Pipeline · Bill → Law
Step 1
Introduced
Mar 26, 2024
Step 2
Referred
Mar 26, 2024
Education and Workforce · Ways & Means
Step 3
Committee
Step 4
House floor
Step 5
Senate
Step 6
Resolve Changes
Step 7
Signed
SummaryCRS Summary
This bill establishes financial penalties for institutions of higher education (IHEs) with endowments of $2.5 billion or more that have specified percentages of current and former students who default, are delinquent, or underpay on their federal student loans. The bill also imposes an increased excise tax on net investment income of certain IHEs that increase tuition beyond certain levels. Specifically, the bill requires such an IHE to pay penalties to the Department of Education based on the IHE's cohort default rate (the percentage of how many borrowers default on their federal student loans in a fiscal year),cohort delinquency rate (the percentage of borrowers who are between 31- and 3...
Timeline · 3 actions
Mar 26, 2024
Introduced in House
Mar 26, 2024
Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Mar 26, 2024
Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.