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Proprietary Institution of Higher Education Accountability Act

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5/9/2013--Introduced. Proprietary Institution of Higher Education Accountability Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require the Secretary of Education, in calculating the cohort default rate for a propri...[more]

Sponsor

  • Rep. Rosa L. DeLauro [D, CT-3]

Cosponsors (4)

  • Rep. Raúl M. Grijalva [D, AZ-3]
  • Rep. Allyson Y. Schwartz [D, PA-13]
  • Rep. Louise McIntosh Slaughter [D, NY-25]
  • Rep. Mark Takano [D, CA-41]

Sponsor: Rep Rosa DeLauro (D-CT)

Summary:

  • Would require the SecEd, in calculating the cohort default rate for a proprietary IHE, to treat its current and former students who have received a specified forbearance or deferment of over six months on direct loans before the end of the second fiscal year after they enter repayment on such loans, as students who have defaulted on such loans before the end of such second fiscal year.
  • That calculation to forbearances would be applied: (1) that have been agreed to by the parties to an insured loan and approved by the insurer, or (2) for borrowers whose educational debt burden equals or exceeds 20% of their income.
 

Status:

5/9/13 – Introduced and referred to the Ed and Workforce Cmte.

7/8/13 – Referred to the Subcommittee on Higher Education and Workforce Training.