner’) in consultation with the Director of 
the Institute of Education Sciences (referred to 
as ‘the Director’) shall develop and maintain a 
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secure and privacy-protected postsecondary stu-
dent-level data system in order to— 
‘‘(i) accurately evaluate student enroll-
ment patterns, progression, completion, and 
postcollegiate outcomes, and higher edu-
cation costs and financial aid; 
‘‘(ii) assist with transparency, institu-
tional improvement, and analysis of Fed-
eral aid programs; 
‘‘(iii) provide accurate, complete, and 
customizable information for students and 
families making decisions about postsec-
ondary education; and 
‘‘(iv) to the extent practicable, reduce 
the reporting burden on institutions of high-
er education in accordance with section 111 
of the College Cost Reduction Act. 
‘‘(B) AVOIDING
DUPLICATE
REPORTING.— 
Notwithstanding any other provision of this sec-
tion, to the extent that another provision of this 
section requires the same reporting or collection 
of data that is required under this subsection, an 
institution of higher education, or the Secretary 
or Commissioner, shall use the reporting or data 
required for the postsecondary student data sys-
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tem under this subsection to satisfy both require-
ments. 
‘‘(C) DEVELOPMENT
PROCESS.—In devel-
oping the postsecondary student data system de-
scribed in this subsection, the Commissioner, in 
consultation with the Director, shall— 
‘‘(i) focus on the needs of— 
‘‘(I) users of the data system; and 
‘‘(II) entities, including institu-
tions of higher education, reporting to 
the data system; 
‘‘(ii) take into consideration, to the ex-
tent practicable— 
‘‘(I) the guidelines outlined in— 
‘‘(aa) the ‘United States Web 
Design Standards’ maintained by 
the General Services Administra-
tion; and 
‘‘(bb) the ‘Digital Services 
Playbook’ and ‘TechFAR Hand-
book for Procuring Digital Serv-
ices Using Agile Processes’ of the 
United States Digital Service; 
and 
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‘‘(II) the relevant successor docu-
ments or recommendations of such 
guidelines; 
‘‘(iii) use modern, relevant privacy- 
and security-enhancing technology, and en-
hance and update the data system as nec-
essary to carry out the purpose of this sub-
section; 
‘‘(iv) ensure data privacy and security 
is consistent with any relevant Federal law 
relating to privacy or data security, includ-
ing— 
‘‘(I) the requirements of sub-
chapter II of chapter 35 of title 44, 
United States Code, specifying security 
categorization under the Federal Infor-
mation Processing Standards or any 
relevant successor of such standards; 
‘‘(II) security requirements that 
are consistent with the Federal agency 
responsibilities in section 3554 of title 
44, United States Code, or any rel-
evant successor of such responsibilities; 
and 
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‘‘(III) 
security 
requirements, 
guidelines, and controls consistent with 
cybersecurity standards and best prac-
tices developed by the National Insti-
tute of Standards and Technology, in-
cluding frameworks, consistent with 
section 2(c) of the National Institute of 
Standards and Technology Act (15 
U.S.C. 272(c)), or any relevant suc-
cessor of such frameworks; 
‘‘(v) follow Federal data minimization 
practices to ensure only the minimum 
amount of data is collected to meet the sys-
tem’s goals, in accordance with Federal 
data minimization standards and guide-
lines developed by the National Institute of 
Standards and Technology; and 
‘‘(vi) provide notice to students out-
lining the data included in the system and 
how the data are used. 
‘‘(D) LIMITATION.—The data system devel-
oped under this subsection may only include 
data with respect to— 
‘‘(i) students receiving— 
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‘‘(I) Federal financial assistance 
under title IV of this Act; or 
‘‘(II) assistance described in sec-
tion 131(f)(4) administered, sponsored, 
or supported by the Department of De-
fense or the Department of Veterans 
Affairs; and 
‘‘(ii) participants in a program de-
scribed in section 116(b)(3)(A)(ii) of the 
Workforce Innovation and Opportunity Act 
(29 U.S.C. 3131(b)(3)(A)(ii)). 
‘‘(2) DATA ELEMENTS.— 
‘‘(A) IN GENERAL.—Not later than 3 years 
after the date of enactment of the College Cost 
Reduction Act, the Commissioner, in consulta-
tion with the Postsecondary Student Data Sys-
tem Advisory Committee and the Director, estab-
lished under subparagraph (B), shall deter-
mine— 
‘‘(i) the data elements to be included in 
the postsecondary student data system, in 
accordance with subparagraphs (C) and 
(D); and 
‘‘(ii) how to include the data elements 
required under subparagraph (C), and any 
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additional data elements selected under sub-
paragraph (D), in the postsecondary stu-
dent data system. 
‘‘(B) POSTSECONDARY STUDENT DATA SYS-
TEM ADVISORY COMMITTEE.— 
‘‘(i) ESTABLISHMENT.—Not later than 
1 year after the date of enactment of the 
College Cost Reduction Act, the Commis-
sioner, in consultation with the Director, 
shall establish a Postsecondary Student 
Data System Advisory Committee (referred 
to in this subsection as the ‘Advisory Com-
mittee’), whose members shall include— 
‘‘(I) the Chief Privacy Officer of 
the Department or an official of the 
Department delegated the duties of 
overseeing data privacy at the Depart-
ment; 
‘‘(II) the Chief Security Officer of 
the Department or an official of the 
Department delegated the duties of 
overseeing data security at the Depart-
ment; 
‘‘(III) representatives of diverse 
institutions of higher education, which 
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shall include equal representation be-
tween 2-year and 4-year institutions of 
higher education, and from public, 
nonprofit, and proprietary institutions 
of higher education, including minor-
ity-serving institutions; 
‘‘(IV) representatives from State 
higher education agencies, entities, 
bodies, or boards; 
‘‘(V) representatives of postsec-
ondary students; 
‘‘(VI) representatives from rel-
evant Federal agencies; 
‘‘(VII) individuals with expertise 
in data privacy and security; 
‘‘(VIII) the individual within a 
State responsible for administering the 
statewide, longitudinal data system de-
scribed in section 208 of the Education 
Sciences Reform Act of 2002 (20 
U.S.C. 9607(a)); and 
‘‘(IX) other stakeholders (includ-
ing individuals with consumer protec-
tion and postsecondary education re-
search). 
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‘‘(ii) REQUIREMENTS.—The Commis-
sioner, working with the Director, shall en-
sure that the Advisory Committee— 
‘‘(I) adheres to all requirements 
under chapter 10 of title 5, United 
States Code (commonly known as the 
‘Federal Advisory Committee Act’); 
‘‘(II) establishes operating and 
meeting procedures and guidelines nec-
essary to execute its advisory duties; 
and 
‘‘(III) is provided with appro-
priate staffing and resources to execute 
its advisory duties. 
