I
118THCONGRESS
1
STSESSION H. R. 1198
To require a standard financial aid offer form, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY27, 2023
Mrs. K
IMof California (for herself, Mr. KRISHNAMOORTHI, and Mr.
G
OTTHEIMER) introduced the following bill; which was referred to the
Committee on Education and the Workforce
A BILL
To require a standard financial aid offer form, and for other
purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Understanding the 4
True Cost of College Act of 2023’’. 5
SEC. 2. INSTITUTION FINANCIAL AID OFFER FORM. 6
Section 484 of the Higher Education Opportunity 7
Act (20 U.S.C. 1092 note) is amended to read as follows: 8
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‘‘SEC. 484. INSTITUTION FINANCIAL AID OFFER FORM. 1
‘‘(a) S
TANDARDFORMAT ANDTERMINOLOGY.—The 2
Secretary of Education, in consultation with the heads of 3
relevant Federal agencies, shall develop standard termi-4
nology and a standard format for financial aid offer forms 5
based on recommendations from representatives of stu-6
dents, veterans, servicemembers, students’ families, insti-7
tutions of higher education (including community colleges, 8
for-profit institutions, four-year public institutions, and 9
four-year private nonprofit institutions), financial aid ex-10
perts, secondary school and postsecondary counselors, 11
nonprofit organizations, and consumer groups. 12
‘‘(b) K
EYREQUIREDCONTENTS FOR OFFER 13
F
ORM.—The standard format developed under subsection 14
(a) shall include, in a consumer-friendly manner that is 15
simple and understandable, a form titled ‘Financial Aid 16
Offer’, which shall include the following items, with costs 17
listed first followed by grants and scholarships, clearly 18
separated from each other with separate headings: 19
‘‘(1) C
OST INFORMATION.— 20
‘‘(A) Information on the student’s esti-21
mated cost of attendance, including the fol-22
lowing: 23
‘‘(i) Total direct costs, including the 24
component totals each for— 25
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‘‘(I) tuition and fees, as deter-1
mined under section 472 of the High-2
er Education Act of 1965 (20 U.S.C. 3
1087ll); and 4
‘‘(II) college-sponsored housing 5
and food costs (as determined based 6
on the costs for room and board 7
under such section). 8
‘‘(ii) Total estimated other expenses, 9
including— 10
‘‘(I) the component totals each 11
for housing and food costs for stu-12
dents who reside off-campus; and 13
‘‘(II) for all students, books, sup-14
plies, transportation, and miscella-15
neous personal expenses (which may 16
include costs of health insurance and 17
dependent care), as determined under 18
section 472 of the Higher Education 19
Act of 1965 (20 U.S.C. 1087ll). 20
‘‘(B) An indication of the academic period 21
covered by the financial aid offer, and an expla-22
nation that the financial aid offered may 23
change for academic periods not covered by the 24
aid offer or by program. 25
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‘‘(C) An indication of whether cost and aid 1
estimates are based on full-time or part-time 2
enrollment. 3
‘‘(D) An indication, as applicable, about 4
whether the tuition and fees are estimated 5
based on the previous year, or are set, for the 6
academic period indicated in accordance with 7
subparagraph (B). 8
‘‘(2) G
RANTS AND SCHOLARSHIPS .—The aggre-9
gate amount of grants and scholarships by source 10
that the student does not have to repay, such as 11
grant aid offered under title IV of the Higher Edu-12
cation Act of 1965 (20 U.S.C. 1070 et seq.) and 13
grant aid offered through other Federal programs, 14
grant aid offered by the institution, grant aid of-15
fered by the State, and, if known, grant aid from an 16
outside source to the student for such academic pe-17
riod, including— 18
‘‘(A) a disclosure that the grants and 19
scholarships do not have to be repaid; and 20
‘‘(B) if institutional aid is included— 21
‘‘(i) the conditions under which the 22
student can expect to receive similar 23
amounts of such financial aid for each aca-24
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demic period the student is enrolled at the 1
institution; and 2
‘‘(ii) whether the institutional aid 3
offer may change if grants or scholarships 4
from outside sources are applied after the 5
student receives the offer form, and, if ap-6
plicable, how that aid will change. 7
‘‘(3) N
ET PRICE.— 8
‘‘(A) The net price that the student, or the 9
