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    "ocrText": "105\nHOUSE BILL\nSENATE BILL\nCOMMENTS\nI\nSubtitle B-Cost Sharing by States\nI\nCHAPTER 4-COST SHARING BY STATES\n2\nSEC. 4101. COST SHARING BY STATES.\n2 SEC. 12061. COST SHARING BY STATES.\n3\n(a) AMENDMENT-Section 428 of the Higher Edu-\n3\n(a) AMENDMENT.-Section 428 of the Higher Edu-\n4 cation Act of 1965 (20 U.S.C. 1001 et seq.) is amended\n4 cation Act of 1965 (20 U.S.C. 1078) is amended by add-\n5 by adding at the end thereof the following new subsection:\n5 ing at the end the following new subsection:\n6\n\"(n) STATE SHARE OF DEFAULT COSTS.-(1) In the\n6\n\"(n) STATE SILARE OF DEFAULT COSTS.—\n7 case of any State in which there are located any institu-\n7\n\"(1) IN GENERAL.-In the case of any State in\n8 tions of higher education with cohort default rates that\n8\nwhich there are located any institutions of higher\n9 exceed 20 percent, such State shall pay to the Secretary\n9\neducation with cohort default rates that exceed 20\n10 an amount equal to-\n10\npercent, such State shall pay to the Secretary an\n11\n\"(A) the new loan volume attributable to all in-\n11\namount equal to-\n12\n\"(A) the new loan volume attributable to\n12\nstitutions in the State for the current fiscal year,\n13\nall institutions in the State for the current fis-\n13\nmultiplied by\n14\ncal year; multiplied by\n14\n\"(B) the percentage specified in paragraph (2).\n15\n\"(B) the percentage specified in paragraph\n15\nmultiplied by\n\"(C) the quotient of-\n16\n(2); multiplied by\n16\n\"(i) the sum of the amounts calculated\n17\n\"(C) the quotient of-\n17\nunder paragraph (3) for each such institution\n18\n\"(i) the sum of the amounts cal-\n18\nin the State. divided by\n19\nculated under paragraph (3) for each such\n19\n\"(ii) the total amount of loan volume at-\n20\ninstitution in the State; divided by\n20\ntributable to current and former students of in-\n21\n\"(ii) the total amount of loan volume\n21\nstitutions located in that State entering repay-\n22\nattributable to current and former stu-\n22\nment in the period used to calculate the cohort\n23\ndents of institutions located in that State\n23\ndefault rate.\n24\nentering repayment in the period used to\n24\n\"(2) For purposes of paragraph (1)(B), the percent-\n25\ncalculate the cohort default rate.\n25\n26\n\"(2) PERCENTAGE.-For purposes of para-"
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