The Higher Education Act of 1965 (HEA; P.L. 89-329, as amended) authorizes programs and activities that make federal financial assistance available to individuals who are pursuing a postsecondary education and to institutions of higher education (IHEs). It also authorizes a number of other activities and functions related to postsecondary education. The HEA was last comprehensively reauthorized by the Higher Education Opportunity Act of 2008 (HEOA; P.L. 110-315 ). The HEOA extended the authorization of the appropriation of funds for most HEA programs through FY2014, while the General Education Provisions Act (GEPA) provided an extension of that authority for an additional year, through FY2015. Many HEA programs have continued beyond FY2015 with funding provided under a variety of appropriations legislation and continuing resolutions. During the 115 th Congress, the House Committee on Education and the Workforce marked up and reported with amendments the Promoting Real Opportunity, Success, and Prosperity through Education Reform Act (PROSPER Act; H.R. 4508 ), which would provide for the comprehensive reauthorization of the HEA. The proposed H.R. 4508 amendments would extend the authorization of most HEA programs through FY2024. In general, for programs with discretionary funding H.R. 4508 would authorize the appropriation of funds in specific, as opposed to indefinite, amounts for each year in which funding would be authorized to be provided. The Congressional Budget Office (CBO) estimates that the enactment of H.R. 4508 would reduce mandatory spending outlays by $2.2 billion over the FY2018-FY2022 period and by $14.6 billion over the FY2018-FY2027 period. Also, according to CBO estimates and assumptions, the enactment of H.R. 4508 would lead to discretionary spending outlays increasing by $87.5 billion over the FY2018-FY2022 period and by $210.1 billion over the FY2018-FY2027 period. This report focuses on changes H.R. 4508 would make to the HEA's programs. It begins with an overview identifying and discussing a number of key themes in H.R. 4508 . This discussion highlights major changes proposed in the bill. It may be sufficient to meet the needs of readers seeking a general understanding of the primary proposals included in H.R. 4508 . The next section of the report examines in more detail the major features of H.R. 4508 and how they relate to current law. The Appendix contains two tables that present information on the proposed authorization of appropriations or budget authority for new programs and for programs currently specified in the HEA and related laws (e.g., the Education of the Deaf Act). The report focuses on the larger changes proposed in H.R. 4508 ; it does not aim to provide a comprehensive summary of the bill or of technical changes that would be made by the bill. H.R. 4508 , as reported with amendments on February 8, 2018, would provide for the comprehensive reauthorization of the HEA, amending numerous programs and activities that make up a large portion of the federal effort to support postsecondary education. Taken collectively, the changes that would be made by H.R. 4508 reflect several key themes: (1) simplifying the federal approach to providing student aid; (2) modifying federal student aid rules; (3) eliminating or winding down programs; (4) revising the educational quality and financial accountability requirements applicable to IHEs; (5) revising public accountability, transparency, and consumer information requirements; and (6) establishing specified limitations to the Secretary of Education's (the Secretary's) authority. This section of the report highlights how these themes are reflected in the provisions of H.R. 4508 . Title IV of the HEA currently contains provisions authorizing six grant programs, three loan programs, one work-study assistance program, and one service payback program to assist students and their families finance the cost of a postsecondary education. It also contains two programs that authorize the awarding of funds to states, which may, among other activities, use the funds to award student financial aid to state residents. Although each of the authorized federal student aid programs has its own student eligibility criteria, award rules, and administrative structures, there are five primary ways in which they may be characterized: general form of aid (grant, loan, work-study, or service payback assistance); broadly available or targeted aid (aid that is widely available to support qualified students pursuing a broad array of educational programs versus aid targeted toward certain fields of study or types of service), aid available by level of study; need-based/non-need-based aid; and portable/non-portable aid. General type of aid : A grant is gift aid that does not need to be repaid by the recipient. A loan is student aid that must be repaid by the recipient at some later point in time. Work-study assistance