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COLLEGE Act
12/19/2023, 11:00 PM
Summary of Bill S 3355
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.
