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Protecting Students and Taxpayers: New Funding Rules for Private Colleges

This act changes funding rules for private higher education institutions to protect students and taxpayers. It introduces new requirements for these institutions' revenue sources, limiting their reliance on federal assistance funds. The goal is to ensure these schools are more financially stable and offer better quality education.
Key points
Private colleges must now get at least 15% of their revenue from non-federal sources, reducing the risk of misuse of public funds.
The definition of federal education assistance funds is broadened to include most forms of support, excluding monthly housing stipends for veterans.
Detailed rules for calculating revenue are introduced, excluding certain loans and internal scholarships, to ensure greater transparency.
The Secretary will regularly report to Congress on private colleges' revenue sources, increasing oversight of public money spending.
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Additional Information
Print number: 117_S_383
Sponsor: Sen. Durbin, Richard J. [D-IL]
Process start date: 2021-02-23
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

POST Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_383.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-02-23.

What are the main provisions?

Key points include:

  • Private colleges must now get at least 15% of their revenue from non-federal sources, reducing the risk of misuse of public funds.
  • The definition of federal education assistance funds is broadened to include most forms of support, excluding monthly housing stipends for veterans.
  • Detailed rules for calculating revenue are introduced, excluding certain loans and internal scholarships, to ensure greater transparency.
  • The Secretary will regularly report to Congress on private colleges' revenue sources, increasing oversight of public money spending.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Durbin, Richard J. [D-IL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Education