FL S0880

Requires institutions to maintain federal student loan cohort default rates below 30 percent for 3 consecutive years or at or below 40 percent for any given year, with the Commission for Independent Education revoking licenses for institutions exceeding thresholds.

Makes institutions with excessive default rates ineligible to receive William L. Boyd, IV Florida Resident Access Grants and Access to Better Learning and Education Grants for incoming students until rates fall below threshold, with ineligibility lasting a minimum of 1 academic year.

Adds federal student loan cohort default rate as a minimum standard for evaluating institutions for licensure and requires the commission to deny annual license renewals for institutions whose rates exceed 30 percent.

Requires independent postsecondary educational institutions applying for licensure by accreditation to have federal student loan cohort default rates not exceeding 30 percent.

Incorporates federal student loan cohort default rates into performance funding calculations for both Florida College System institutions (industry certifications) and State University System institutions, effective July 1, 2015.