New Higher Education Funding: Innovative Programs and Pell Grants
This act establishes a new system for evaluating and authorizing innovative educational programs, potentially opening federal Pell Grant funding to a wider range of courses and training. Citizens will gain access to new educational pathways assessed on real-world outcomes like employment and earnings after completion. Educational institutions will need to demonstrate effectiveness to maintain funding access, aiming to protect students from low-quality offerings.
Key points
New entities can authorize educational programs that are not necessarily traditional colleges but offer courses or certificates leading to specific skills or industry credentials.
Access to federal Pell Grant funding for students in these innovative programs, potentially reducing education costs.
Educational institutions will be evaluated based on student outcomes, such as completion rates, employment, and income growth, to ensure high-quality education.
Authorizing entities will share financial risk for defaulted student loans, encouraging responsible program authorization.
The changes introduced are temporary, expiring after 5 years, meaning their impact will be monitored and potentially adjusted in the future.
Expired
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