Bill > SR37

Introduced Session

This resolution respectfully urges Congress and the President of the United States to enact the "College Cost Transparency and Student Protection Act," introduced in the United States House of Representatives as H.R. 9429 on December 5, 2022. The "College Cost Transparency and Student Protection Act" seeks to make financial aid offers more transparent by: 1) establishing standardized terms related cost, grant aid, and financing options; 2) listing clearly a student's direct costs first followed by the indirect costs of attendance; and 3) publishing a College Scorecard on each institution that informs a potential student the average cost of attendance. The "College Cost Transparency and Student Protection Act" was introduced in response to the findings within the United States Government Accountability Office's report, "Financial Aid Offers: Action Needed to Improve Information on College Costs and Student Aid" (GAO Report). The GAO Report found that: 1) 91 percent of institutions of higher education do not include or understate the net price of attendance in their aid offers; 2) 55 percent of institutions do not itemize key direct and indirect costs in their financial aid offers; and 3) 24 percent of institutions do not provide a student with the total cost of attendance. The GAO Report recommended that Congress enact legislation to address these issues. Transparency in financial aid offers is crucial for students and their families to understand their financial obligations when selecting an institution of higher education. Without clear and comparable information, students may choose an unaffordable institution and be more likely to rely on excessive student loans to finance their education. New Jersey has expressed its commitment to making higher education affordable and ensuring greater transparency in financial aid offers. The "College Cost Transparency and Student Protection Act" is a next step in ensuring transparency and consumer friendly practices by institutions of higher education that aligns with New Jersey's prior legislative enactments. The State recognizes the importance of creating a federal requirement for financial aid offers. Thus, the Senate respectfully urges Congress and the President to enact the "College Cost Transparency and Student Protection Act."

AI Summary

Committee Categories

Vince Polistina (R)*,  Teresa Ruiz (D)*, 

Introduced in the Senate, Referred to Senate Higher Education Committee (on 01/13/2026)

Official Document