Us Congress House Bill HB1214

Us Congress 2023-2024 Regular Session

• Introduced: 2/27/23
• Refer: 2/27/23

Caption

Net Price Calculator Improvement Act

Impact

If enacted, HB 1214 would impose minimum standards for net price calculators used by higher education institutions, which includes mandatory data updates and enhanced features such as estimates of total need-based and merit-based grant aid. The bill allows for the potential creation of a universal net price calculator by the Secretary of Education, further aiming to streamline the financial aid process. These improvements are expected to bring a level of transparency to college costs that could enhance college accessibility for lower-income students and alleviate some concerns regarding financial burden.

Summary

House Bill 1214, known as the Net Price Calculator Improvement Act, seeks to make technical enhancements to the higher education financing process. The primary objective of this legislation is to improve the existing Net Price Calculator system under the Higher Education Act of 1965. By mandating clearer labeling and better visibility for net price calculators, the bill aims to provide prospective students with a more accurate understanding of college costs, facilitating informed decision-making when considering various institutions.

Contention

Some points of contention around HB 1214 include concerns about the adequacy of the proposed changes to significantly affect college affordability and access. Critics argue that while the intent is positive, improved transparency does not necessarily equate to lower costs for students. The bill’s reliance on existing data may also raise questions about how accurately it reflects current financial realities, especially in the context of rising tuition rates and variations in financial aid availability across schools.