Sec. 313.
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Section 487(d) of the Higher Education Act of 1965 ( 20 U.S.C. 1094(d) ) is amended— in paragraph (1)(C), in the matter preceding clause (i), by striking any funds for a program under this title and inserting any Federal education assistance funds ; and in paragraph (4)(A), by striking sources under this title and inserting Federal education assistance funds . Section 102(b) of the HEA is amended— in paragraph (1)— in subparagraph (D), by striking and after the semicolon; in subparagraph (E), by striking the period at the end and inserting “; and”; and by adding at the end the following: meets the requirements of paragraph (3), ; and by adding at the end the following:
In order to qualify as a proprietary institution of higher education under this subsection, an institution shall derive not less than 15 percent of the institution’s revenues from sources other than Federal education assistance funds, as calculated in accordance with paragraph (4). . Paragraph
(1)of section 487(d) of the HEA (as amended by subsection (a)) is— transferred to section 102(b) of such Act; inserted so as to appear after paragraph
(3)of such section 102(b) (as added by subsection (b); redesignated as paragraph
(4)of such section 102(b); and further amended by striking “subsection (a)(24)” and inserting “paragraph (3)”. Paragraph
(3)of section 487(d) of the HEA is— transferred to section 102(b) of such Act; inserted so as to appear after paragraph
(4)of such section 102(b) (as added by subsection (c)); redesignated as paragraph
(5)of such section 102(b); and further amended by striking “subsection (a)(24)” and inserting “paragraph (3)”. Paragraph
(4)of section 487(d) of the HEA (as amended by subsection (a)) is— transferred to section 102(b) of such Act; inserted so as to appear after paragraph
(5)of such section 102(b) (as added by subsection (d)); redesignated as paragraph
(6)of such section 102(b); and further amended by striking “subsection (a)(24)” and inserting “paragraph (3)”. Section 103 of the HEA ( 20 U.S.C. 1003 ) is amended by adding at the end the following: The term Federal education assistance funds — except as provided in subparagraph (B), means any Federal funds provided, under this Act or any other Federal law, through a grant, contract, subsidy, loan, or guarantee, or through insurance or other means (including Federal funds disbursed or delivered to an institution or on behalf of a student or to a student to be used to attend the institution); and does not include any monthly housing stipend provided under the Post-9/11 Educational Assistance Program under chapter 33 of title 38, United States Code. . Subsection (a)(24), the subsection designation and heading of subsection (d), and subsection (d)(2) of section 487 the Higher Education Act of 1965 ( 20 U.S.C. 1094 ) are repealed.
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