‘‘(C) REQUIRED
DATA
ELEMENTS.—The 
data elements in the postsecondary student data 
system shall include the following: 
‘‘(i) Student-level data elements nec-
essary to calculate the information within 
the surveys designated by the Commissioner 
as ‘student-related surveys’ in the Inte-
grated Postsecondary Education Data Sys-
tem (IPEDS), as such surveys are in effect 
on the day before the date of enactment of 
the College Cost Reduction Act, except that 
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in the case that collection of such elements 
would conflict with the prohibition under 
subparagraph (F), such elements in conflict 
with such prohibition shall be included in 
the aggregate instead of at the student level. 
‘‘(ii) Student-level data elements re-
ported by institutions in accordance with 
section 668.408 of title 34, Code of Federal 
Regulations, as in effect on July 1, 2024. 
‘‘(iii) Student-level data elements nec-
essary to allow for reporting student enroll-
ment, persistence, progression (including 
credit accumulation) retention, transfer, 
completion, and time and credits to creden-
tial measures for all credential levels sepa-
rately (including certificate, associate, bac-
calaureate, and advanced degree levels), 
within and across institutions of higher 
education (including across all categories of 
institution level, control, and predominant 
degree awarded). The data elements shall 
allow for reporting about all such data 
disaggregated by the following categories: 
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‘‘(I) Enrollment status as a first- 
time student, recent transfer student, 
or other nonfirst-time student. 
‘‘(II) Attendance intensity, wheth-
er full-time or part-time. 
‘‘(III) Credential-seeking status, 
by credential level (including non-
credit-seeking and noncredit creden-
tials). 
‘‘(IV) Race or ethnicity, in a 
manner that captures all the racial 
groups specified in the most recent 
American Community Survey of the 
Bureau of the Census. 
‘‘(V) Age intervals. 
‘‘(VI) Sex. 
‘‘(VII) Status as a first genera-
tion college student (as defined in sec-
tion 402A(h)). 
‘‘(VIII) Economic status. 
‘‘(IX) Measures related to college 
readiness, including participation in 
postsecondary remedial coursework or 
gateway course completion. 
‘‘(X) Program of study. 
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‘‘(XI) Status as an online edu-
cation student, whether exclusively or 
partially enrolled in online education. 
‘‘(XII) Military or veteran benefit 
status (as determined based on receipt 
of veteran’s education benefits, as de-
fined in section 480(c)). 
‘‘(XIII) Federal Pell Grant recipi-
ent status under section 401 and Fed-
eral loan recipient status under title 
IV. 
‘‘(XIV) Status as a participant in 
a 
program 
described 
in 
section 
116(b)(3)(A)(ii) of the Workforce Inno-
vation 
and 
Opportunity 
Act 
(29 
U.S.C. 3131(b)(3)(A)(ii)). 
‘‘(D) REEVALUATION.—Not less than once 
every 3 years after the implementation of the 
postsecondary student data system described in 
this subsection, the Commissioner, in consulta-
tion with the Advisory Committee described in 
subparagraph (B) and working with the Direc-
tor, shall report to Congress the data elements 
included in the postsecondary student data sys-
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tem and recommend any additional data ele-
ments to be included in such system. 
‘‘(E) PROHIBITIONS.—The postsecondary 
student data system shall not include individual 
health data (including data relating to physical 
health or mental health), student discipline 
records or data, elementary and secondary edu-
cation data, an exact address, course grades, 
postsecondary entrance examination results, po-
litical affiliation, religion, or any other data in 
the postsecondary student data system not de-
scribed in this subsection. 
‘‘(3) PERIODIC MATCHING WITH OTHER FEDERAL 
DATA SYSTEMS.— 
‘‘(A) DATA SHARING AGREEMENTS.— 
‘‘(i) IN GENERAL.—The Commissioner, 
in consultation with the Director, shall en-
sure secure and privacy-protected periodic 
data matches by entering into data sharing 
agreements with each of the following Fed-
eral agencies and offices: 
‘‘(I) The Secretary of the Treas-
ury and the Commissioner of the Inter-
nal Revenue Service, in order to cal-
culate aggregate program- and institu-
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‘‘(VI) The Commissioner of the 
Social Security Administration, in 
order to evaluate labor market out-
comes of former postsecondary edu-
cation students described in paragraph 
(1)(D). 
‘‘(VII) The Secretary of Health 
and Human Services, in order to 
evaluate the wages of former postsec-
ondary education students described in 
paragraph (1)(D). 
‘‘(ii) DATA SHARING AGREEMENTS.— 
The heads of Federal agencies and offices 
described under clause (i) shall enter into 
data sharing agreements with the Commis-
sioner to ensure secure and privacy-pro-
tected periodic data matches as described in 
this paragraph. 
‘‘(B) CATEGORIES OF DATA.—The Commis-
sioner, in consultation with the Director, shall, 
at a minimum, seek to ensure that the secure 
and privacy-protected periodic data matches de-
scribed in subparagraph (A) permit consistent 
reporting of the following categories of data for 
students described in paragraph (1)(D) who 
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completed a program of study and who did not 
complete a program of study: 
‘‘(i) Enrollment, retention, transfer, 
and completion outcomes. 
‘‘(ii) Financial indicators for postsec-
ondary students receiving Federal grants 
and loans, including grant and loan aid by 
source, cumulative student debt, loan repay-
ment status, and repayment plan. 
‘‘(iii) Post-completion outcomes, in-
cluding earnings and employment (includ-
ing industry, occupation, and location of 
employment, and further education, by pro-
gram of study and credential level) and as 
measured at time intervals appropriate to 
the credential sought and earned. 
‘‘(C) PERIODIC DATA MATCH STREAMLINING 
AND CONFIDENTIALITY.— 
‘‘(i) STREAMLINING.—In carrying out 
the secure and privacy-protected periodic 
data matches under this paragraph, the 
Commissioner shall— 
‘‘(I) ensure that such matches are 
not continuous, but occur only periodi-
cally at appropriate intervals, as de-
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termined by the Commissioner to meet 
the goals of subparagraph (A); and 
‘‘(II) seek to— 
‘‘(aa) streamline the data 
collection and reporting require-
ments for institutions of higher 
education; 
‘‘(bb) minimize duplicative 
reporting across or within Federal 
agencies or departments, includ-
ing reporting requirements appli-
cable to institutions of higher edu-
cation under the Workforce Inno-
vation and Opportunity Act (29 
U.S.C. 3101 et seq.) and the Carl 
D. Perkins Career and Technical 
Education Act of 2006; 
‘‘(cc) protect student privacy; 
and 
‘‘(dd) streamline the applica-
tion process for student loan ben-
efit programs available to bor-
rowers based on data available 
from different Federal data sys-
tems. 
