Duval Times

WASHINGTON, D.C. – Today, Senator Rick Scott announced the reintroduction of his Changing Our Learning, Loans, Endowments, and Graduation Expectations (COLLEGE) Act to address the rising cost of education and ensure that universities are held accountable for the outcomes of their students. The legislation aims to force universities to take more responsibility in preparing students for successful careers and to combat the skyrocketing price of education.

Senator Scott emphasized the need for universities to prioritize students and families over their own financial gain. He stated, "Right now, universities are raking in BILLIONS from federal taxpayers while sitting on massive endowments & doing nothing to combat disgusting anti-Semitism on their campuses. That is unacceptable." He further added, "If we want real results that improve student performance, boost post-graduation job placement, and keep tuition affordable, we need to do the hard work of actually holding colleges and universities responsible for the outcomes of their students and accountable to the American taxpayer."

The COLLEGE Act proposes several measures to achieve these goals. Firstly, it holds institutions accountable for student loan debt. Under the act, universities would be responsible for a percentage of the loan balance of students who are in default. The percentage increases over time, creating an incentive for universities to ensure that students are prepared for careers and not burdened with insurmountable debt.

In addition, the COLLEGE Act introduces reporting requirements for universities. The Secretary of Education would publish metrics such as the graduation rate, employment rate, and cost to graduate for each academic program. These metrics aim to create accountability and ensure that higher education institutions are effectively preparing students for the job market.

Furthermore, the act addresses the issue of university endowments. Universities with endowments would be required to report the size and growth of their endowments. Additionally, they would need to provide a cost-match for federal financial student aid awards based on the size of the endowment. The larger the endowment, the higher the match the university must provide. This measure ensures that university endowments benefit students first and contribute to reducing the financial burden of education.

Senator Scott's commitment to affordable and accessible higher education is not new. As Governor of Florida, he successfully fought to keep tuition at public colleges and universities affordable and challenged institutions to reduce costs for students. His efforts resulted in Florida's higher education system being named the best in the country in 2017.

The reintroduction of the COLLEGE Act continues Senator Scott's significant efforts to address the challenges facing higher education. By holding universities accountable for student debt, implementing reporting requirements, and ensuring that university endowments benefit students, the act aims to improve student performance, job placement, and affordability in higher education.

In conclusion, Senator Rick Scott's reintroduction of the COLLEGE Act reflects his dedication to improving the outcomes of higher education for students and families. The proposed measures seek to address the rising cost of education and hold universities accountable for preparing students for successful careers. As the debate on the future of higher education continues, the COLLEGE Act presents a comprehensive approach to ensuring that universities prioritize the needs of their students.

To find out more, go to this link: https://www.rickscott.senate.gov/2023/11/sen-rick-scott-reintroduces-college-act-to-hold-universities-accountable-for-skyrocketing-tuition-costs