Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Q: 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.
A:
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).