A bill to amend the Higher Education Act of 1965 to support innovative, evidence-based approaches that improve the effectiveness and efficiency of postsecondary education for all students, to allow pay for success initiatives, to provide additional evaluation authority, and for other purposes.

Bill 118 s 5594, also known as the "Higher Education Innovation Act," aims to make changes to the Higher Education Act of 1965 in order to enhance the quality and accessibility of postsecondary education for all students. The bill focuses on promoting innovative and evidence-based approaches that can improve the effectiveness and efficiency of higher education.

One key aspect of the bill is the support for pay for success initiatives, which are programs that provide funding based on the success of achieving predetermined outcomes. This incentivizes institutions to focus on improving student outcomes and ensures that taxpayer dollars are being used effectively.

Additionally, the bill grants additional evaluation authority to ensure that programs and initiatives are being properly assessed for their impact on student success. This will help to identify what works and what doesn't in higher education, allowing for more informed decision-making and resource allocation. Overall, the Higher Education Innovation Act seeks to modernize and improve the higher education system in the United States by encouraging innovation, evidence-based practices, and accountability. It aims to ensure that all students have access to high-quality postsecondary education that prepares them for success in the workforce and in life.