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COLLEGE Act

12/19/2023, 11:00 PM

Summary of Bill S 3355

The College Options for Lifetime Learning and Employment (COLLEGE) Act, also known as Bill 118 s 3355, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to expand access to higher education and workforce training programs for individuals who may not have traditional educational backgrounds or who are looking to enhance their skills for better job opportunities.

The COLLEGE Act proposes several key provisions to achieve this goal. One of the main components of the bill is the establishment of a new grant program that would provide funding to community colleges, technical schools, and other institutions offering workforce training programs. This funding would be used to support the development of new programs, improve existing programs, and provide financial assistance to students in need.

Additionally, the COLLEGE Act aims to increase collaboration between educational institutions and employers to ensure that students are receiving the skills and training needed to succeed in the workforce. The bill encourages partnerships between schools and businesses to create apprenticeship programs, internships, and other opportunities for hands-on learning. Furthermore, the COLLEGE Act includes provisions to support non-traditional students, such as veterans, individuals with disabilities, and those who are re-entering the workforce after a period of unemployment. The bill seeks to remove barriers to education and training for these populations and provide additional support services to help them succeed. Overall, the COLLEGE Act is focused on expanding access to higher education and workforce training programs, particularly for individuals who may face barriers to traditional educational pathways. By investing in these programs and promoting collaboration between schools and employers, the bill aims to help more Americans obtain the skills and training needed to secure well-paying jobs and build successful careers.

Congressional Summary of S 3355

Changing Our Learning, Loans, Endowments, and Graduation Expectations Act or the COLLEGE Act

This bill requires institutions of higher education (IHEs) to provide cost-match awards to enrolled students based on the size of the IHE's endowment fund, makes IHEs responsible for a percentage of the student loan balance of students who are in default, and establishes related reporting requirements.

Specifically, the bill requires an IHE that has an endowment fund that is greater than $1 billion to pay the covered percentage of the cost of attendance for each full-time student enrolled at the IHE.

Additionally, the bill requires an IHE to remit to the Department of Education (ED) an annually increasing percentage of the loan balance of students who are in default.

The bill also establishes certain reporting requirements, including by requiring IHEs and ED to report certain metrics related to student debt and academic programs.

Current Status of Bill S 3355

Bill S 3355 is currently in the status of Bill Introduced since November 29, 2023. Bill S 3355 was introduced during Congress 118 and was introduced to the Senate on November 29, 2023.  Bill S 3355's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of November 29, 2023

Bipartisan Support of Bill S 3355

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 3355

Primary Policy Focus

Education

Alternate Title(s) of Bill S 3355

COLLEGE Act
COLLEGE Act
Changing Our Learning, Loans, Endowments, and Graduation Expectations Act
A bill to require institutions of higher education participating in Federal financial aid programs to pay a percentage of the cost of attendance for each enrolled full-time student, based on the endowment fund of the institution, and for other purposes.

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