S 4348
PARITY Act
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Bill overview
The PARITY Act seeks to eliminate the ‘90/10 rule’ which currently restricts the amount of federal financial aid proprietary schools can receive. This rule requires these schools to receive no more than 90% of their revenue from federal student aid. By repealing specific sections of the Higher Education Act, the bill aims to provide greater flexibility and funding opportunities for these institutions. The goal is to increase access to higher education by potentially allowing more schools to participate in federal aid programs.
Key provisions
- Repeals paragraph (24) of section 487 of the Higher Education Act.
- Repeals subsection (d) of section 487 of the Higher Education Act.
- Addresses funding for proprietary schools under Title IV of the Higher Education Act.
- Aims to increase funding for proprietary schools.
- Changes regulations related to federal student aid distribution.
Who is affected
- Proprietary Schools
- Students seeking higher education
- Federal Student Aid Programs
- The Department of Education
Notable changes
- Eliminates the 90/10 rule for proprietary schools.
- Modifies regulations governing federal student aid distribution to these schools.
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119th CONGRESS — 2d Session
S. 4348
IN THE SENATE OF THE UNITED STATES
A BILL
To repeal the 90/10 rule as it pertains to proprietary schools under title IV of the Higher Education Act of 1965.
This Act may be cited as the Promoting Access and Revenue Integrity Through Institutional Transparency Act PARITY Act
or the
.
Section 487 of the Higher Education Act of 1965 (20 U.S.C. 1094) is amended—
in subsection (a), by repealing paragraph (24); and
by repealing subsection (d).