“A bill to improve transparency and accountability for Federal student loan borrowers.”
No CRS summary available for this bill.
This section requires the Secretary of Education to expand and annually update the College Scorecard—or any successor—with program-level data for each certificate, degree, graduate, and professional program eligible for federal student aid, including (1) median annual earnings of the programmatic cohort 10 years after receiving federal funds (e.g., Pell Grants or title IV loans) for enrollment, regardless of completion; (2) median Federal Direct Stafford Loan debt at repayment entry for program completers; (3) for graduate or professional programs, median Graduate PLUS Loan debt at repayment entry for completers; (4) median Parent PLUS Loan debt for completers whose parents borrowed; (5) default rate for completers; and (6) repayment rate. The section further requires institution-level data including (1) cohort default rate; (2) repayment rate; (3) default and repayment rates for Graduate PLUS Loans; and (4) default and repayment rates for Parent PLUS Loans. It defines "cohort default rate" as in section 435(m) of the Higher Education Act (20 U.S.C. 1085(m)) and "repayment rate" as the share of federal loan borrowers who graduated and entered repayment that are in specified positive status categories (e.g., making progress, paid in full) two years later, excluding private loans and loans from other institutions.