Bill > S4701

This bill, the Protecting Our Students and Taxpayers (POST) Act of 2024, amends the Higher Education Act of 1965 to establish a new "85/15 rule" for proprietary institutions of higher education. The rule requires these institutions to derive at least 15% of their revenue from sources other than federal education assistance funds, such as tuition, fees, and certain job training contracts. The bill also provides definitions for key terms like "alternative financing arrangement" and "federal education assistance funds," and lays out specific requirements for how institutions must calculate their non-federal revenue. Additionally, the bill repeals the existing "90/10 rule" and makes conforming changes to related provisions in the Higher Education Act. The amendments made by this bill will take effect on July 1, 2025.