118th Congress Education
S. 528: Understanding the True Cost of College Act of 2023
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill requires standardized financial aid terminology and offer forms.
Specifically, the Department of Education (ED) must develop standard terminology and a format for financial aid offer forms based on recommendations from representatives of certain groups, including students, veterans, and institutions of higher education (IHEs).
The consumer-friendly form must include specified details and disclosures, including the estimated cost of attendance, the net price that a student or family is estimated to pay, and the terms and conditions of financial aid.
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In addition, ED must (1) test the form with representatives of students, students' families, IHEs, secondary school and postsecondary counselors, and nonprofit consumer groups; and (2) use the results to develop the final form.
Each IHE that participates in federal student-aid programs must (1) use the standard form when offering financial aid to students, and (2) use the standard terminology and definitions developed by ED for all communications related to financial aid offers.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Joni Ernst R-IAOriginal
- Tina Smith D-MNOriginal
- Shelley Capito R-WV
- Robert Casey D-PA
- Margaret Hassan D-NH
- Amy Klobuchar D-MN
- Marco Rubio R-FL
- Tommy Tuberville R-AL
- Chris Van Hollen D-MD
- Angus King I-ME
Who scored on this bill
- 1Charles Grassley SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
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History
- Introduced in the Senate by Charles Grassley.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Health, Education, Labor, and Pensions.