(a) Amendment

Section 132 of the Higher Education Act of 1965 (20 U.S.C. 1015a) is amended by striking subsections (a) through (j) and inserting the following:

(a) Definitions

In this section:

(1) College scorecard website

The term College Scorecard website means the College Scorecard website required under subsection (b) and includes any successor website.

(2) Cost of attendance

The term cost of attendance has the meaning given such term in section 472(a).

(3) Required costs

The term required costs means the sum of all the items listed in section 472(a) that are required by an institution of higher education for a program of study for the program length of a program of study, for the time to credential for a student, or for an award year of a program of study, as applicable, including—

(A)

the tuition and fees normally assessed a student enrolled in such program of study carrying the same academic workload, as determined by the institution; and

(B)

in a case in which the institution requires a student to reside in institutionally owned or operated housing or to use institutionally owned or operated food services, the applicable standard allowance for such housing or food services determined by the institution in accordance with section 472(a)(5).

(4) Amount of grant and scholarship aid

The term amount of grant and scholarship aid means the sum of all of the grant and scholarship aid that is available to the student for the program length of a program of study, for the time to credential for a student, or for an award year of a program of study, as applicable, that a student does not have to repay, including need-based, merit-based, or athletic-based, or another type of grant and scholarship aid, that is—

(A)

offered under title IV;

(B)

offered through other Federal programs;

(C)

offered by the institution;

(D)

offered by a State; or

(E)

offered by any other source.

(5) Net price required for completion

(A) Total net price required for completion

The term total net price required for completion means, with respect to a student in a program of study—

(i)

the required costs charged to such student for the program of study for the time to credential; minus

(ii)

the amount of grant and scholarship aid that is available to the student for such program for the time to credential.

(B) Annual net price required for completion

The term annual net price required for completion means, with respect to a student in a program of study—

(i)

the required costs charged to such student for the program of study for an award year; minus

(ii)

the amount of grant and scholarship aid that is available to the student for such program for such award year.

(6) Net price of attendance

(A) Total net price of attendance

The term total net price of attendance means, with respect to a student in a program of study, the sum of—

(i)

the total net price required for completion; and

(ii)

the sum, for the time to credential, of all the costs listed in section 472(a) that are not required costs.

(B) Annual net price of attendance

The term annual net price of attendance means, with respect to a student in a program of study, the net price of attendance for a specific year of the program of study, determined by disaggregating the total net price of attendance for the student by each year of the student’s time to credential.

(7) Program length

The term program length means the minimum amount of time in weeks, months, or years that is specified in the catalog, marketing materials, or other official publications of an institution of higher education for a full-time student to complete the requirements to obtain the degree or credential awarded for a specific program of study.

(8) Time to credential

The term time to credential means, with respect to a student, the actual amount of time in weeks, months, or years it takes the student to complete the requirements to obtain the degree or credential awarded for a specific program of study.

(b) Consumer information

(1) Availability of information for title iv institutions and programs

Not later than 18 months after the effective date of this subsection, the Secretary shall make publicly available on the College Scorecard website the following information with respect to students of the institution who have received Federal financial assistance described in paragraph (2)(I), for the most recent award year for which such information is available:

(A) Institutions

With respect to each institution of higher education that participates in a program under title IV, the following:

(i)

A link to the website of the institution.

(ii)

A link to the Universal Net Price calculator described in subsection (c) and, if applicable, a link to any net price calculator developed by the institution in accordance with paragraph (7) of such subsection.

(iii)

Information on the type of institution, including predominant and highest credential awarded, research intensity, and programs of study offered.

(iv)

In the case of an institution that requires scores for a college entrance examination (such as the SAT or ACT) to be submitted, data on such submitted scores.

(v)

The acceptance rate, determined by calculating the percentage of individuals who submitted a completed application to the institution who were accepted for enrollment.

(vi)

The institution’s cohort default rate, as defined under section 435(m).

(vii)

A link to the website of the institution containing the information on campus safety required to be collected under section 485(i).

