Bill > HR1198

This bill, called the Understanding the True Cost of College Act of 2023, requires the U.S. Department of Education to develop a standard financial aid offer form and terminology to be used by all higher education institutions that receive federal financial assistance. The key provisions include: 1) establishing a standard format and terminology for the financial aid offer form, which must include details on cost of attendance, grants and scholarships, net price, and loans; 2) requiring institutions to use the standard form and terminology when providing financial aid offers to students; and 3) exempting the implementation of this bill from administrative procedures that would otherwise apply to new regulations. The goal is to ensure that students and their families have clear, consistent information about the true costs of college and available financial aid options.

Education

https://www.congress.gov/bill/118th-congress/house-bill/1198/all-info