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.
Status:
Expired
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