(B) Institutions and programs of study

With respect to each such institution and to each program of study at each such institution, the following:

(i)

The geographic location.

(ii)

Information on student enrollment, including the number and percentage of students enrolled full-time, less than full-time, and enrolled in distance education.

(iii)

Information on the number of degree- or certificate-seeking undergraduate students who have transferred from another institution.

(iv)

Information on student progression and completion, including time to credential and rates of withdrawal, retention, transfer, or completion.

(v)

Information on college costs and financial aid, including—

(I)

the average, median, minimum, and maximum values of—

(aa)

the required costs for such award year (determined for an institution based on the required costs for all programs of study);

(bb)

the cost of attendance for such award year (determined for an institution based on the cost of attendance for all programs of study);

(cc)

the amount of grant and scholarship aid received by students for such award year (determined for an institution based on the amount of grant and scholarship aid received by students for all programs of study);

(dd)

the information described in item (cc) and subclause (II)(cc), disaggregated—

(AA)

by the type of source described in subparagraphs (A) through (E) of subsection (a)(4); and

(BB)

by whether such aid is need-based, merit-based, or athletic-based, or is another type of aid;

(II)

with respect to students who completed a credential during the most recent award year, the average, median, minimum, and maximum values of—

(aa)

the program length (determined for an institution based on the program length for all programs of study);

(bb)

the time to credential (determined for an institution based on the time to credential for all programs of study);

(cc)

the amount of grant and scholarship aid received for the time to credential (determined for an institution based on the amount of grant and scholarship aid received by students for all programs of study);

(dd)

the total net price required for completion (determined for an institution based on the total net price required for completion for all programs of study); and

(ee)

the total net price required for attendance (determined for an institution based on the total net price required for attendance for all programs of study);

(III)

the number and percentage of students receiving any amount of grant and scholarship aid for such award year, and with respect to students who completed a credential during the most recent award year, the number and percentage of such students receiving any amount of grant and scholarship aid for the time to credential;

(IV)

the average annual percentage change and average annual dollar change in the required costs for each of the three most recent academic years for which data are available; and

(V)

the average annual percentage change and average annual dollar change in the total and annual net price required for completion for each of the three most recent academic years for which data are available.

(vi)

Information on student debt and repayment, including—

(I)

the average, median, minimum, and maximum amounts borrowed by students under title IV;

(II)

information with respect to repayment of loans made under title IV, including borrower-based repayment rates, dollar-based repayment rates, and time spent in repayment; and

(III)

the number and percentage of students who—

(aa)

are borrowers of a loan made under title IV;

(bb)

are not borrowers of a loan made under title IV, but have at least one parent who is a borrower of a loan made under title IV on behalf of the student; and

(cc)

are borrowers of a loan made under title IV, and have at least one parent who is a borrower of a loan made under title IV on behalf of the student.

(vii)

Information on the earnings of students, including the average, median, minimum, and maximum values of—

(I)

with respect to students who complete a program of study in the most recent award year for which data are available—

(aa)

the annual earnings of such students; and

(bb)

the value-added earnings (as defined in section 481(b)(3)(A)(iv)) of such students; and

(II)

the annual earnings of students who were enrolled in a program of study at the institution during the most recent award year for which data are available, and who at the time the information is reported—

(aa)

have not completed such program of study; and

(bb)

are not enrolled at the institution in any program of study.

(C) Programs of study

With respect to each program of study at each such institution, the credential awarded for completion of the program of study.

(2) Disaggregated information

The Secretary shall ensure the information described in paragraph (1) is disaggregated, as applicable, by the following student characteristics:

(A)

Financial circumstances including—

(i)

household income categories, as determined by students’ and families’ adjusted gross income; and

(ii)

student aid index categories, as determined by the Secretary.

(B)

Sex.

(C)

Race and ethnicity.

(D)

Classification as a student with a disability.

(E)

Enrollment status, including part-time or full-time enrollment, and status as a distance education student.

