Bill > S1452

This bill, the Understanding the True Cost of College Act of 2021, requires the Department of Education to develop a standard financial aid offer form with clear and consumer-friendly terminology. The form must include detailed cost information, grants and scholarships, net price, and information on loans and work-study opportunities. Institutions of higher education that receive federal financial assistance must use this standardized form and terminology when providing financial aid offers to students. The bill also exempts the Department of Education from certain administrative procedures when promulgating regulations to implement these requirements.