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‘‘(ii) REVIEW.—Not less often than 
once every 3 years after the establishment of 
the postsecondary student data system 
under this subsection, the Commissioner, in 
consultation with the Advisory Committee 
and the Director, shall review methods for 
streamlining data collection from institu-
tions of higher education and minimizing 
duplicative reporting within the Depart-
ment and across Federal agencies that pro-
vide data for the postsecondary student data 
system. 
‘‘(iii) CONFIDENTIALITY.—The Com-
missioner shall ensure that any periodic 
matching or sharing of data through peri-
odic data system matches established in ac-
cordance with this paragraph— 
‘‘(I) complies with the security 
and privacy protections described in 
paragraph (1)(C)(iv) and other Fed-
eral data protection protocols; 
‘‘(II) follows industry best prac-
tices commensurate with the sensitivity 
of specific data elements or metrics; 
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‘‘(III) does not result in the cre-
ation of a single standing, linked Fed-
eral database at the Department that 
maintains the information reported 
across other Federal agencies; and 
‘‘(IV) discloses to postsecondary 
students what data are included in the 
data system and periodically matched 
and how the data are used. 
‘‘(iv) 
CORRECTION.—The 
Commis-
sioner, in consultation with the Advisory 
Committee and Director, shall establish a 
process for students to request access to only 
their personal information for inspection 
and request corrections to inaccuracies in a 
manner that protects the student’s person-
ally identifiable information. The Commis-
sioner shall respond in writing to every re-
quest for a correction from a student. 
‘‘(4) PUBLICLY AVAILABLE INFORMATION.— 
‘‘(A) IN GENERAL.—The Commissioner shall 
make the summary aggregate information de-
scribed in subparagraph (C), at a minimum, 
publicly available through a user-friendly con-
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sumer information website and analytic tool for 
institutional and research use that— 
‘‘(i) provides appropriate mechanisms 
for users to customize and filter information 
by institutional and student characteristics; 
‘‘(ii) allows users to build summary 
aggregate reports of information, including 
reports that allow comparisons across mul-
tiple institutions and programs, subject to 
subparagraph (B); 
‘‘(iii) uses appropriate statistical dis-
closure limitation techniques necessary to 
ensure that the data released to the public 
cannot be used to identify specific individ-
uals; and 
‘‘(iv) provides users with appropriate 
contextual factors to make comparisons, 
which may include national median figures 
of the summary aggregate information de-
scribed in subparagraph (C). 
‘‘(B) NO PERSONALLY IDENTIFIABLE INFOR-
MATION
AVAILABLE.—The summary aggregate 
information described in this paragraph shall 
not include personally identifiable information. 
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‘‘(II) 
number 
of 
completions, 
disaggregated by each category de-
scribed in paragraph (2)(C)(iii). 
‘‘(iv) Measures of student costs, includ-
ing— 
‘‘(I) tuition, required fees, cost of 
attendance, grants and scholarships, 
net 
price, 
and 
unmet 
need 
disaggregated by in-State tuition or 
in-district tuition status (if applica-
ble), direct and indirect costs, program 
of study (if applicable), and credential 
level; and 
‘‘(II) typical grant amounts and 
loan amounts received by students re-
ported separately from Federal, State, 
local, institutional, employers, and 
other sources, and cumulative debt, 
disaggregated by— 
‘‘(aa) each category described 
in paragraph (2)(C)(iii); and 
‘‘(bb) completion status. 
‘‘(v) Measures of postcollegiate student 
outcomes, including return on investment, 
employment rates, earnings, loan repay-
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ment and default rates, and further edu-
cation rates. These measures shall— 
‘‘(I) be disaggregated by— 
‘‘(aa) each category described 
in paragraph (2)(C)(iii); and 
‘‘(bb) completion status; and 
‘‘(II) be measured immediately 
after leaving postsecondary education 
and at time intervals appropriate to 
the credential sought or earned. 
‘‘(D) DEVELOPMENT
CRITERIA.—In devel-
oping the method and format of making the in-
formation described in this paragraph publicly 
available, the Commissioner shall— 
‘‘(i) focus on the needs of the users of 
the information, which will include stu-
dents, families of students, potential stu-
dents, researchers, and other consumers of 
education data; 
‘‘(ii) take into consideration, to the ex-
tent practicable, the guidelines described in 
paragraph (1)(C)(ii)(I), and relevant suc-
cessor documents or recommendations of 
such guidelines; 
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‘‘(iii) use modern, relevant technology 
and enhance and update the postsecondary 
student data system with information, as 
necessary to carry out the purpose of this 
paragraph; 
‘‘(iv) ensure data privacy and security 
in accordance with standards and guide-
lines developed by the National Institute of 
Standards and Technology, and in accord-
ance with any other Federal law relating to 
privacy or security, including complying 
with the requirements of subchapter II of 
chapter 35 of title 44, United States Code, 
specifying security categorization under the 
Federal Information Processing Standards, 
and security requirements, and setting of 
National Institute of Standards and Tech-
nology security baseline controls at the ap-
propriate level; and 
‘‘(v) conduct consumer testing to deter-
mine how to make the information as 
meaningful to users as possible. 
‘‘(5) PERMISSIBLE DISCLOSURES OF DATA.— 
‘‘(A) DATA REPORTS AND QUERIES.— 
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‘‘(i) IN GENERAL.—Not later than 3 
years after the date of enactment of the Col-
lege Cost Reduction Act, the Commissioner 
in consultation with the Director, shall de-
velop and implement a secure and privacy- 
protected process for making student-level, 
nonpersonally 
identifiable 
information, 
with direct identifiers removed, from the 
postsecondary student data system available 
for vetted research and evaluation purposes 
approved by the Commissioner in a manner 
compatible with practices for disclosing Na-
tional Center for Education Statistics re-
stricted-use survey data as in effect on the 
day before the date of enactment of the Col-
lege Cost Reduction Act, or by applying 
other research and disclosure restrictions to 
ensure data privacy and security. Such 
process shall be approved by the National 
Center for Education Statistics’ Disclosure 
Review Board (or successor body). 
‘‘(ii) PROVIDING DATA REPORTS AND 
QUERIES TO INSTITUTIONS AND STATES.— 
‘‘(I) IN GENERAL.—The Commis-
sioner shall provide feedback reports, at 
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least annually, to each institution of 
higher education, each postsecondary 
education system that fully partici-
pates in the postsecondary student 
data system, and each State higher 
education body as designated by the 
governor. 
‘‘(II) FEEDBACK
REPORTS.—The 
feedback reports provided under this 
clause shall include program-level and 
institution-level information from the 
postsecondary student data system re-
garding students who are associated 
with the institution or, for State rep-
resentatives, the institutions within 
that State, on or before the date of the 
report, on measures including student 
mobility (including transfer and com-
pletion rates) and workforce outcomes, 
provided that the feedback aggregate 
summary reports protect the privacy of 
individuals. 
