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Standardizing College Financial Aid Offers: Know the True Cost of Education.

This Act mandates a standardized financial aid offer form for all colleges receiving federal funds. The goal is to increase transparency, allowing students and families to easily compare the true cost of attendance and clearly distinguish between grants (non-repayable aid) and loans (debt). Citizens will receive clear information on total costs, net price, and loan repayment terms, facilitating informed financial decisions.
Key points
Colleges must use standard terminology and format, making aid offers simple and easy to understand for everyone.
The form must first show total costs (tuition, fees, housing), then grants and scholarships (non-repayable aid), and finally loans (debt).
Mandatory disclosure includes the "net price" (total cost minus grants) and links to student loan repayment calculators and current interest rates to clarify future obligations.
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Additional Information
Print number: 118_S_528
Sponsor: Sen. Grassley, Chuck [R-IA]
Process start date: 2023-02-27
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Understanding the True Cost of College Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_528.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-02-27.

What are the main provisions?

Key points include:

  • Colleges must use standard terminology and format, making aid offers simple and easy to understand for everyone.
  • The form must first show total costs (tuition, fees, housing), then grants and scholarships (non-repayable aid), and finally loans (debt).
  • Mandatory disclosure includes the "net price" (total cost minus grants) and links to student loan repayment calculators and current interest rates to clarify future obligations.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Grassley, Chuck [R-IA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Education Economy