Bill > HR3992

This bill, the Students Before Profits Act of 2015, aims to strengthen oversight and accountability for institutions of higher education participating in federal student aid programs. Key provisions include improving the accuracy of "cohort default rates" (a measure of how many students at an institution default on their federal student loans), by recalculating these rates if an institution is found to have engaged in "default manipulation," which refers to deceptive practices like shifting campuses or consolidating student loan data to artificially lower these rates. The bill also introduces enhanced civil penalties for institutions that engage in "substantial misrepresentation" (e.g., lying about job prospects or program quality) or other serious violations, with penalties potentially tied to the institution's "student default risk" (a calculation combining the cohort default rate and the percentage of students receiving federal loans). Furthermore, it establishes personal liability for officers and executives of institutions who knowingly or negligently violate federal education laws, and allows for the withholding of funds or termination of an institution's eligibility if it fails to comply with program requirements. Finally, the bill creates a "Student Relief Fund" to provide financial assistance to students affected by institutional misconduct, funded by penalties collected from institutions.