12 2 STA T .3 1 0 0 PUBLIC LA W 110 – 31 5— AU G .1 4, 200 8‘ ‘ (5)Two-yearp r iv a t e ,n onpro f it in s tit u tions of h i g her e d u- c ation . ‘‘( 6 ) Two-year private, for-profit institutions of higher edu- cation. ‘‘( 7 ) L ess than two-year pu bl ic institutions of higher edu- cation. ‘‘( 8 ) Less than two-year private, nonprofit institutions of higher education. ‘‘( 9 ) Less than two-year private, for-profit institutions of higher education. ‘‘(e) REPORTSBYIN ST I T U TIONS. — ‘‘( 1 ) REPORT TO SE C RET A RY.—If an institution of higher education is included on a list described in subparagraph ( C ) or( D ) of subsection (c)(1), the institution shall sub m it to the S ecretary a report containing the following information
‘‘( A ) A description of the ma j or areas in the institution ’ s budget with the greatest cost increases. ‘‘( B )Ane x planation of the cost increases described in subparagraph (A). ‘‘(C) A description of the steps the institution will ta k e toward the goal of reducing costs in the areas described in subparagraph (A). ‘‘(D) In the case of an institution that is included on the same list under subparagraph (C) or (D) of sub- section (c)(1) for two or more consecutive years, a descrip- tion of the progress made on the steps described in subpara- graph (C) of this paragraph that were included in the institution’s report for the previous year. ‘‘( E ) If the determination of any cost increase described in subparagraph (A) is not within the exclusive control of the institution— ‘‘(i) an explanation of the extent to which the institution participates in determining such cost increase
‘‘(ii) the identification of the agency or instrumen- tality of State government responsible for determining such cost increase; and ‘‘(iii) any other information the institution con- siders relevant to the report. ‘‘( 2 )IN F OR M ATION TO T H E PUB L IC.—The Secretary shall— ‘‘(A) issue an annual report that summari z es all of the reports by institutions re q uired under paragraph (1) to the authorizing committees; and ‘‘(B) publish such report on the College N avigator website. ‘‘(f) E X EMPTIONS.— ‘‘(1) IN G ENERAL.—An institution shall not be placed on a list described in subparagraph (C) or (D) of subsection (c)(1), and shall not be subject to the reporting required under sub- section (e), if the dollar amount of the institution’s increase in tuition and fees, or net price, as applicable, is less than $ 6 0 0 for the three-year period described in such subparagraph. ‘‘(2) U P D ATE.—Beginning in 201 4 , and every three years thereafter, the Secretary shall update the dollar amount described in paragraph (1) based on annual increases in infla- tion, using the Consumer P rice Index for each of the three most recent preceding years. Ef f ectiv e da te .D ead l i n e.
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