This bill mandates that the Secretary of Higher Education must revoke the license of proprietary schools to award academic degrees if they do not meet specific graduation rate benchmarks. Specifically, a proprietary school must achieve a six-year graduation rate of at least 75 percent for full-time students in four-year degree programs and a three-year graduation rate of at least 75 percent for full-time students in two-year degree programs by the end of the sixth full academic year following the bill's effective date.

Additionally, the bill allows for some flexibility; if a proprietary school is not on track to meet these graduation rates after five years but is demonstrating sufficient progress, the Secretary may grant the school additional time to reach the required rates before revoking its license. This provision aims to encourage schools to improve their graduation outcomes while still holding them accountable for their performance.