‘‘(III) DETERMINATION
OF
CON-
TENT.—The content of the feedback re-
ports shall be determined by the Com-
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missioner in consultation with the Ad-
visory Committee and the Director. 
‘‘(iii) PERMITTING STATE DATA QUE-
RIES.—The Commissioner shall, in con-
sultation with the Advisory Committee and 
as soon as practicable, create a process 
through which States may submit lists of 
secondary school graduates within the State 
to receive summary aggregate outcomes for 
those students who enrolled at an institu-
tion of higher education, including postsec-
ondary enrollment, retention and transfer, 
and college completion, provided that those 
data protect the privacy of individuals and 
that the State data submitted to the Com-
missioner are not stored in the postsec-
ondary education system. 
‘‘(iv) 
REGULATIONS.—The 
Commis-
sioner shall promulgate regulations to en-
sure fair, secure and privacy-protected, and 
equitable access to data reports and queries 
under this paragraph. 
‘‘(B) DISCLOSURE
LIMITATIONS.—In car-
rying out the public reporting and disclosure re-
quirements of this subsection, the Commissioner 
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shall use appropriate statistical disclosure limi-
tation techniques necessary to ensure that the 
data released to the public cannot include per-
sonally identifiable information or be used to 
identify specific individuals. 
‘‘(C) SALE
OF
DATA
PROHIBITED.—Data 
collected under this subsection, including the 
public-use data set and data comprising the 
summary aggregate information available under 
paragraph (4), shall not be sold to any third 
party by the Commissioner, including any insti-
tution of higher education or any other entity. 
‘‘(D) LIMITATION ON USE BY OTHER FED-
ERAL AGENCIES.— 
‘‘(i) IN GENERAL.—The Commissioner 
shall not allow any other Federal agency to 
use data collected under this subsection for 
any purpose except— 
‘‘(I) for vetted research and eval-
uation conducted by the other Federal 
agency, as described in subparagraph 
(A)(i); or 
‘‘(II) for a purpose explicitly au-
thorized by an Act of Congress. 
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‘‘(ii) PROHIBITION ON LIMITATION OF 
SERVICES.—The Secretary, or the head of 
any other Federal agency, shall not use data 
collected under this subsection to limit serv-
ices to students. 
‘‘(E) 
LAW
ENFORCEMENT.—Personally 
identifiable information collected under this sub-
section shall not be used for any Federal, State, 
or local law enforcement activity or any other 
activity that would result in adverse action 
against any student or a student’s family. 
‘‘(F) LIMITATION
OF
USE
FOR
FEDERAL 
RANKINGS OR SUMMATIVE RATING SYSTEM.—The 
comprehensive data collection and analysis nec-
essary for the postsecondary student data system 
under this subsection shall not be used by the 
Secretary or any Federal entity to establish any 
Federal ranking system of institutions of higher 
education or a system that results in a 
summative Federal rating of institutions of high-
er education. 
‘‘(G) RULE OF CONSTRUCTION.—Nothing in 
this paragraph shall be construed to prevent the 
use of individual categories of aggregate infor-
mation to be used for accountability purposes. 
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‘‘(H) RULE OF CONSTRUCTION REGARDING 
COMMERCIAL
USE
OF
DATA.—Nothing in this 
paragraph shall be construed to prohibit third- 
party entities from using publicly available in-
formation in this data system for commercial 
use. 
‘‘(6) SUBMISSION OF DATA.— 
‘‘(A) REQUIRED SUBMISSION.—Each insti-
tution of higher education participating in a 
program under title IV, or the assigned agent of 
such institution, shall, for each instructional 
program, and in accordance with section 
487(a)(17), collect, and submit to the Commis-
sioner, the data requested by the Commissioner 
to carry out this subsection. 
‘‘(B) VOLUNTARY SUBMISSION.—Any insti-
tution of higher education not participating in 
a program under title IV may voluntarily par-
ticipate in the postsecondary student data system 
under this subsection by collecting and submit-
ting data to the Commissioner, as the Commis-
sioner may request to carry out this subsection. 
‘‘(C) PERSONALLY IDENTIFIABLE INFORMA-
TION.—In accordance with paragraph (2)(C)(i), 
if the submission of an element of student-level 
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data is prohibited under paragraph (2)(F) (or 
otherwise prohibited by law), the institution of 
higher education shall submit that data to the 
Commissioner in the aggregate. 
‘‘(7) UNLAWFUL WILLFUL DISCLOSURE.— 
‘‘(A) IN GENERAL.—It shall be unlawful for 
any person who obtains or has access to person-
ally identifiable information in connection with 
the postsecondary student data system described 
in this subsection to willfully disclose to any per-
son (except as authorized in this Act or by any 
Federal law) such personally identifiable infor-
mation. 
‘‘(B) PENALTY.—Any person who violates 
subparagraph (A) shall be subject to a penalty 
described under section 3572(f) of title 44, 
United States Code, and section 183(d)(6) of the 
Education Sciences Reform Act of 2002 (20 
U.S.C. 9573(d)(6)). 
‘‘(C) EMPLOYEE
OF
OFFICER
OF
THE 
UNITED STATES.—If a violation of subparagraph 
(A) is committed by any officer or employee of 
the United States, the officer or employee shall be 
dismissed from office or discharged from employ-
ment upon conviction for the violation. 
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‘‘(8) DATA SECURITY.—The Commissioner shall 
produce and update as needed guidance and regula-
tions relating to privacy, security, and access which 
shall govern the use and disclosure of data collected 
in connection with the activities authorized in this 
subsection. The guidance and regulations developed 
and reviewed shall protect data from unauthorized ac-
cess, use, and disclosure, and shall include— 
‘‘(A) an audit capability, including manda-
tory and regularly conducted audits; 
‘‘(B) access controls; 
‘‘(C) requirements to ensure sufficient data 
security, quality, validity, and reliability; 
‘‘(D) confidentiality protection in accord-
ance with the applicable provisions of subchapter 
III of chapter 35 of title 44, United States Code; 
‘‘(E) appropriate and applicable privacy 
and security protection, including data retention 
and destruction protocols and data minimiza-
tion, in accordance with the most recent Federal 
standards developed by the National Institute of 
Standards and Technology; and 
‘‘(F) protocols for managing a breach, in-
cluding breach notifications, in accordance with 
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the standards of National Center for Education 
Statistics. 
‘‘(9) DATA
COLLECTION.—The Commissioner 
shall ensure that data collection, maintenance, and 
use under this subsection complies with section 552a 
of title 5, United States Code. 
‘‘(10) DEFINITIONS.—In this subsection: 
‘‘(A) 
INSTITUTION
OF
HIGHER
EDU-
CATION.—The term ‘institution of higher edu-
cation’ has the meaning given the term in sec-
tion 102. 
‘‘(B) 
MINORITY-SERVING
INSTITUTION.— 
The term ‘minority-serving institution’ means 
an institution of higher education listed in sec-
tion 371(a). 