(F)

Status as a first year, second year, third year, or subsequent year student, based on the number of years a student has been enrolled at the institution or in the program of study, as applicable.

(G)

Status as an in-district, in-State, or out-of-State student.

(H)

Status as an international student.

(I)

The type of Federal financial assistance received, including—

(i)

a Pell Grant;

(ii)

a loan made under title IV; and

(iii)

assistance described in section 131(f)(4) administered, sponsored, or supported by the Department of Defense or the Department of Veterans Affairs.

(J)

Status as a participant in a program described in section 116(b)(3)(A)(ii) of the Workforce Innovation and Opportunity Act (29 U.S.C. 3141(b)(3)(A)(ii)).

(3) Comparisons; access; privacy

The Secretary shall ensure that the College Scorecard website—

(A)

includes a method for users to easily compare institutions and programs, including in a manner that allows for such comparison based on—

(i)

the institutional and program information described in paragraph (1); and

(ii)

the student characteristics described in paragraph (2);

(B)

provides access to information in an electronic and downloadable format; and

(C)

complies with applicable Federal privacy statutes and uses appropriate statistical disclosure limitation techniques necessary to ensure that the data released to the public cannot be used to identify specific individuals, including with respect to disaggregated information under paragraph (2).

(4) Annual updates; adjustments

(A) Annual data

The Secretary shall annually update the data on the College Scorecard website required under this subsection.

(B) Adjustments

The Secretary may adjust the data required under subclauses (IV) and (V) of paragraph (1)(B)(v) using the Consumer Price Index if the Secretary determines such adjustment is necessary.

(5) Data collection

The Commissioner for Education Statistics shall continue to update and improve the Integrated Postsecondary Education Data System (referred to in this section as IPEDS), including the reporting of information by institutions and the timeliness of the data collected.

(c) Universal net price calculator

(1) Establishment

Not later than 18 months after the effective date of this subsection, the Secretary shall establish, on a dedicated website of the Department, a Universal Net Price Calculator that—

(A)

allows an individual to select one or more institutions of higher education and one or more programs of study offered by each selected institution for which estimates shall be calculated;

(B)

makes available to the individual, with respect to each selected institution and each selected program of study, the individual’s—

(i)

annual estimated net price required for completion for each year of expected enrollment based on the program length of a program of study, based on the average annual net price required for completion for similarly situated students (based on the individual’s information described in subparagraph (C)(iv)) for such institution or program for the most recent award year, adjusted in accordance with clauses (i) through (iii) of subparagraph (C);

(ii)

total estimated net price required for completion equal to the sum of the annual estimated net price required for completion for each year described in clause (i);

(iii)

annual estimated net price of attendance for each year of expected enrollment based on the program length of a program of study, based on the average annual net price of attendance for similarly situated students (based on the individual’s information described in subparagraph (C)(iv)) for such institution or program for the most recent award year, adjusted in accordance with clauses (i) through (iii) of subparagraph (C); and

(iv)

total estimated net price of attendance equal to the sum of the annual estimated net price of attendance for each year described in clause (iii);

(C)

with respect to calculating net price estimates as required by subparagraph (B)—

(i)

determines an estimated annual percentage change for each year for which a net price calculation is made, based on the annual percentage change in an institution’s or program’s required costs and other costs under section 472(a), as applicable, for the most recent three-year period for which such data are reported;

(ii)

provides the individual with the option to replace the estimated annual percentage change described in clause (i) with an alternative annual percentage change specified by the individual;

(iii)

in the case of an institution that offers a multi-year tuition or net price guarantee program, allow the individual to have net price estimates calculated based on the provisions of such guarantee program; and

(iv)

uses the individual’s information, based on—

(I)

the single set of questions developed by the Secretary in accordance with paragraph (2);

(II)

the student-level data elements reported by institutions in accordance with section 668.408 of title 34, Code of Federal Regulations (or successor regulations);

(III)

in the case of an individual who submits a Free Application for Federal Student Aid described in section 483, the contents of such application; and

(IV)

any additional information provided by the individual with respect to the individual’s grant and scholarship aid;

(D)

includes a method for users to easily compare institutions and programs; and

(E)

provides access to information in an electronic and downloadable format.

