Students Before Profits Act of 2015

Summary

Students Before Profits Act of 2015 This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require the Department of Education (ED) to recalculate the cohort default rate and redetermine title IV eligibility for an institution of higher education (IHE) that engages in default manipulation. ED may impose enhanced civil penalties and sanctions on IHEs and officers for substantial misrepresentation or other serious violations of title IV requirements. The bill requires ED to establish the Student Relief Fund, financed by civil penalties, to provide financial relief to students enrolled in an IHE that is sanctioned or fails to comply with title IV requirements. If ED takes an enforcement action (e.g., heightened financial oversight) against a proprietary (i.e., for-profit) IHE, then ED may hold the executive officer of such proprietary IHE personally liable for financial losses related to the enforcement action. Additionally, ED may pursue claims against an IHE's executive officers and board of directors to recover discharged federal student loans. A proprietary IHE must, as a condition of continued eligibility to participate in title IV programs, prohibit an individual who defrauds students from being a member of the board of directors or an executive officer of the institution.

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Timeline

1. 29 September 2015

   Introduced

   Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

   Source: IntroReferral

2. 29 September 2015

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 29 September 2015 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 29 September 2015

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 29 September 2015

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 29 September 2015

  Open at official source

Sponsors

• Christopher Murphy · D · Sponsor
• Richard Durbin · D · Sponsor
• Elizabeth Warren · D · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Richard Blumenthal · D · Sponsor
• Sen. Franken, Al [D-MN] · D · Cosponsor
• · sshr00 · Standing

Related records

• related to → Students Before Profits Act of 2017
• related to ← Students Before Profits Act of 2015