Every college student, regardless of financial situation, wants a shot at the best education. Meanwhile, colleges and universities looking to attract the best and the brightest want to ensure that financial aid goes to those who need it most. I introduced a bipartisan bill earlier this year to remove barriers to making this possible. Just last week, President Obama signed into law my Need-Based Educational Aid Act of 2015.
For more than 20 years, colleges and universities that admit students based on academic merit have been able to collaborate with each other on the formula they use to determine a family’s ability to pay for college, thanks to an exemption to current anti-trust law. The agreement helps to ensure that prospective students who excel in the classroom are admitted to colleges based on their academic performance instead of their ability to pay for tuition. In turn, the colleges agree to award financial aid based only on the students’ needs.
The law that allows this collaboration among colleges and universities is set to expire in September, so I introduced the Need-Based Educational Aid Act of 2015 to preserve this important agreement for years to come. It ensures that these colleges can work together to channel financial assistance to those who need it most, free from needless antitrust litigation. The bill passed the Senate and the House of Representatives without opposition. I’m grateful for my colleagues’ support of this bill to ensure hardworking students have a chance at a great education, regardless of their financial situation.