Bill > S662

This bill proposes to amend existing state law to establish new eligibility requirements for postsecondary educational institutions to receive state student financial aid, such as scholarships. Specifically, it mandates that institutions must demonstrate either a graduation rate of at least 30% for undergraduate students who complete their degrees within 150% of the expected time, including transfers, or an average three-year cohort default rate of no more than 20%. The cohort default rate refers to the percentage of students who default on their federal student loans. The Board of Higher Education will be responsible for creating rules and procedures to annually determine which institutions meet these criteria, including a process for institutions to appeal negative determinations, and will publicly post a list of eligible institutions on the department's website.