(2) Development of input questions

The Secretary shall develop a single set of questions for purposes of capturing the information specified in subsection (b)(2).

(3) Updates

(A) Data

The Secretary shall update the data on the Universal Net Price Calculator Website, as required under this subsection, not less than annually.

(B) Technology and format

The Secretary shall regularly assess the format and technology of the Universal Net Price Calculator website and make any changes or updates that the Secretary considers appropriate.

(4) Integration with other Federal financial aid resources

In accordance with subsection (d)(5) of section 483, the Secretary shall ensure that a website link or other means of accessing the Universal Net Price Calculator is included on the FAFSA website (or similar successor website).

(5) Interagency coordination

The Secretary, in consultation with each appropriate head of a department or agency of the Federal Government, shall ensure, to the greatest extent practicable, that any information related to higher education that is published by such department or agency is consistent with the information published on the Universal Net Price Calculator website.

(6) Consumer testing

In developing and maintaining the College Scorecard website and the Universal Net Price Calculator website, the Secretary, in consultation with each appropriate head of each appropriate department and agency of the Federal Government shall—

(A)

not later than 6 months after the date of the effective date of this subsection, and not less than once every 4 years thereafter, conduct consumer testing with appropriate persons, including current and prospective college students, family members of such students, institutions of higher education, and experts, to—

(i)

improve the usefulness and relevance of the College Scorecard website, with respect to the presentation of the consumer information collected pursuant to subsection (b); and

(ii)

ensure that the Universal Net Price Calculator website is usable and easily understandable and provides useful and relevant information to students and families; and

(B)

display prominently on such websites in simple, understandable, and unbiased terms for the most recent academic year for which satisfactory data is available, the categories of information described in paragraphs (1) and (2) of subsection (b) and paragraph (1)(B) of this subsection that were determined to be useful and relevant to students and families based on the consumer testing described in subparagraph (A).

(7) Use of net price calculator by institutions

Not later than two years after the date on which the Secretary makes the calculator developed under paragraph (1) available to institutions of higher education, each institution of higher education that receives Federal funds under title IV shall make publicly available on the institution’s website a net price calculator to provide to current and prospective students, families, and other consumers a student’s individual net price estimates at such institution of higher education. Such calculator may be a net price calculator developed—

(A)

by the Department pursuant to paragraph (1); or

(B)

by the institution of higher education, if the institution’s calculator includes, at a minimum, the same data elements included in the calculator developed under paragraph (1).

(8) Notice

A net price estimate calculated for an individual using the Universal Net Price Calculator under this subsection shall be accompanied by a clear and conspicuous notice—

(A)

stating that the estimate—

(i)

does not represent a final determination, or actual award, of financial assistance;

(ii)

shall not be binding on the Secretary, an institution of higher education, or a State; and

(iii)

may change;

(B)

stating that an individual must complete the Free Application for Federal Student Aid described in section 483 in order to be eligible for, and receive, an actual financial aid award that includes Federal grant, loan, or work-study assistance under title IV;

(C)

including a link to the website of the Department that allows individuals to access the Free Application for Federal Student Aid described in section 483; and

(D)

explaining that the net price estimate calculated for an individual using the Universal Net Price Calculator under this subsection may differ from the net price calculated for such individual using an institution’s net price calculator due to differences in data or methodology.

(b) Conforming amendment

Section 132 of the Higher Education Act of 1965 (20 U.S.C. 1015a) is further amended by redesignating subsections (k) and (l) as subsections (d) and (e), respectively.

(a) Cost of attendance of a program of study

(b) Program of study defined

Section 103 of the Higher Education Act of 1965 (20 U.S.C. 1003) is amended—

(c) Elimination of early estimator tool

Paragraph (4) of section 485E(b) of the Higher Education Act of 1965 (20 U.S.C. 1092f(b)) is repealed.

(d) Conforming amendments