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College Cost Reduction Act

H.R. 6951 Rep. Virginia Foxx (R-NC-5) In committee
Bill text PDF
  1. Introduced Jan 11
  2. Committee Jan 11
  3. Passed House Next
  4. Passed Senate Not yet
  5. To President Not yet
  6. Law Not yet
Where it stands
In committee, Jan 11, 2024Next: House vote
709d ago Nov 18, 2024: Placed on the Union Calendar, Calendar No. 624.
Final votes
No roll callsNo recorded vote on this bill yet
Lobbying
2companies, 3 filings
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Member trades
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Companies lobbying on this bill

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Financials 1Industrials 1
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Summary

The College Cost Reduction Act aims to lower the cost of postsecondary education for students and families by increasing transparency in college costs and financial aid, modifying financial aid programs, and enhancing accountability for institutions and accreditors.

Title I, Transparency: This title defines key terms like CIP code and credential level, requires a standard financial aid offer form, updates the College Scorecard website to include program-level cost and outcome data, establishes a secure postsecondary student data system to track enrollment and completion, and prohibits a federal database of individual student information except for existing systems.

Title II, Access and Affordability: This title changes how financial need is calculated, basing it on the median cost of a student's program rather than the institution's cost of attendance. It caps Federal Pell Grants at the median cost of the student's program, terminates the Leveraging Educational Assistance Partnership Program after 2026, and replaces it with a new Promise Grants program. It also sets new loan limits for graduate students, offers borrowers only two repayment plans (standard 10-year or a repayment assistance plan), allows loan rehabilitation twice instead of once, prohibits interest capitalization on certain loans, and repeals loan origination fees for loans disbursed on or after July 1, 2024.

Title III, Accountability and Student Success: This title requires institutions to pay annual reimbursements to the Secretary based on student loan non-repayment, repeals the 90/10 rule and gainful employment regulations, limits the Secretary's authority to issue economically significant regulations that increase subsidy costs, and preempts state laws on federal student loan servicing. It updates accrediting agency recognition criteria, modifies the National Advisory Committee on Institutional Quality and Integrity, and authorizes an experimental site initiative allowing institutions to operate without traditional accreditation. It also establishes postsecondary student success grants based on completion rates, allows reverse transfer of credits with student consent, and prohibits institutions from denying credit transfers solely based on the source of accreditation.

Summary of the bill text as reported in House (Nov 18, 2024), generated by SecBot from the official bill text; the Library of Congress summary is not yet published.

Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.