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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 Aug. 7, 2015.

(This measure has not been amended since it was introduced. The expanded summary of the Senate reported version is repeated here.)

Need-Based Educational Aid Act of 2015

(Sec. 2) This bill amends the Improving America's Schools Act of 1994 to extend through FY2022 the antitrust exemption that allows institutions of higher education that admit all students on a need-blind basis to enter or attempt to enter into agreements among themselves regarding the administration of need-based financial aid.

The bill also, however, repeals the permission for these institutions to exchange through an independent third party, before awarding financial aid to any of the students, data submitted by the student, his or her family, or a financial institution on their behalf relating to assets, liabilities, income, expenses, the number of family members, and the number of the student's siblings in college, if each of the institutions is permitted to retrieve the data only once with respect to the student.