Helping College Students Cross the Finish Line Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Helping College Students Cross the 
Finish Line Act''.

SEC. 2. GRANTS TO INSTITUTIONS TO PROVIDE AWARDS TO UNDERGRADUATE AND 
              VOCATIONAL STUDENTS WITH FINANCIAL NEED TO ASSIST IN 
              COMPLETION OF DEGREE AND CERTIFICATE PROGRAMS.

    Part A of title IV of the Higher Education Act of 1965 (20 U.S.C. 
1070 et seq.) is amended by inserting after subpart 7 the following new 
subpart:

``Subpart 8--Grants to Institutions To Provide Awards to Undergraduate 
and Vocational Students With Financial Need To Assist in Completion of 
                    Degree and Certificate Programs

``SEC. 420. GRANTS TO INSTITUTIONS TO PROVIDE AWARDS TO UNDERGRADUATE 
              AND VOCATIONAL STUDENTS WITH FINANCIAL NEED TO ASSIST IN 
              COMPLETION OF DEGREE AND CERTIFICATE PROGRAMS.

    ``(a) Grants for Establishment of Financial Assistance Program.--
The Secretary shall award grants to institutions of higher education to 
establish programs of financial assistance for students in accordance 
with this section.
    ``(b) Financial Assistance Program.--
            ``(1) Establishment.--An institution of higher education 
        receiving a grant under subsection (a) shall establish a 
        financial assistance program to award funds to not less than 
        100 eligible students per academic year in accordance with this 
        subsection.
            ``(2) Student eligibility.--A student shall be eligible for 
        an award under a financial assistance program established by an 
        institution of higher education in accordance with this 
        subsection if--
                    ``(A) such student is enrolled as an undergraduate 
                or vocational student at such institution on a not less 
                than half-time basis;
                    ``(B) such student is academically able to complete 
                the degree or certificate program for which such 
                student is enrolled within an academic year;
                    ``(C) such student is in good academic standing at 
                such institution (as determined by such institution) at 
                the time of the distribution of the award;
                    ``(D) in the case of a student who previously 
                received an award under this section, such student 
                maintained good academic standing during the academic 
                period for which the student received such previous 
                award under this section;
                    ``(E) such student has an outstanding tuition 
                payment due to such institution and is unable to fully 
                pay the amount due; and
                    ``(F) the institution determines that without 
                financial assistance, such student will discontinue the 
                degree or certificate program for which such student is 
                enrolled due to an inability to pay tuition.
            ``(3) Grant amount.--The amount of an award to a student 
        under a financial assistance program established by an 
        institution of higher education in accordance with this 
        subsection for a semester or equivalent shall be the lesser 
        of--
                    ``(A) $1,000; or
                    ``(B) the amount of tuition such institution 
                determines the student is unable to pay for such 
                semester or equivalent.
            ``(4) Limitation on number of grants.--A student may only 
        receive an award under a financial assistance program 
        established by an institution of higher education in accordance 
        with this subsection for a total of two semesters or the 
        equivalent of two semesters.
            ``(5) Information on other financial assistance.--
                    ``(A) Information required.--Each institution of 
                higher education receiving a grant under subsection (a) 
                shall provide information to each covered student 
                attending such institution on financial assistance 
                available from any source other than this section.
                    ``(B) Covered student defined.--In this paragraph, 
                the term `covered student' means a student receiving an 
                award under a financial assistance program established 
                by an institution of higher education in accordance 
                with this subsection in an amount that does not fully 
                pay an outstanding tuition payment due to such 
                institution.
    ``(c) Financial Literacy Survey.--The Secretary shall create, and 
each student receiving an award under a financial assistance program 
established by an institution of higher education in accordance with 
subsection (b) shall complete, an online survey concerning financial 
literacy. Such survey shall include matters relating to budgeting and 
saving, student loan debt, and career planning.
    ``(d) Reports.--
            ``(1) Institutions of higher education.--Each institution 
        of higher education receiving a grant under subsection (a) 
        shall annually submit to the Secretary a report containing, for 
        the academic year preceding the date of the submission of such 
        report--
                    ``(A) the number of students enrolled at such 
                institution that received an award under a financial 
                assistance program established by such institution in 
                accordance with subsection (b);
                    ``(B) the number of such students who completed the 
                degree or certificate program in which such students 
                were enrolled during such academic year;
                    ``(C) the number of such students who, following 
                completion of the degree or certificate program in 
                which such students were enrolled, subsequently 
                enrolled in a degree or certificate program at a higher 
                level;
                    ``(D) the number of such students who, following 
                completion of the degree or certificate program in 
                which such students were enrolled, subsequently 
                obtained full-time employment and the average salary 
                for such students; and
                    ``(E) any other information that the Secretary 
                considers necessary.
            ``(2) Secretary.--The Secretary shall annually submit to 
        Congress a report on the implementation of this section. Such 
        report shall include--
                    ``(A) the aggregate data submitted by all 
                institutions of higher education in accordance with 
                paragraph (1);
                    ``(B) an analysis of the grant program under this 
                section and any suggestions for improving such program; 
                and
                    ``(C) any other information that the Secretary 
                considers necessary.
    ``(e) Authorization of Appropriations.--There are authorized to be 
appropriated to carry out this section such sums as may be necessary 
for fiscal years 2015 through 2020.''.

Summary: Helping College Students Cross the Finish Line Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require the Secretary of Education to award grants to institutions of higher education (IHEs) to establish a financial assistance program that awards funds to at least 100 of the IHE's undergraduate or vocational students each academic year who:  are enrolled on at least a half-time basis; are academically able to complete the degree or certificate program in which they are enrolled within an academic year; are in good academic standing; if they previously received such an award, maintained good academic standing during the academic period for which they received such award; are unable to fully pay an outstanding tuition payment that is due; and without financial assistance, will discontinue the degree or certificate program in which they are enrolled.  Caps the amount of such award. Prohibits a student from receiving an award for more than two semesters or the equivalent of two semesters. Requires the IHEs to provide each student who receives an award that does not fully cover the amount due on the student's outstanding tuition with information on the financial assistance available from any other source. Directs the Secretary to create, and each student that receives an award to complete, an online financial literacy survey that includes matters relating to budgeting and saving, student loan debt, and career planning.