To amend the Higher Education Act of 1965 to clarify that the Secretary of Education may rely on the certification of a guaranty agency that student loans used to calculate an institution of higher education's cohort default rate were properly serviced, that an institution is not entitled to review the servicing records on each such loan as part of its appeal on the loss of eligibility to participate in programs under title IV of such Act, and for other purposes.

Amends the Higher Education Act of 1965 to revise provisions relating to calculation of cohort default rate.

Allows the Secretary of Education's determination of whether to exclude any loan due to improper servicing or collection to be based on the cognizant guaranty agency's certification that the loan was properly serviced and collected. Provides that the Secretary shall not be required to ensure that an institution has access to loan servicing or collection documentation on any loan included or excluded from the calculation of such rate.