This bill expands student eligibility for Pell Grants by establishing the Workforce Pell Grant Program. The bill also places conditions on certain private educational institutions.
Specifically, the bill requires the Department of Education (ED) to award Workforce Pell Grants to students enrolled in eligible workforce programs. Eligible programs are those that provide at least 150 clock hours (but less than 600 clock hours) of instruction during a minimum of 8 weeks (but less than 15 weeks).
A state workforce development board must first make a determination that the program (1) provides education aligned with the requirements of high-skill, high-wage, or in-demand industry sectors or occupations; (2) meets the hiring requirements of potential employers; and (3) satisfies any applicable educational prerequisite requirement for professional licensure or certification in the state or states in which the program is offered.
Furthermore, an eligible program must lead to a recognized postsecondary credential that is portable across multiple employers and accepted toward requirements for a certificate or degree, as determined by an accrediting agency or association recognized by ED.
Next, ED must determine if a program meets verified completion and job placement rates.
ED must also collect and publish information regarding eligible workforce programs.
The bill also places certain conditions on private educational institutions that are subject to an excise tax (also known as the endowment tax) on their net investment income. For example, the bill prohibits these institutions from awarding federal student loans to eligible students.