is student aid provided to a student as compensation for part-time employment while enrolled. Service payback assistance is aid that is provided contingent on the recipient completing a service obligation in return for the assistance provided. Broadly available versus targeted aid : Student aid may be made available on a broad basis to support the pursuits of qualified students in a wide array of eligible postsecondary programs of study. Aid may also be made available on a targeted basis, serving populations of students pursuing programs in certain specified fields of study or to those connected to certain types of service. Level of s tudy : Student aid may be made available to individuals based on whether they are enrolled in an undergraduate or graduate/professional course of study. Need-based/Non- need-based aid: Need-based student aid is aid for which a student's eligibility is based on his or her demonstrated need for the funds. Nonneed-based aid is aid for which a student's eligibility is determined without regard to his or her financial need. Portable/Non-portable aid: Portable aid may be characterized as being widely available across Title IV-participating IHEs, and as being awarded to eligible students on the basis of statutorily specified, nondiscretionary award criteria. Non-portable aid may be characterized as being less widely available, such as from fewer participating IHEs, and as being awarded to eligible students according to discretionary award criteria that may be institution-specific. In academic year (AY) 2017-2018, federal student aid is being made available to students only through a subset of the total number of programs authorized under Title IV. Those operational programs comprise aid available by level of study, both need-based and non-need-based aid, and both portable and non-portable aid. They include the following: Three grant programs: the Federal Pell Grant program, the Federal Supplemental Educational Opportunity Grant (FSEOG) program, and the Scholarships for Veteran's Dependents program (also known as the Iraq and Afghanistan Service Grants). Aid under each program is only available to undergraduate students. The Pell Grant and FSEOG programs are need-based aid programs. The Pell Grant and Iraq and Afghanistan Service Grants are portable aid. Two loan programs: the William D. Ford Direct Loan program and the Federal Perkins Loan program. Direct Loans are available to help finance the cost of both undergraduate and graduate/professional study; however, loan terms and conditions may vary depending on the level of study. Federal Perkins Loans are only available to undergraduate students. The Direct Loan program offers one need-based loan (i.e., the Direct Subsidized Loan) among a mix of other non-need-based loans, while the Federal Perkins Loan program is need-based. Direct Loans are portable aid. One work-study assistance program : the Federal Work-Study (FWS) program, which is need-based, non-portable aid that is available to both undergraduate and graduate/professional students. One s ervice payback program: the Teacher Education Assistance for College and Higher Education (TEACH) Grant program, which is non-need-based, portable aid that is available to both undergraduate and graduate students. Collectively, these programs made approximately $123 billion available in the most recently completed academic year, AY2016-2017. All told, Title IV aid comprises roughly 49% of all student aid provided to students and their families nationwide. All but two of the operational programs provide broadly available aid. The two providing targeted aid, Iraq and Afghanistan Service Grants and TEACH Grants, collectively provide $86 million in aid, a relatively small share of federal student aid. H.R. 4508 would redesign the current federal approach to student aid programs by transitioning toward the provision of aid through a smaller number of programs. To do so, the bill would eliminate those student aid programs that are not currently operational, immediately eliminate or phase-out some others that are currently funded and operational (e.g., TEACH Grants, FSEOG, Direct Loans), continue to wind down the Perkins Loan program (current statute specifies new Perkins Loans may not be made after September 30, 2017), and create a new federal student loan program, the Federal ONE Loan program. As proposed in H.R. 4508 , for students who would be new recipients of federal student aid on or after July 1, 2019, the mix of available federal student aid programs would consist of the following: Two grant programs : Pell Grants and Iraq and Afghanistan Service Grants. Pell Grants would be need-based aid, and both programs would be portable. One loan program : Federal ONE Loans, which would be non-need-based, portable aid. Aid administrators would be authorized to exercise discretion in specifying, within some limits, the amount eligible students may borrow.