On the recordJune 2, 2015
I rise to introduce the Need-Based Educational Aid Act of 2015, a bill that extends the Section 568 antitrust exemption for higher education institutions. I am pleased that Senator Leahy and Senator Lee are cosponsoring this bill. The Section 568 exemption enables colleges and universities to collaborate on need-blind financial aid policies. It allows these institutions to collaborate on a common formula for calculating a family's ability to pay for college, by permitting certain specific activities. The exemption was enacted in 1994, and since then has been reauthorized by Congress on three occasions. In addition, a 2006 GAO report found that the activities permitted by Section 568 did not result in harm to competition. Our bill would provide a 7-year extension for this exemption, and also remove one of the four previously permitted activities under the exemption that no school has ever used. By allowing financial aid professionals to work together in these ways, Section 568 provides increased access to higher education to low-income students, while preventing needless litigation over the development of principles for determining financial need. I am proud to introduce this important, bipartisan bill, which will ensure these benefits remain available for students and will encourage access to higher education for years to come. I thank my colleagues, Senators Leahy and Lee, for their support of this effort. Mr.…
