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S.2032 - POST Act
A bill to amend the Higher Education Act of 1965 regarding proprietary institutions of higher education in order to protect students and taxpayers.
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SECTION 1. SHORT TITLE.
SEC. 2. 85/15 RULE.
‘(A) IN GENERAL- In order to qualify as a proprietary institution of higher education under this subsection, an institution shall derive not less than 15 percent of the institution’s revenues from sources other than Federal funds, as calculated in accordance with subparagraphs (B) and (C).CommentsClose CommentsPermalink
‘(B) FEDERAL FUNDS- In this paragraph, the term ‘Federal funds’ means any Federal financial assistance provided, under this Act or any other Federal law, through a grant, contract, subsidy, loan, guarantee, insurance, or other means to a proprietary institution, including Federal financial assistance that is disbursed or delivered to an institution or on behalf of a student or to a student to be used to attend the institution, except that such term shall not include any monthly housing stipend provided under the Post-9/11 Veterans Educational Assistance Program under chapter 33 of title 38, United States Code.CommentsClose CommentsPermalink
‘(iii) presume that any Federal funds that are disbursed or delivered to an institution on behalf of a student or directly to a student will be used to pay the student’s tuition, fees, or other institutional charges, regardless of whether the institution credits such funds to the student’s account or pays such funds directly to the student, except to the extent that the student’s tuition, fees, or other institutional charges are satisfied by--CommentsClose CommentsPermalink
‘(I) only if the scholarship is in the form of monetary aid based upon the academic achievements or financial need of students, disbursed to qualified student recipients during each fiscal year from an established restricted account; andCommentsClose CommentsPermalink
‘(D) REPORT TO CONGRESS- Not later than July 1, 2012, and by July 1 of each succeeding year, the Secretary shall submit to the authorizing committees a report that contains, for each proprietary institution of higher education that receives assistance under title IV and as provided in the audited financial statements submitted to the Secretary by each institution pursuant to the requirements of section 487(c)--CommentsClose CommentsPermalink
(5) in subsection (g)(1) (as redesignated by paragraph (3)), by striking ‘subsection (a)(27)’ in the matter preceding subparagraph (A) and inserting ‘subsection (a)(26)’.CommentsClose CommentsPermalink