Need-Based Educational Aid Act of 2001
PL 107-72 (H.R.768), enacted 11/20/2001

115 STAT. 648 • 
PUBLIC LAW 107-72—NOV. 20, 2001 
Public Law 107-72 
107th Congress 
An Act 
N 
90 9001 
"^^ amend the Improving America's Schools Act of 1994 to extend the favorable 
— 
; 
treatment of need-based educational aid under the antitrust laws, and for other 
[H.R. 768] 
purposes. 
Be it enacted by the Senate and House of Representatives 
of 
Need-Based 
the United States of America in Congress assembled, 
Educational Aid 
Act of 2001. 
SECTION 1. SHORT TITLE. 
15 u s e 1 note. 
This Act may be cited as the "Need-Based Educational Aid 
Act of 2001". 
SEC. 2. AMENDMENT. 
Section 568(d) of the Improving America's Schools Act of 1994 
(15 U.S.C. 1 note) is amended by striking "2001" and inserting 
"2008". 
15 u s e 1 note. 
SEC. 3. GAO STUDY AND REPORT. 
(a) STUDY.— 
(1) IN GENERAL.—^The Comptroller General shall conduct 
a study of the effect of the antitrust exemption on institutional 
student aid under section 568 of the Improving America's 
Schools Act of 1994 (15 U.S.C. 1 note). 
(2) CONSULTATION.—^The Comptroller General shall have 
final authority to determine the content of the study under 
paragraph (1), but in determining the content of the study, 
the Comptroller General shall consult with— 
(A) the institutions of higher education participating 
under the antitrust exemption under section 568 of the 
Improving America's Schools Act of 1994 (15 U.S.C. 1 note) 
(referred to in this Act as the "participating institutions"); 
(B) the Antitrust Division of the Department of Justice; 
and 
(C) other persons that the Comptroller General deter-
mines are appropriate. 
(3) MATTERS STUDIED.— 
(A) IN GENERAL.—The study under paragraph (1) 
shall— 
(i) examine the needs analysis methodologies used 
by participating institutions; 
(ii) identify trends in undergraduate costs of 
attendance and institutional undergraduate grant aid 
among participating institutions, including— 
(I) the 
percentage 
of first-year 
students 
receiving institutional grant aid; 
PUBLIC LAW 107-72—NOV. 20, 2001 
115 STAT. 649 
(II) the mean and median grant eligibility and 
institutional grant aid to first-year students; and 
(III) the mean and median parental and stu-
dent contributions to undergraduate 
costs of 
attendance for first year students receiving institu-
tional grant aid; 
(iii) to the extent useful in determining the effect 
of the antitrust exemption under section 568 of the 
Improving America's Schools Act of 1994 (15 U.S.C. 
1 note), examine— 
(I) comparison data, identified in clauses (i) 
and (ii), from institutions of higher education that 
do not participate under the antitrust exemption 
under section 568 of the Improving America's 
Schools Act of 1994 (15 U.S.C. 1 note); and 
(II) other baseline trend data from national 
benchmarks; and 
(iv) examine any other issues that the Comptroller 
General determines are appropriate, including other 
types of aid affected by section 568 of the Improving 
America's Schools Act of 1994 (15 U.S.C. 1 note). 
(B) ASSESSMENT.— 
(i) IN GENERAL.—^The study under paragraph (1) 
shall assess what effect the antitrust exemption on 
institutional student aid has had on institutional 
undergraduate grant aid and parental contribution to 
undergraduate costs of attendance. 
(ii) CHANGES OVER TIME.—^The assessment under 
clause (i) shall consider any changes in institutional 
undergraduate grant aid and parental contribution to 
undergraduate costs of attendance over time for 
institutions of higher education, including consider-
ation of— 
(I) the time period prior to adoption of the 
consensus methodologies at participating institu-
tions; and 
(II) the data examined pursuant to subpara-
graph (A)(iii). 
(b) REPORT.— 
(1) IN GENERAL.—Not later than September 30, 2006, the Deadliae. 
Comptroller General shall submit a report to the Committee 
on the Judiciary of the Senate and the Committee on the 
Judiciary of the House of Representatives that contains the 
findings and conclusions of the Comptroller General regarding 
the matters studied under subsection (a). 
(2) IDENTIFYING INDIVIDUAL INSTITUTIONS.—^The Comp-
troller General shall not identify an individual institution of 
higher education in information submitted in the report under 
paragraph (1) unless the information on the institution is avail-
able to the public. 
(c) RECORDKEEPING REQUIREMENT.— 
(1) IN GENERAL.—For the purpose of completing the study 
under subsection (a)(1), a participating institution shall— 
(A) collect and maintain for each academic year until 
the study under subsection (a)(1) is completed— 
(i) student-level data that is sufficient, in the judg-
ment of the Comptroller General, to permit the analysis 
115 STAT. 650 
PUBLIC LAW 107-72—NOV. 20, 2001 
of expected family contributions, identified need, and 
undergraduate grant aid awards; and 
(ii) information on formulas used by the institution 
to determine need; and 
(B) submit the data and information under paragraph 
(1) to the Comptroller General at such time as the Comp-
troller General may reasonably require. 
(2) NON-PARTICIPATING INSTITUTIONS.—Nothing in this sub-
section shall be construed to require an institution of higher 
education that does not participate under the antitrust exemp-
tion under section 568 of the Improving America's Schools 
Act of 1994 (15 U.S.C. 1 note) to collect and maintain data 
under this subsection. 
15 use 1 note. 
SEC. 4. EFFECTIVE DATE. 
This Act and the amendments made by this Act shall take 
effect on September 30, 2001. 
Approved November 20, 2001. 
LEGISLATIVE HISTORY—H.R. 768: 
HOUSE REPORTS: No. 107-32 (Comm. on the Judiciary). 
CONGRESSIONAL RECORD, Vol. 147 (2001): 
Apr. 3, considered and passed House. 
Oct. 3, considered and passed Senate, amended. 
Nov. 6, House concurred in Senate amendments.