1. Short title This Act may be cited as the Proprietary Education Interagency Oversight Coordination Improvement Act . 2. Definitions In this Act: (1) Accrediting agency The term accrediting agency means a private educational association that acts as a reliable authority on the quality of education or training provided by an institution of higher education and is recognized by the Secretary of Education under section 496 of the Higher Education Act of 1965 ( 20 U.S.C. 1099b ). (2) Executive officer The term executive officer , with respect to a proprietary institution of higher education that is a publicly traded corporation, means— (A) the president of such corporation; (B) a vice president of such corporation who is in charge of a principal business unit, division, or function of such corporation, such as sales, administration, or finance; or (C) any other officer or person who performs a policy making function for such corporation, including an executive officer of a subsidiary of the corporation if the officer performs a policy making function for the corporation. (3) Federal education assistance The term Federal education assistance when used with respect to a proprietary institution of higher education, means Federal funds that are disbursed or delivered to or on behalf of a student to be used for tuition, fees, instruction, or any component of the student's cost of attendance (as defined in section 472 of the Higher Education Act of 1965 ( 20 U.S.C. 1087ll )) to attend such institution. (4) Institutional debt The term institutional debt means any debt owed by a student or the parent of a student to an institution of higher education, including— (A) debt owed through a private loan program or income share agreement operated by the institution; (B) debt owed from a return of student assistance made, insured, or guaranteed under title IV of the Higher Education Act 1965 ( 20 U.S.C. 1070 et seq. ) to the Department of Education