Sec. 3. College opportunity bonus program
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Subpart 1 of part A of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1070a et seq. ) is amended by adding at the end the following: The Secretary shall award grants to eligible institutions of higher education that are distributed under a formula determined by the Secretary that includes enrollment of and completion by students who are eligible to receive a Federal Pell Grant, as well as enrollment of and completion by transfer students who are eligible to receive a Federal Pell Grant.
The Secretary shall award grants to eligible institutions of higher education that the Secretary determines have a strong record of making college more affordable and increasing college access and success for low-income and moderate-income students. Each eligible institution of higher education that receives a grant under this section may use the grant funds to support reforms to further increase college access and success for low- and moderate-income students, by making key investments and adopting best practices, such as— awarding additional need-based financial aid to students enrolled at the institution who are eligible to receive a Federal Pell Grant; enhancing academic and student support services; and establishing or expanding accelerated learning opportunities.
Each eligible institution of higher education that receives a grant under this section shall receive annual grant funds based on a formula determined by the Secretary that includes— the number of students enrolled at the institution who are eligible to receive a Federal Pell Grant; a per-student base amount, which shall be based on the amounts of Federal Pell Grants received by students enrolled at the institution; and the number of students enrolled at the institution who are eligible to receive a Federal Pell Grant who transferred into the institution.
Funds made available under this section shall be used to supplement, and not supplant— other State funds that States would otherwise expend to carry out activities under this section to improve college affordability and graduate additional low- and moderate-income students; and institutional funds that eligible institutions of higher education receiving a grant under this section would otherwise expend to carry out activities under this section to improve college affordability and graduate additional low- and moderate-income students.
The grant program under this section shall be funded only with risk-sharing payments received by the Secretary under section 454(d). .
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Sec. 3
College opportunity bonus program
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