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S. 4348Senate119th Congress (2025-2027)In Committee

PARITY Act

Sponsored by Jim BanksSen. Jim Banks (R-IN)
Introduced April 20, 2026

AI-Generated Summary

Updated April 29, 2026 at 9:46 AM UTC

The PARITY Act would eliminate the "90/10 rule" that limits how much federal student aid for‑profit colleges can receive from non‑federal sources. By removing this restriction, the bill changes the funding rules that apply to proprietary schools that participate in Title IV financial aid programs, affecting those schools and the students who attend them.

Key Provisions

  • Repeals paragraph (24) of subsection (a) of Section 487 of the Higher Education Act, which contains the 90/10 rule for proprietary schools.
  • Repeals subsection (d) of Section 487, which also relates to the 90/10 rule.

Legislative Activity

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SenateIntro Referral Latest Action

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Health, Education, Labor, and Pensions Committee

April 20, 2026

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SenateIntro Referral

Introduced in Senate

April 20, 2026

SenateIntro Referral

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Health, Education, Labor, and Pensions Committee

April 20, 2026

Bill Text

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Introduced in SenateIssued April 20, 2026

II

119th CONGRESS

2d Session

S. 4348

IN THE SENATE OF THE UNITED STATES

April 20, 2026

Mr. Banks introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions

A BILL

To repeal the 90/10 rule as it pertains to proprietary schools under title IV of the Higher Education Act of 1965.

1.

Short title

This Act may be cited as the Promoting Access and Revenue Integrity Through Institutional Transparency Act or the PARITY Act.

2.

Regulatory relief

Section 487 of the Higher Education Act of 1965 (20 U.S.C. 1094) is amended—

(1)

in subsection (a), by repealing paragraph (24); and

(2)

by repealing subsection (d).