FL H0123

Requires institutions under the Commission for Independent Education to provide each student an accurate disclosure statement at least 1 week before enrollment, including institution purpose, licensure status, accreditation, fee schedule, credit transferability, and career requirement limitations.

Institutions must maintain a federal student loan cohort default rate below 30 percent for 3 consecutive years or at or below 40 percent annually; those exceeding these rates become ineligible for state grant payments (Boyd Grant, ABLE Grant, student assistance grants) and the Commission shall revoke their license until rates fall below the threshold.

Establishes minimum standards for institutional licensure evaluation to include federal student loan cohort default rate, and requires the Commission to deny license renewal for institutions whose default rate exceeds 30 percent.

Independent postsecondary institutions applying for licensure by accreditation must demonstrate a federal student loan cohort default rate not exceeding 30 percent.

Performance funding for Florida College System institutions and State University System institutions must consider each institution's federal student loan cohort default rate in calculations; effective July 1, 2016.