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.