Section 1 Short title
This Act may be cited as the “85/15 Rule Act”.
85/15 Rule Act
A BILL
To amend the Higher Education Act of 1965 to require that proprietary institutions of higher education derive not less than fifteen percent of revenues from sources other than funds provided under title IV of such Act.
Sec. 2 85/15 Rule
Section 487(a)(24) of the Higher Education Act of 1965 (20 U.S.C. 1094(a)(24)) is amended by striking “ten” and inserting “fifteen”.
Sec. 3 Effective date
This Act shall take effect with respect to award year 2018–2019 and each succeeding award year.