This bill creates new accountability measures for colleges and universities that participate in federal student loan programs. The legislation introduces an "adjusted cohort default rate" that factors in the percentage of students borrowing federal loans and excludes students in extended forbearance, providing a more accurate picture of institutional loan repayment performance than the current cohort default rate. Colleges with adjusted default rates between 10 and 15 percent receive a "progress period status" warning, while those exceeding 20 percent for three consecutive years face loss of federal financial aid eligibility for three years, though certain public and nonprofit institutions serving low-income students receive temporary transition exceptions. The bill also establishes a new grant program to provide technical assistance and funding to institutions on progress period status, with award amounts to be determined through a formula developed by the Secretary of Education within one year, requiring colleges to meet student achievement benchmarks to continue receiving support for up to three years.