Sec. 7. Agreements with applicable educational institutions
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/bill/118/hr/6585/rh/section-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 454(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1087d(a) ) is amended— in paragraph (5), by striking and after the semicolon; by redesignating paragraph
(6)as paragraph (7); and by inserting after paragraph
(5)the following: notwithstanding any other provision of this Act, for the award year beginning on July 1, 2024, and each subsequent award year, if such institution is an applicable educational institution that is an organization subject to taxation under section 4968 of the Internal Revenue Code of 1986, provide that such institution may not award— a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, or a Federal Direct Plus Loan to any eligible student; or a Federal Direct Plus Loan to a parent of an eligible dependent undergraduate student if such student is eligible for a Federal Pell Grant. ; and Section 413C(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1070b–2(a) ) is amended— in paragraph (3), by redesignating subparagraphs
(A)through
(D)as clauses
(i)through (iv), respectively; by redesignating paragraphs
(1)through
(3)as subparagraphs
(A)through (C), respectively; in the matter preceding subparagraph (A), as so redesignated, by striking Assistance may and inserting Assistance may ; and by adding at the end the following: In addition to the requirements under paragraph (1), for the award year beginning on July 1, 2024 and each subsequent award year, an institution that is an applicable educational institution that is an organization subject to taxation under section 4968 of the Internal Revenue Code of 1986, may only receive assistance under this subpart if such institution guarantees that, for each such award year— the total amount of grants and scholarships, including other financial assistance not received under this title as defined in section 480(i), awarded to a student who receives a Federal Pell Grant under this title shall not be less than the student’s cost of attendance (as defined in section 472); and the percentage of students enrolled at such institution who are eligible for a Federal Pell grant will be equal to or greater than the percentage of students who were enrolled at such institution and were eligible for a Federal Pell grant in the award year during which the Bipartisan Workforce Pell Act was enacted. .
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- 20 USC 1070b–2(a)
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