Higher Education Innovation Fund: Improving Access, Completion, and Student Success.
This Act establishes a new competitive grant program to boost access, retention, and career success in postsecondary education, particularly for high-need students (e.g., low-income, first-generation). It introduces innovative financing methods, such as 'Pay for Success' initiatives, where funding is contingent upon achieving specific, measurable outcomes. Citizens can expect more effective and targeted educational programs designed to reduce student debt and improve employment prospects.
Key points
New Innovation Grants: Colleges and partners can apply for funds to develop and scale evidence-based programs that help high-need students access and complete their studies.
Pay for Success Financing: Implementation of a mechanism where public funds are disbursed only after predetermined, positive outcomes are achieved (e.g., higher graduate earnings, lower debt).
Increased Accountability and Evaluation: The Act mandates rigorous, independent evaluation of all funded programs, measuring their impact on completion rates, employment outcomes, and student debt burden.
Support for Open Educational Resources (OER): Promotion of widely available instructional content, potentially lowering textbook costs for students.
Expired
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