SECTION 1. SHORT TITLE.

    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''.

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 determines 
        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;
                    (II) the mean and median grant eligibility and 
                institutional grant aid to first-year students; and
                    (III) the mean and median parental and student 
                contributions to undergraduate costs of attendance for 
                first year students receiving institutional 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 consideration 
            of--

                    (I) the time period prior to adoption of the 
                consensus methodologies at participating institutions; 
                and
                    (II) the data examined pursuant to subparagraph 
                (A)(iii).

    (b) Report.--
        (1) In general.--Not later than September 30, 2006, the 
    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 Comptroller 
    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 available 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 
            judgment of the Comptroller General, to permit the analysis 
            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 Comptroller General 
        may reasonably require.
        (2) Non-participating institutions.--Nothing in this subsection 
    shall be construed to require an institution of higher education 
    that does not participate under the antitrust exemption 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.

SEC. 4. EFFECTIVE DATE.

    This Act and the amendments made by this Act shall take effect on 
September 30, 2001.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.
Output: Need-Based Educational Aid Act of 2001 - Amends the Improving America's Schools Act of 1994 to extend through FY 2008 the antitrust exemption for the award of need-based educational aid.Directs the Comptroller General to conduct a study of the effect of the exemption, including by examining the needs analysis methodologies used by participating institutions and identifying trends in undergraduate costs of attendance and institutional undergraduate grant aid among participating institutions. Requires that such study assess what effect the exemption has had on institutional undergraduate grant aid and parental contribution to undergraduate costs of attendance, including consideration of any changes in institutional undergraduate grant aid and parental contribution to undergraduate costs of attendance over time for institutions of higher education.Directs: (1) the Comptroller General to report to the House and Senate Judiciary Committees on its findings and conclusions without identifying an individual institution of higher education unless the information on the institution is publicly available; and (2) participating institutions to collect and maintain specified data and information (but does not require non-participating institutions of higher education to collect and maintain data).