‘‘(C) PERSONALLY IDENTIFIABLE INFORMA-
TION.—The term ‘personally identifiable infor-
mation’ means personally identifiable informa-
tion within the meaning of section 444 of the 
General Education Provisions Act.’’. 
SEC. 114. DATABASE OF STUDENT INFORMATION PROHIB-
ITED. 
(a) IN GENERAL.—Section 134(b) of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1015c(b)) is amended to read 
as follows: 
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‘‘(b) EXCEPTION.—The provisions of subsection (a) 
shall not apply to a system (or a successor system)— 
‘‘(1) that— 
‘‘(A) is necessary for the operation of pro-
grams authorized by title II, IV, or VII; and 
‘‘(B) was in use by the Secretary, directly 
or through a contractor, as of the day before the 
date of enactment of the College Cost Reduction 
Act; or 
‘‘(2) required under section 132.’’. 
(b) PROGRAM PARTICIPATION AGREEMENTS.— 
(1) IN
GENERAL.—Paragraph (17) of section 
487(a) of the Higher Education Act of 1965 (20 
U.S.C. 1094(a)) is amended to read as follows: 
‘‘(17) The institution or the assigned agent of the 
institution will collect and submit to the Commis-
sioner for Education Statistics data in accordance 
with section 132(f), the non-student related surveys 
within the Integrated Postsecondary Education Data 
System (IPEDS), or any other Federal institution of 
higher education data collection effort (as designated 
by the Secretary), in a timely manner and to the sat-
isfaction of the Secretary.’’. 
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(2) EFFECTIVE DATE.—The amendment made by 
paragraph (1) shall take effect no later than 3 years 
after the date of enactment of this Act. 
(c) REPORTING BURDEN.—The Secretary of Education 
and the Commissioner for Education Statistics shall take 
such steps as are necessary to ensure that the development 
and maintenance of the postsecondary student data system 
required under section 132(f) of the Higher Education Act 
of 1965, as added by section 113 of this Act, occurs in a 
manner that, to the extent practicable, reduces the reporting 
burden for entities that reported into the Integrated Postsec-
ondary Education Data System (IPEDS). 
TITLE II—ACCESS AND 
AFFORDABILITY 
PART A—FINANCIAL NEED 
SEC. 201. AMOUNT OF NEED; COST OF ATTENDANCE; ME-
DIAN COST OF COLLEGE. 
(a) AMOUNT
OF NEED.—Section 471 (20 U.S.C. 
1087kk), as amended by the FAFSA Simplification Act, is 
further amended by amending paragraph (1) to read as fol-
lows: 
‘‘(1)(A) for award year 2024–2025, the cost of 
attendance of such student; and 
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‘‘(B) for award year 2025–2026 and each subse-
quent award year, the median cost of college of the 
program of study of such student, minus’’. 
(b) COST OF ATTENDANCE.—Section 472(c) (20 U.S.C. 
1087ll(c)), as amended by the FAFSA Simplification Act, 
is further amended by striking ‘‘of the institution’’ and in-
serting ‘‘of each program of study at the institution’’. 
(c) MEDIAN COST OF COLLEGE.—Part F of title IV 
(20 U.S.C. 1087kk), as amended by the FAFSA Simplifica-
tion Act, is further amended by inserting after section 472, 
as amended by subsection (b), the following: 
‘‘SEC. 472A. DETERMINATION OF MEDIAN COST OF COL-
LEGE. 
‘‘For the purpose of this title, the term ‘median cost 
of college’, when used with respect to a program of study 
offered by one or more institutions of higher education for 
an award year, means the median of the cost of attendance 
(as defined in section 472) for the program of study across 
all institutions of higher education offering such a program 
for the preceding award year.’’. 
(d) EXEMPTION OF CERTAIN ASSETS.— 
(1) IN GENERAL.—Section 480(f)(2) of the High-
er Education Act of 1965, as amended by the FAFSA 
Simplification Act, is further amended— 
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(A) by striking ‘‘net value of the’’ and in-
serting the following: ‘‘the net value of— 
‘‘(A) the’’; 
(B) by striking the period at the end and 
inserting a semicolon; and 
(C) by adding at the end the following: 
‘‘(B) a family farm on which the family re-
sides; or 
‘‘(C) a small business with not more than 
100 full-time or full-time equivalent employees 
(or any part of such a small business) that is 
owned and controlled by the family.’’. 
(2) EFFECTIVE DATE.—The amendments made 
by paragraph (1) shall take effect for award year 
2025–2026 and each subsequent award year. 
PART B—FINANCIAL AID 
Subpart 1—Grants 
SEC. 211. FEDERAL PELL GRANT PROGRAM. 
Section 401(b)(3) (20 U.S.C. 1070a(b)(3)), as amended 
by the FAFSA Simplification Act, is further amended to 
read as follows: 
‘‘(3) AWARD MAY NOT EXCEED MEDIAN COST OF 
COLLEGE.—With respect to award year 2025–2026 
and each succeeding award year, no Federal Pell 
Grant under this subpart shall exceed the median cost 
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of college (as defined in section 472A) for the program 
at which that student is in attendance. If, with re-
spect to any student, it is determined that the amount 
of a Federal Pell Grant for that student exceeds the 
median cost of college for such program for that year, 
the amount of the Federal Pell Grant shall be reduced 
until the Federal Pell Grant does not exceed the me-
dian cost of college for such program for that year.’’. 
SEC. 212. CAMPUS-BASED AID PROGRAMS. 
(a) TERMINATION OF CERTAIN PROGRAMS.—Notwith-
standing subparts 3 and 4 of part A, or part C, of title 
IV of the Higher Education Act of 1965 (20 U.S.C. 1070 
et seq.), or any other provision of law, except as expressly 
authorized by an Act of Congress enacted after the date of 
enactment of this Act, beginning on October 1, 2026, no 
funds are authorized to be appropriated, or may be ex-
pended, under this Act or any other Act to make payments 
to States for the Leveraging Educational Assistance Part-
nership Program under subpart 4 of part A of title IV (20 
U.S.C. 1070c et seq.), and the authority of the Secretary 
to carry out such program shall be terminated. 
(b) PROMISE GRANTS.—Subpart 4 of part A of title 
IV of the Higher Education Act of 1965 (20 U.S.C. 1070c 
et seq.) is amended to read as follows: 
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‘‘Subpart 4—Promoting Real Opportunities to 
Maximize Investments and Savings in Education 
‘‘SEC. 415A. PURPOSE. 
‘‘It is the purpose of this subpart to provide perform-
ance-based grants to— 
‘‘(1) assist institutions in providing certainty to 
students and families about postsecondary afford-
ability; 
‘‘(2) increase postsecondary access and economic 
mobility; and 
‘‘(3) ensure that students, institutions, and tax-
payers receive a financial return for investments in 
postsecondary education. 
