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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Apr 20, 2021.
For-Profit College Conversion Accountability Act
This bill establishes certain criteria that an institution of higher education (IHE) must meet to be eligible for conversion from a for-profit IHE to a nonprofit IHE.
An IHE seeking conversion must submit an application to the Department of Education (ED). The application must demonstrate, among other requirements, that the IHE is operated by one or more nonprofit corporations or associations. Before approving the conversion, ED must publish the application in the Federal Register for notice and comment. Upon approval, the IHE must be regulated as a for-profit IHE for a five-year transition period.
ED must also establish an office to carry out the requirements of this bill.