Bill > S528

This bill, the Understanding the True Cost of College Act of 2023, requires the Secretary of Education to develop a standard financial aid offer form and terminology to be used by all institutions of higher education that receive federal financial assistance. The key provisions of the bill include: 1. Mandating the use of a standardized financial aid offer form that clearly displays cost information, grants and scholarships, net price, and loan details in a consumer-friendly manner. The form must also include information about work-study opportunities, private student loans, and federal education benefits. 2. Establishing a process for the Secretary of Education to develop and test the standardized form through consumer feedback, and then finalize and publish the form. 3. Requiring all institutions of higher education that receive federal funding to use the standardized form and terminology when providing financial aid offers to students, starting the first award year after the form is finalized. The goal of the bill is to ensure students and families have a clear, consistent, and transparent understanding of the true cost of attending college and the financial aid options available to them, enabling them to make more informed decisions about their college education.

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https://www.congress.gov/bill/118th-congress/senate-bill/528/all-info