‘‘SEC. 415B. PROMISE GRANTS. 
‘‘For award year 2026–2027 and each succeeding 
award year, from reserved funds remitted to the Secretary 
in accordance with section 454(d) and additional funds au-
thorized under section 415E, as necessary, the Secretary 
shall award PROMISE grants to eligible institutions to 
carry out the purpose of this subpart. PROMISE grants 
awarded under this subpart shall be performance-based and 
shall be awarded to each eligible institution for a 6-year 
period in an amount that is determined in accordance with 
section 415D. 
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‘‘SEC. 415C. ELIGIBLE INSTITUTIONS; APPLICATION. 
‘‘(a) ELIGIBLE INSTITUTION.—To be eligible for a 
PROMISE grant under this subpart, an institution shall— 
‘‘(1) be an institution of higher education under 
section 102, except that an institution described in 
section 102(a)(1)(C) shall not be an eligible institu-
tion under this subpart; and 
‘‘(2) meet the maximum total price guarantee re-
quirements under subsection (c). 
‘‘(b) APPLICATION.—An eligible institution seeking a 
PROMISE grant under this subpart (including a renewal 
of such a grant) shall submit to the Secretary an applica-
tion, at such time as the Secretary may require, that con-
tains the information required in this subsection. Such ap-
plication shall— 
‘‘(1) demonstrate that the institution— 
‘‘(A) meets the maximum total price guar-
antee requirements under subsection (c); and 
‘‘(B) will continue to meet the maximum 
total price guarantee requirements for each 
award year during the grant period with respect 
to students first enrolling at the institution for 
each such award year; 
‘‘(2) describe how grant funds awarded under 
this subpart will be used by the institution to carry 
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out the purposes of this Act, including activities re-
lated to— 
‘‘(A) postsecondary affordability, includ-
ing— 
‘‘(i) the expansion and continuation of 
the maximum total price guarantee require-
ments under subsection (c); and 
‘‘(ii) any other activities to be carried 
out by the institution to increase postsec-
ondary affordability and minimize the total 
net price required for completion (as de-
fined in section 132(a)) paid by students re-
ceiving need-based student aid; 
‘‘(B) postsecondary access, which may in-
clude— 
‘‘(i) the activities described in section 
485E of this Act; and 
‘‘(ii) any other activities to be carried 
out by the institution to increase postsec-
ondary access and expand opportunities for 
low- and middle-income students; and 
‘‘(C) postsecondary student success, which 
may include— 
‘‘(i) activities to improve completion 
rates and reduce time to credential, includ-
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ing the activities described in section 741 of 
this Act, as amended by the College Cost Re-
duction Act; 
‘‘(ii) activities to align programs of 
study with the needs of employers, including 
with respect to in-demand industry sectors 
or occupations (as defined in section 3 of 
the Workforce Innovation and Opportunity 
Act (29 U.S.C. 3102)); and 
‘‘(iii) any other activities to be carried 
out by the institution to increase value- 
added earnings and postsecondary student 
success; 
‘‘(3) describe— 
‘‘(A) how the institution will evaluate the 
effectiveness of the institution’s use of grant 
funds awarded under this subpart; and 
‘‘(B) how the institution will collect and 
disseminate information on promising practices 
developed with the use of such grant funds; and 
‘‘(4) in the case of an institution that has pre-
viously received a grant under this subpart, contain 
the evaluation required under paragraph (3) for each 
previous grant. 
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‘‘(c) MAXIMUM TOTAL PRICE GUARANTEE REQUIRE-
MENTS.—As a condition of eligibility for a PROMISE 
grant under this subpart, an institution shall— 
‘‘(1) for each award year beginning after the 
date of enactment of the College Cost Reduction Act, 
not later than one year before the start of each such 
award year (except that, for the first award year be-
ginning after such date of enactment, the institution 
shall meet these requirements as soon as practicable 
such date of enactment)— 
‘‘(A) determine the maximum total price for 
completion, in accordance with subsection (e), for 
each program of study at the institution— 
‘‘(i) applicable to students in each in-
come 
category 
described 
in 
section 
132(c)(2)(A)(i); and 
‘‘(ii) applicable to students in each stu-
dent aid index category determined by the 
Secretary 
in 
accordance 
with 
section 
132(c)(2)(A)(ii); and 
‘‘(B) publish such information on the insti-
tution’s website and in the institution’s catalog, 
marketing materials, or other official publica-
tions; 
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‘‘(2) for the award year for which the institution 
is applying for a PROMISE grant, and at least one 
award year preceding such award year, provide to 
each student who first enrolls, or plans to enroll, in 
the institution during the award year and who re-
ceives Federal financial aid under this title a max-
imum total price guarantee, in accordance with this 
section, for the minimum guarantee period applicable 
to the student; and 
‘‘(3) provide to the Secretary an assurance that 
the institution will continue to meet each of the max-
imum total price guarantee requirements under this 
subsection for students who first enroll, or plan to en-
roll, in the institution during each award year in-
cluded in the grant period. 
‘‘(d) DURATION OF MINIMUM GUARANTEE PERIOD.— 
‘‘(1) IN GENERAL.—The minimum period during 
which a student shall be provided a guarantee under 
subsection (c) with respect to the maximum total 
price for completion of a program of study at an in-
stitution shall be the median time to credential of stu-
dents who completed any undergraduate program of 
study at the institution during the most recent award 
year for which data are available, except that such 
minimum guarantee period shall not be less than the 
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program length of the program of study in which the 
student is enrolled. 
‘‘(2) LIMITATION.—An institution shall not be 
required to provide a maximum total price guarantee 
under subsection (c) to a student after the conclusion 
of the 6-year period beginning on the first day on 
which the student enrolled at such institution. 
‘‘(e) DETERMINATION OF MAXIMUM TOTAL PRICE FOR 
COMPLETION.— 
‘‘(1) IN
GENERAL.—For the purposes of sub-
section (c), an institution shall determine, prior to 
the first award year in which a student enrolls at the 
institution, the maximum total price that may be 
charged to the student for completion of a program of 
study at the institution for the minimum guarantee 
period applicable to a student, before application of 
any Federal Pell Grants or other Federal financial 
aid under this title. Such a maximum total price for 
completion shall be determined for students in each 
income category and student aid index category (as 
determined in accordance with section 132(c)(2)(A)). 
In determining the maximum total price for comple-
tion to be charged to each such category of students, 
the institution may consider the ability of a category 
of students to pay tuition and fees (including the re-
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quired costs described in section 124(b)(3)(A)(i)(I)), 
but may not include in such consideration any Fed-
eral Pell Grants or other Federal financial aid 
awards that may be available to such category of stu-
dents under this title. 
