Urges Congress and President to enact "College Cost Transparency and Student Protection Act."
Impact
The proposed 'College Cost Transparency and Student Protection Act,' introduced in the House of Representatives as H.R. 9429, aims to improve financial aid offers by establishing standardized terms and definitions for costs, aid, and financing options. The bill requires that financial aid offers present direct costs of attendance upfront, followed by itemized indirect costs. Additionally, it proposes the creation of a College Scorecard that lists average cost and net price information for each institution. This change aligns with New Jersey's ongoing commitment to making higher education more affordable and promoting transparency in financial aid.
Summary
Senate Resolution No. 11 (SR11) from New Jersey urges Congress and the President of the United States to enact the 'College Cost Transparency and Student Protection Act.' This resolution is rooted in concerns about the transparency of financial aid offers provided by institutions of higher education, which are often inconsistent and unclear, making it challenging for families to understand the actual costs involved in attending college. The resolution identifies the importance of providing clear information to help prospective students make informed decisions regarding their education, aimed at reducing reliance on student loans.
Contention
There is an acknowledgement that lack of transparency in financial aid can lead to significant financial burdens for students, potentially affecting their long-term economic decisions such as home ownership and entrepreneurship. The resolution follows a concerning report by the United States Government Accountability Office, which revealed that a large majority of institutions fail to provide adequate or clear financial aid information. The implications of passing the 'College Cost Transparency and Student Protection Act' would enhance consumer protections for students and families navigating higher education financing while fostering a more informed student decision-making process.
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Centers for Medicare & Medicaid Services relating to "Medicare and Medicaid Programs; Minimum Staffing Standards for Long-Term Care Facilities and Medicaid Institutional Payment Transparency Reporting".