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VICE PRESIDENT FOR BUSINESS AFFAIRS

 

Higher Education Opportunity Act

Section

Section Title

Purpose



435
Consumer education information Part B (20 U.S.C. 1071 et seq.) is amended by inserting after section 433 (20 U.S.C. 1083) the following:
``SEC. 433A. 
    ``(a) In General.--Each guaranty agency participating in a program under this part, working with the institutions of higher education served by such guaranty agency, shall develop and make available high-quality educational programs and materials to provide training for students and families in budgeting and financial management, including debt management and other aspects of financial literacy, such as the cost of using high interest loans to pay for postsecondary education, particularly as budgeting and financial management relates to student loan programs authorized by this title. Such programs and materials shall be in formats that are simple and understandable to students and families, and shall be provided before, during, and after the students' enrollment in an institution of higher education. The activities described in this section shall be considered default reduction activities for the purposes of section 422.
    ``(b) Rule of Construction.--Nothing in this section shall be construed to prohibit--
          ``(1) a guaranty agency from using existing activities, programs, and materials in meeting the requirements of this section;
          ``(2) a guaranty agency from providing programs or materials similar to the programs or materials described in subsection (a) to an institution of higher education that provides loans exclusively through part D; or
         ``(3) a lender or loan servicer from providing outreach or financial aid literacy information in accordance with subsection (a).''

824
Disaster and emergency relief loan program.   ``(a) Program Authorized.--The Secretary, in consultation with the Secretary of Homeland Security, is authorized to establish an Education Disaster and Emergency Relief Loan Program for institutions of higher education impacted by a major disaster or emergency declared by the President.
    ``(b) Use of Assistance.--The Secretary shall, subject to the availability of appropriations, provide loans under this section to institutions of higher education after the declaration of a major disaster or emergency by the President. Loan funds provided under this section may be used for construction, replacement, renovation, and operations costs resulting from a major disaster or emergency declared by the President.
    ``(c) Application Requirements.--To be considered for a loan under this section, an institution of higher education shall--
            ``(1) submit a financial statement and other appropriate data, documentation, or evidence requested by the Secretary that indicates that the institution incurred losses resulting from the impact of a major disaster or emergency declared by the President, and the monetary amount of such losses;
            ``(2) demonstrate that the institution had appropriate insurance policies prior to the major disaster or emergency and filed claims, as appropriate, related to the major disaster or emergency; and
            ``(3) demonstrate that the institution attempted to minimize the cost of any losses by pursuing collateral source compensation from the Federal Emergency Management Agency prior  to seeking a loan under this section, except that an institution of higher education shall not be required to receive collateral source compensation from the Federal Emergency Management Agency prior to being eligible for a loan under this section.

823
Disasters Plan: Preparation for future disasters plan by the secretary. ``The Secretary shall continue to coordinate with the Secretary of Homeland Security and other appropriate agencies to develop and maintain procedures to address the preparedness, response, and recovery needs of institutions of higher education in the event of a natural or manmade disaster with respect to which the President has declared a major disaster or emergency (as such terms are defined in section 824).”

822
Emergency response policies, procedures, and practices. ``The Secretary, in consultation with the Attorney General and the Secretary of Homeland Security, shall continue to--
        ``(1) advise institutions of higher education on model emergency response policies, procedures, and practices; and
        ``(2) disseminate information concerning those policies, procedures, and practices."

119
Federal Funds, Prohibited Uses

(a) Prohibition.--No Federal funds received under the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.) by an institution of higher education or other postsecondary educational institution may be  used to pay any person for influencing or attempting to influence an officer or employee of any agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in connection with any Federal action described in subsection (b).
(b) Applicability.--The prohibition in subsection (a) applies with respect to the following Federal actions:
       (1) The awarding of any Federal contract.
       (2) The making of any Federal grant.
       (3) The making of any Federal loan.
       (4) The entering into of any Federal cooperative agreement.
       (5) The extension, continuation, renewal, amendment, or  modification of any Federal contract, grant, loan, or cooperative agreement.
(c) Lobbying and Earmarks.--No Federal student aid funding under the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.) may be used to hire a registered lobbyist or pay any person or entity for securing an earmark.
(d) Certification.--Each institution of  higher education or other postsecondary educational institution receiving Federal funding under the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.), as a condition for receiving such funding, shall annually certify to the Secretary of Education that the requirements of subsections (a) through (c) have been met.
(e) Actions To Implement and Enforce.--The Secretary of Education shall take such actions as are necessary to ensure that the provisions of this section are implemented and enforced.

120
Institution and lender reporting
and disclosure requirements
DEFINITIONS.
“(2) Covered institution.--The term `covered institution' means any institution of higher education, as such term is defined in section 102, that receives any Federal funding or assistance.
``(3) Education loan.--The term `education loan' (except when used as part of the term `private education loan') means-- 
     ``(A) any loan made, insured, or guaranteed under part B of title IV;
    ``(B) any loan made under part D of title IV; or
     ``(C) a private education loan.
``(8) Preferred lender arrangement.--The term `preferred lender arrangement'—
     ``(A) means an arrangement or agreement between a lender and a covered institution or an institution-affiliated organization of such covered institution—
       ``(i) under which a lender provides or otherwise issues education loans to the students attending such covered institution or the families of such students; and 
``(ii) that relates to such covered institution or such institution-affiliated organization recommending, promoting, or endorsing the education loan products of the lender; . . .”

1103
Study on IPEDS. The Comptroller General of the United States shall--      
(1) conduct a study on the time and cost burdens to institutions of higher education associated with completing the Integrated Postsecondary Education Data System (referred to in this section as the ``IPEDS'') survey, which shall--
                (A) report on the time and cost burden of completing  the IPEDS survey for four-year, two-year, and less than two-year institutions of higher education;
                (B) present recommendations for reducing such burden; and
                (C) report on the feasibility of collecting additional data from institutions for use in IPEDS  including information on the percentage of enrolled undergraduate students who graduate within two years (in the case of two-year institutions), and four, five, and six years (in the case of two- and four-year institutions), disaggregated by race and ethnic  background and by income categories; . . .

152

Responsibilities of covered
institutions, institution-
affiliated organizations,
and lenders. 

``(a) Responsibilities of Covered Institutions and Institution-Affiliated Organizations.--
       ``(1) Disclosures by covered institutions and institution-affiliated organizations.--
              ``(A) Preferred lender arrangement disclosures.--In addition to the disclosures  required by subsections (a)(27) and (h) of section 487 (if applicable), a covered institution, or an institution-affiliated organization of such covered institution, that participates in a preferred lender arrangement shall disclose--
                       ``(i) on such covered institution's or institution-affiliated organization's website and in all informational materials described in subparagraph (C) that describe or discuss education loans-- . . .
               ``(B) Private education loan disclosures.--A covered institution, or an institution-affiliated organization of such covered institution, that provides information regarding a private education loan from a lender to a prospective borrower shall--
                      ``(i) provide the prospective borrower with  the information the Board of Governors of the Federal Reserve System requires to be disclosed under section 128(e)(1) of the Truth in Lending Act (15 U.S.C. 1638(e)(1)) for such loan; . . .
        ``(C) Informational materials.--The informational materials described in this subparagraph are publications, mailings, or electronic messages or materials that--
                        ``(i) are distributed to prospective or current students of a covered institution and families of such students; and
                        ``(ii) describe or discuss the financial aid opportunities available to students at an institution of higher education.. . ."