; (B) in paragraph (2)— (i) by striking paragraph (1), if and inserting paragraph (1), the Secretary shall prescribe criteria regarding ratios that aid in the determination financial responsibility. Such ratios shall be first issued in draft form to the institution to allow for adequate review, consisting of an appeals process, by such institutions of higher education. If ; and (ii) by striking prescribed by the Secretary regarding ratios and inserting prescribed by the Secretary regarding the final ratios ; (C) by inserting after paragraph (2) the following: (3) Notwithstanding paragraph (2), the Secretary shall take into account an institution’s current total financial circumstances, including any subsequent change in the institution’s overall fiscal health based on the standards in paragraph (2), when making a determination of its ability to meet the standards herein required before any subsequent action is taken under paragraph (4). If an institution meets the standards in paragraph (2), the institution shall be seen as financially responsible. ; (D) in subparagraph (C) of paragraph (4), as so redesignated, by striking establishes to the satisfaction of the Secretary, with and inserting establishes, with ; (E) in paragraph (5), as so redesignated— (i) in subparagraph (A), by inserting and after the semicolon at the end; (ii) in subparagraph (B), by striking ; and and inserting a period; and (iii) by striking subparagraph (C); (F) in paragraph (6), as so redesignated, by striking (3)(C) and inserting (4)(C) ; and (G) by adding at the end the following new paragraph: (8) Not later than 18 months after the date of enactment of the College Cost Reduction Act , the Secretary shall pursue a process to update the ratios regarding financial responsibility as identified in paragraph (2). The Secretary shall report the revised ratios to— (A) the Committee on Education and the Workforce of the House of Representatives