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Code · BILL · 116th Congress · H.R. 3487 (Introduced in House) — To improve the Higher Education Act of 1965, and for other purposes. · Sec. 2

Sec. 2. 85–15 revenue source requirement for proprietary institutions

273 words·~1 min read·/bill/116/hr/3487/ih/section-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Section 487(a)(24) of the Higher Education Act of 1965 ( 20 U.S.C. 1094(a)(24) ) is amended by striking ten percent and inserting 15 percent . Section 487(d)(1) of the Higher Education Act of 1965 ( 20 U.S.C. 1094(d)(1) ) is amended— in subparagraph (A), by striking accounting, and all that follows and inserting accounting; ; in subparagraph (B), by striking clause
(iii)and inserting the following new clause: a contractual arrangement with a Federal agency for the purpose of providing job training to low-income individuals who are in need of such training; ; in subparagraph (C)— by striking clauses
(i)through
(iii)and inserting the following new clause: grant funds provided by a source that has no affiliation with the institution and shares no employees with the institution; ; and by redesignating clause
(iv)as clause (ii); and by striking subparagraphs
(D)and
(E)and inserting the following new subparagraphs: include no loans made by an institution of higher education as revenue to the school, except for payments made by students on such loans; include a scholarship provided by the institution— 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; and only to the extent that funds in that account represent designated funds, or income earned on such funds, from a source that has no affiliation with the institution and shares no employees with the institution; and . The amendments made by this section shall take effect 1 year after the date of enactment of this Act.
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Sec. 2
85–15 revenue source requirement for proprietary institutions
U.S.C.§ 1094
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