A bill to amend the Higher Education Act of 1965 to provide for accreditation reform, to require institutions of higher education to publish information regarding student success, to provide for fiscal accountability, and to provide for school accountability for student loans.
Higher Education Reform and Opportunity Act of 2019
This bill revises requirements governing the financing and accreditation of postsecondary education.
Specifically, the bill makes postsecondary education courses and programs (e.g., apprenticeship programs) that provide credits toward a postsecondary certification, credential, or degree eligible for federal student aid funding if the programs and courses are accredited by a state that has an alternative accreditation agreement with the Department of Education.
The bill also requires institutions to publish certain enrollment and financial aid information, such as (1) the percentage of former financial aid recipients who are employed at various intervals following graduation, and (2) the average amount of total federal student loan debt accrued upon graduation. The Government Accountability Office must compile and study all such information published by institutions and submit a report containing the results.
In addition, the bill consolidates federal student loans into one student loan program and eliminates loan forgiveness for borrowers.
Lastly, the bill requires an institution that receives federal student aid funding to pay a default rate fine that is based on the default rate of loans made to its students.
Referred to the House Committee on Education and Labor.
Introduced in Senate
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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