Sec. 5. College and university responsibility
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Section 487 of the Higher Education Act of 1965 ( 20 U.S.C. 1094 ) is amended— in subsection (a), by adding at the end the following: The institution will put a prominent link on the homepage of the institution's primary website that goes directly to a report of a standard set of key performance indicators with respect to the institution, as described in subsection (k). ; and by adding at the end the following: The key performance indicators under this subsection are the following:
Graduation rates— at 100 percent of the normal time for graduation; at 150 percent of the normal time for graduation; at 200 percent of the normal time for graduation; and each of which is disaggregated by age (25 years old and younger, and older than 25 years old), income, race and ethnicity, and first-generation college status. Transfer out rates. Each such rate shall be disaggregated by age (25 years old and younger, and older than 25 years old), income, race and ethnicity, and first-generation college status.
Withdrawal rates, including rates of students who withdraw from a certificate program to seek employment in a related field of study. Employment outcomes, including the following: The average salary of a graduate 3 years after graduation. The percentage of graduates who, 180 days after graduation— are employed full time; are employed part-time; are employed in the graduate's field of study or certificate; and make more than $25,000 a year. The cohort repayment rate. Student satisfaction rate as indicated by a survey of all students and recent alumni with the following 2 questions using a 5-point Likert scale:
How satisfied are you with your educational experience at [name of institution]? If you were making the decision today, how likely would you be to choose to attend [name of institution] again? The percentage of students who continue enrollment at the institution after the first year of enrollment. The average net price for the institution’s most recent cohort of graduates, disaggregated by income quartile. The average annual net price for full-time attendance, broken out by tuition, fees, living costs, and other (indirect) costs.
The median time to degree completion. The percentage of enrolled students with student loan debt. The average student loan debt at time of graduation for the most recent cohort of graduates who borrowed money. The average student loan debt at time of withdrawal for the most recent cohort of non-graduates who borrowed money. In this subsection, the term cohort repayment rate means, for any fiscal year beginning with fiscal year 2023— in the case in which 30 or more borrowers at the institution enter repayment on Federal Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, Federal Direct PLUS Loans, or Federal Direct Consolidation Loans, received for attendance at the institution, the percentage of those borrowers who are not in default and who make at least a one dollar reduction on their initial student loan principal balance before the end of the second fiscal year following the fiscal year in which the borrowers entered repayment, except as provided in subparagraph (B); and in the case in which less than 30 borrowers at the institution enter repayment on Federal Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, Federal Direct PLUS Loans, or Federal Direct Consolidation Loans, received for attendance at the institution, the percentage of those borrowers plus all of the borrowers at the institution who entered repayment on such loans (or on the portion of a loan made under section 428C that is used to repay any such loans) in the 3 fiscal years preceding the fiscal year for which the determination is made, who are not in default and who make at least a one dollar reduction on their initial student loan principal balance before the end of the second fiscal year following the year in which the borrowers entered repayment, except as provided in subparagraph (B).
The cohort repayment rate calculation under subparagraph
(A)shall not include in the calculation a borrower who is— in deferment on repayment of a loan described in subparagraph
(A)due to study in an approved graduate fellowship program or in an approved rehabilitation training program for the disabled; in deferment on repayment of a loan described in subparagraph
(A)during a period of at least half-time enrollment in college or a career school; in deferment on repayment of a loan described in subparagraph
(A)during a period of service qualifying for loan discharge or cancellation under part E; in deferment on repayment of a loan described in subparagraph
(A)due to active duty military service of the borrower during a war, military operation, or national emergency; in deferment on repayment of a loan described in subparagraph
(A)during the 13 months following the conclusion of qualifying active duty military service by the borrower, or until the borrower returns to enrollment on at least a half-time basis, whichever is earlier, if the borrower is a member of the National Guard or other reserve component of the Armed Forces and was called or ordered to active duty while enrolled at least half-time at an eligible school or within 6 months of having been enrolled at least half-time; in mandatory forbearance on repayment of a loan described in subparagraph
(A)for the full fiscal year; or serving as a volunteer under the Peace Corps Act ( 22 U.S.C. 2501 et seq.) or the Domestic Volunteer Service Act of 1973 ( 42 U.S.C. 4950 et seq.). The Secretary shall work with the National Center for Education Statistics to identify new data points that need to be collected to assist colleges and universities with the collection, organization, and distribution of key performance indicators and cohort repayment rates. The Secretary shall issue guidance, with input from stakeholders, to facilitate the data collection and display of key performance indicators. . Section 489(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1096(a) ) is amended— in the first sentence, by inserting (or, in the case of an institution with an enrollment of less than 5,000 students, $6) after $5 ; and by adding at the end the following: In addition, the Secretary shall provide funds to assist small institutions of higher education, with enrollment rates of less than 5,000 students, with data collection, organization, and distribution of performance indicators and cohort repayment rates. .
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