Bill > HR3153

This bill requires the Secretary of Education to develop a standardized, consumer-friendly financial aid offer form that colleges must use when communicating financial assistance to students. The form must clearly outline the total cost of attendance (including direct and indirect expenses), grants and scholarships, net price, and loan information. It must use plain language and standard terminology to help students and families better understand the true cost of college. Key provisions include requiring colleges to break down costs first, followed by grants and scholarships, with clear explanations about repayment obligations for loans. The bill mandates that the form include details like the academic period covered, enrollment status, potential changes in aid, and links to repayment calculators. The Secretary must develop the form through extensive consumer testing with diverse stakeholders, including students, families, educational institutions, and consumer groups. Colleges receiving federal financial assistance will be required to use this standardized form and terminology for all financial aid communications, helping to increase transparency and make it easier for students to compare and understand their college financing options. The new requirements will take effect at the start of the first award year after the Secretary finalizes the standard form and terminology.

Education

https://www.congress.gov/bill/119th-congress/house-bill/3153/all-info