Bill > SF2932

This bill establishes the College Financing Literacy Act, which requires Minnesota's higher education institutions to use a standardized financial aid offer form designed to make college cost information clearer and more transparent for students. The commissioner of education must develop a uniform financial aid offer form by September 1, 2026, consulting with stakeholders like student advocates, financial aid administrators, and school counselors. Beginning in the 2027-2028 academic year, higher education institutions receiving state grant aid must use this standardized form for all financial aid offers, which must include detailed information about costs, grants, scholarships, loans, and net price. The form must be consumer-friendly, allow institutional branding, and provide clear explanations of financial aid terms, including distinctions between types of loans, repayment expectations, and available resources like work-study programs. The bill requires institutions to use standard terminology, explain aid conditions, and provide links to additional resources like loan repayment calculators. Institutions can supplement the form with additional information but must use the standard format. The bill will become void if federal law establishes a similar uniform financial aid offer form, ensuring alignment with potential future federal standards.

Education

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2932&ssn=0&y=2025