‘‘(2) MULTIPLE MAXIMUM TOTAL PRICE GUARAN-
TEES.—In the event that a student receives more than 
one maximum total price guarantee because the stu-
dent is included in more than one category of stu-
dents for which the institution determines a max-
imum total price guarantee amount for the purposes 
of subsection (c), the maximum total price guarantee 
applicable to such student for the purposes of this sec-
tion shall be equal to the lowest such guarantee 
amount. 
‘‘SEC. 415D. GRANT AMOUNTS; FLEXIBLE USE OF FUNDS. 
‘‘(a) GRANT AMOUNT FORMULA.— 
‘‘(1) FORMULA.—Subject to subsection (b), the 
amount of a PROMISE grant for an eligible institu-
tion for each year of the grant period shall be deter-
mined by the Secretary annually and shall be equal 
to— 
‘‘(A) the amount determined by multi-
plying— 
‘‘(i) the lesser of— 
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‘‘(I) the difference determined by 
subtracting one from the quotient of— 
‘‘(aa) the average, for the 3 
most recent award years for which 
data are available, of the median 
value-added earnings (as defined 
in section 103) for each such 
award year of students who com-
pleted any program of study of 
the institution; divided by 
‘‘(bb) the average for the 3 
most recent award years, of the 
maximum total price applicable 
for each such award year to stu-
dents enrolled in the institution 
in any program of study who re-
ceived financial aid under this 
title; or 
‘‘(II) the number two; 
‘‘(ii) the average, for the 3 most recent 
award years, of the total dollar amount of 
Federal Pell Grants awarded to students en-
rolled in the institution in each such award 
year; and 
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‘‘(iii) the average, for the 3 most recent 
award years, of the percentage of low-in-
come students who received Federal finan-
cial assistance under this title who were en-
rolled in the institution in each such award 
year who— 
‘‘(I) completed a program of study 
at the institution within 100 percent of 
the program length of such program; or 
‘‘(II) only in the case of a two- 
year institution or a less than two- 
year institution— 
‘‘(aa) transfer to a four-year 
institution; and 
‘‘(bb) within 4 years after 
first enrolling at the two-year or 
less than two-year institution, 
complete a program of study at 
the four-year institution for which 
a bachelor’s degree (or substan-
tially 
similar 
credential) 
is 
awarded; minus 
‘‘(B) the sum of— 
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‘‘(i) the amount allocated to the insti-
tution under part C of title IV for the most 
recent fiscal year; and 
‘‘(ii) the amount allocated to the insti-
tution under subpart 3 of part A of title IV 
for the most recent fiscal year. 
‘‘(2) DEFINITION OF LOW-INCOME.—In this sec-
tion, the term ‘low-income’, when used with respect to 
a student, means that the student’s family income 
does not exceed the maximum income in the lowest in-
come category described in section 132(c)(2)(A)(i). 
‘‘(b) MAXIMUM GRANT AMOUNT.—Notwithstanding 
subsection (a), the maximum amount an eligible institution 
may receive annually for a grant under this subpart shall 
be the amount equal to— 
‘‘(1) the average, for the 3 most recent award 
years, of the number of students enrolled in the insti-
tution in an award year who receive Federal finan-
cial aid under this title; multiplied by 
‘‘(2) $5,000. 
‘‘(c) FLEXIBLE USE OF FUNDS.—A PROMISE grant 
awarded under this subpart shall be used by an eligible in-
stitution to carry out the purposes of this subpart, includ-
ing— 
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‘‘(1) carrying out activities included in the insti-
tution’s application for such grant related to postsec-
ondary affordability, access, and student success; and 
‘‘(2) evaluating the effectiveness of the activities 
carried out with such grant in accordance with sec-
tion 415C(b)(3)(A); and 
‘‘(3) collecting and disseminating promising 
practices related to the activities carried out with 
such grant, in accordance with section 415C(b)(3)(B). 
‘‘(d) TRANSFER AUTHORITY.—In order to offer an ar-
rangement of types of aid which best fit the needs of each 
individual student, an institution may transfer up to 100 
percent of the institution’s allotment under subpart 3 of this 
part or part C of this title (or both) to the institution’s 
allotment under this section. Funds transferred to an insti-
tution’s allotment under this section may be used as a part 
of and for the same purposes as funds allotted under this 
subpart. The Secretary shall have no control over such 
transfer, except as specifically authorized, except for the col-
lection and dissemination of information. 
‘‘SEC. 415E. AUTHORIZATION OF APPROPRIATIONS. 
‘‘(a) USED OF RESERVED FUNDS.— 
‘‘(1) PRIMARY FUNDS.—To carry out this sub-
part, there shall be available to the Secretary any 
funds remitted to the Secretary as reimbursements in 
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accordance with section 454(d) for any award year; 
and 
‘‘(2) SECONDARY
FUNDS.—Beginning award 
year 2026–2027, if the amounts made available to the 
Secretary under paragraph (1) to carry out this sub-
part in any award year are insufficient to fully fund 
the PROMISE grants awarded under this subpart in 
such award year, there shall be available to the Sec-
retary, in addition to such amounts, any funds re-
turned to the Secretary under section 484B in the 
previous award year. 
‘‘(b) INSUFFICIENT FUNDS.—If the amounts made 
available to the Secretary under subsection (a) to carry out 
this subpart for are not sufficient to provide grants to all 
eligible institutions in the amount determined under this 
subpart for an award year, the Secretary shall first provide 
grants to the eligible institutions that have the highest per-
centage of students who are low-income students (as defined 
in section 415D).’’. 
(c) INSTITUTIONAL REFUNDS.—Section 484B of the 
Higher Education Act of 1965 (20 U.S.C. 1091b) is amend-
ed by adding at the end the following: 
‘‘(f) RESERVATION
OF
FUNDS
FOR
PROMISE 
GRANTS.—Notwithstanding any other provision of law, the 
Secretary shall reserve the funds returned to the Secretary 
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under this section for 1 year after the return of such funds 
for the purpose of awarding PROMISE grants in accord-
ance with subpart 4 of part A of this title.’’. 
Subpart 2—Loans 
SEC. 221. LOAN LIMITS. 
(a) STAFFORD LOANS.— 
(1) AGGREGATE AND ANNUAL LIMITS FOR GRAD-
UATE AND PROFESSIONAL STUDENTS.—Section 455(a) 
(20 U.S.C. 1087e(a)) is amended— 
(A) in paragraph (3)— 
(i) in subparagraph (A)(ii), by insert-
ing before the period at the end the fol-
lowing: ‘‘, except that for any period of in-
struction beginning on or after July 1, 
2025, such maximum annual amount shall 
be determined in accordance with subpara-
graph (C)’’; 
(ii) in subparagraph (B), by inserting 
before the period at the end the following: 
‘‘for any period of instruction through June 
30, 2025’’; and 
(iii) by adding at the end the fol-
lowing: 
‘‘(C) 
ANNUAL
LIMITS.—Notwithstanding 
any provision of this part or part B, for any pe-
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riod of instruction beginning on or after July 1, 
2025, the maximum annual amount of Federal 
Direct Unsubsidized Stafford loans that a grad-
uate or professional student may borrow in any 
academic year (as defined in section 481(a)(2)) 
or its equivalent shall be median cost of college 
(as defined in section 472A) of the program of 
study in which the student is enrolled, except 
that the sum of such annual loan amount and 
other financial assistance (as defined in section 
480(i)) that the student receives for such aca-
demic year may not exceed the cost of attendance 
of such student. 
