Student Training and Education Metrics Act of 2019
This bill makes institutions of higher education (IHE) responsible for a percentage of the loan balance of students who are in default, and it requires IHEs and the Department of Education (ED) to report certain metrics related to student debt and academic programs.
Specifically, the bill requires an IHE to remit to ED an annually increasing percentage of the loan balance of students who are in default, up to 10% in the tenth year. Additionally, an IHE shall forfeit its eligibility to receive any federal funds if it raises the amount of tuition and fees above the amount charged for the 2019-2020 award year.
An IHE must collect, report to ED, and make publicly available certain statistics such as the (1) graduation rate for each academic program; (2) percentage of graduates who are employed full-time or continuing their education full-time one, three, and five years after graduating; and (3) cost to graduate with a degree for each academic program.
For each IHE, ED must annually report (1) the average amount of federal student loan debt owed by a student upon graduation; and (2) the rate of loan deferment, forbearance, default, and delinquency at certain intervals following graduation.
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