‘‘(D) 
AGGREGATE
LIMITS.—Notwith-
standing any provision of this part or part B, 
for any period of instruction beginning on or 
after July 1, 2025, the maximum aggregate 
amount of Federal Direct Unsubsidized Stafford 
loans that— 
‘‘(i) a graduate student may borrow 
shall be $100,000; and 
‘‘(ii) a professional student may bor-
row shall be $150,000. 
‘‘(E) 
EXCEPTION
FOR
CERTAIN
STU-
DENTS.— 
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‘‘(i) IN GENERAL.—The provisions list-
ed in clause (ii) shall not apply with re-
spect to any individual who, as of June 30, 
2025, is enrolled in a program of study at 
an institution of higher education, and has 
received a loan (or on whose behalf a loan 
was made) under this part for such pro-
gram, during the individual’s expected time 
to completion of such program, as deter-
mined by calculating by the difference be-
tween— 
‘‘(I) the program length for the 
program of study in which such indi-
vidual is enrolled; and 
‘‘(II) the period of such program 
that such individual has completed, 
except that such expected time to completion 
may not exceed 3 years. 
‘‘(ii) PROVISIONS.—An individual de-
scribed in clause (i) shall not be subject to 
subparagraphs (C) and (D) of this para-
graph, or paragraph (4) or (6).’’. 
(2) ANNUAL LIMITS FOR UNDERGRADUATE BOR-
ROWERS.—Section 455(a) (20 U.S.C. 1087e(a)) is 
further amended by adding at the end the following: 
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‘‘(4) ANNUAL AND AGGREGATE LOAN LIMITS FOR 
UNDERGRADUATE AND ALL BORROWERS.— 
‘‘(A) UNDERGRADUATE STUDENTS.— 
‘‘(i) ANNUAL LOAN LIMITS.— 
‘‘(I) SUBSIDIZED
LOANS.—Not-
withstanding any provision of this 
part or part B, for any period of in-
struction beginning on or after July 1, 
2025, the maximum annual amount of 
Federal Direct Stafford loans that an 
undergraduate student may borrow in 
any academic year (as defined in sec-
tion 481(a)(2)) or its equivalent shall 
be the difference between— 
‘‘(aa) the median cost of col-
lege (as defined in section 472A) 
of the program of study in which 
the student is enrolled; and 
‘‘(bb) the Federal Pell Grant 
under section 401 awarded to the 
student for such academic year, 
except that (1) the amount of such Fed-
eral Direct Stafford loans awarded to 
the student for such academic year 
may not exceed the maximum annual 
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limit described in section 428(b)(1) 
that is applicable to such student; and 
(2) the sum of such Federal Direct 
Stafford Loans and the amount of such 
Federal Pell Grant and other financial 
assistance 
(as 
defined 
in 
section 
480(i)) that the student receives for 
such academic year may not exceed the 
cost of attendance of such student. 
‘‘(II) 
UNSUBSIDIZED
LOANS.— 
Notwithstanding any provision of this 
part or part B, for any period of in-
struction beginning on or after July 1, 
2025, the maximum annual amount of 
Federal Direct Unsubsidized Stafford 
loans that an undergraduate student 
may borrow in any academic year (as 
defined in section 481(a)(2)) or its 
equivalent shall be the difference be-
tween— 
‘‘(aa) the median cost of col-
lege (as defined in section 472A) 
of the program of study in which 
the student is enrolled; and 
‘‘(bb) the sum of— 
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‘‘(AA) the amount of 
Federal Direct Stafford loans 
awarded to such student for 
such academic year; and 
‘‘(BB) the amount of the 
Federal Pell Grant under 
section 401 awarded to the 
student for such academic 
year, 
except that the sum of all Federal 
financial aid under this title and 
other financial assistance (as de-
fined in section 480(i)) that such 
student receives for such academic 
year may not exceed the cost of 
attendance for such student. 
‘‘(ii) AGGREGATE
LIMITS.—Notwith-
standing any provision of this part or part 
B, for any period of instruction beginning 
on or after July 1, 2025, with respect to an 
undergraduate student— 
‘‘(I) 
the 
maximum 
aggregate 
amount of Federal Direct Stafford 
loans and Federal Direct Unsubsidized 
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104 
penalty, repayment on such loans. The borrower 
may choose— 
‘‘(i) a standard repayment plan with a 
fixed monthly repayment amount paid over 
a fixed period of time, not to exceed 10 
years; or 
‘‘(ii) a repayment assistance plan 
under section 455(e)(9). 
‘‘(B) SELECTION BY SECRETARY.—If such 
borrower does not select a repayment plan de-
scribed in subparagraph (A), the Secretary shall 
provide the borrower with the repayment plan 
described in subparagraph (A)(i). 
‘‘(C) CHANGES IN SELECTION.— 
‘‘(i) IN
GENERAL.—Subject to clause 
(ii), a borrower may change the borrower’s 
selection of a repayment plan under sub-
paragraph (A), or the Secretary’s selection 
of a plan for the borrower under subpara-
graph (B), as the case may be. Nothing in 
this subsection shall prohibit the Secretary 
from encouraging distressed borrowers from 
enrolling in the repayment assistance plan 
under section 455(e)(9). 
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105 
‘‘(ii) SAME
REPAYMENT
PLAN
RE-
QUIRED.—All loans made under this part 
on or after July 1, 2024, to a borrower shall 
be repaid under the same repayment plan 
under subparagraph (A), except that the 
borrower may repay an excepted PLUS 
loan or an excepted consolidation loan (as 
such terms are defined in section 455(e)(9)) 
separately from other loans made under this 
part to the borrower. 
‘‘(D) REPAYMENT
AFTER
DEFAULT.—The 
Secretary may require a borrower who has de-
faulted on a loan made under this part to— 
‘‘(i) pay all reasonable collection costs 
associated with such loan; and 
‘‘(ii) repay the loan pursuant to the re-
payment assistance plan under section 
455(e)(9). 
‘‘(E) PROHIBITIONS.—The Secretary may 
not— 
‘‘(i) authorize a borrower of a loan 
made under this part on or after July 1, 
2024, to repay such loan pursuant to a re-
payment plan that is not described in 
clause (i) or (ii) of subparagraph (A); or 
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