student’s family on behalf of the student, is es-10
timated to have to pay for the student to attend 11
the institution for such academic period, equal 12
to— 13
‘‘(i) the cost of attendance as de-14
scribed in paragraph (1)(A) for the stu-15
dent for the period indicated in paragraph 16
(1)(B); minus 17
‘‘(ii) the amount of grant aid de-18
scribed in paragraph (2) that is included in 19
the financial aid offer form. 20
‘‘(B) A disclosure that the net price is an 21
estimate of the total expenses for the year and 22
not equivalent to the amount the student will 23
owe directly to the institution. 24
‘‘(4) L
OANS.— 25
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‘‘(A) Information on any loan under part 1
D or part E of title IV of the Higher Education 2
Act of 1965 (20 U.S.C. 1087a et seq.; 20 3
U.S.C. 1087aa et seq.) (except a Federal Direct 4
PLUS Loan under part D of that Act) that the 5
institution recommends for the student for the 6
academic period covered by the offer, which 7
shall be made— 8
‘‘(i) with clear use of the word ‘loan’ 9
to describe the recommended loan 10
amounts; and 11
‘‘(ii) with clear labeling of subsidized 12
and unsubsidized loans. 13
‘‘(B) A disclosure that such loans have to 14
be repaid and a disclosure that the student can 15
borrow a lesser or, if applicable, greater amount 16
than the recommended loan amount. 17
‘‘(C) A disclosure that the interest rates 18
and fees on such loans are set annually and af-19
fect total cost over time, and a link to a De-20
partment of Education website that includes 21
current information on interest rates and fees. 22
‘‘(D) A link to the Department of Edu-23
cation’s repayment calculator website for stu-24
dents with instruction that this website contains 25
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customizable estimates of expected repayment 1
costs under different loan repayment plans. 2
‘‘(5) P
ROCESS FOR ACCEPTING OR DECLINING 3
AID AND NEXT STEPS.— 4
‘‘(A) The deadlines and a summary of the 5
process (including the next steps) for— 6
‘‘(i) accepting the financial aid offered 7
in the financial aid offer form; 8
‘‘(ii) requesting higher loan amounts 9
if recommended loan amounts were in-10
cluded; and 11
‘‘(iii) declining aid offered in the 12
form. 13
‘‘(B) Information on when and how direct 14
costs to the institution must be paid. 15
‘‘(C) A disclosure that verification of finan-16
cial circumstances may require the student to 17
submit further documentation. 18
‘‘(D) Information about where a student or 19
the student’s family can seek additional infor-20
mation regarding the financial aid offered, in-21
cluding contact information for the institution’s 22
financial aid office and the Department of Edu-23
cation’s website on financial aid. 24
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‘‘(6) ADDITIONAL INFORMATION .—Any other 1
information the Secretary of Education, in consulta-2
tion with the heads of relevant Federal agencies, in-3
cluding the Secretary of the Treasury and the Direc-4
tor of the Bureau of Consumer Financial Protection, 5
determines necessary (based on the results of the 6
consumer testing under paragraph (g)(2)) so that 7
students and parents can make informed loan bor-8
rowing decisions, which may include— 9
‘‘(A) the most recent cohort default rate, 10
as defined in section 435(m) of the Higher 11
Education Act of 1965 (20 U.S.C. 1085(m)) 12
with respect to an institution where more than 13
30 percent of enrolled students borrow loans to 14
pay for their education, and a comparison to 15
the national average cohort default rate; 16
‘‘(B) the percentage of students at the in-17
stitution who borrow student loans; 18
‘‘(C) the median loan debt at graduation 19
for students at the institution (clearly marked 20
as including only Federal loans if private loan 21
data are not available to be included); and 22
‘‘(D) any additional calculations deter-23
mined necessary for ensuring that students un-24
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derstand full college costs, financial aid gaps, 1
and options for covering those gaps. 2
‘‘(c) O
THERREQUIREDCONTENTS FOR THE OFFER 3
F
ORM.—The standard form developed under subsection 4
(a) shall include, in addition to the information described 5
in subsection (b), the following information to be included 6
on the financial aid offer form in a concise format deter-7
mined by the Secretary of Education, in consultation with 8
the heads of relevant Federal agencies: 9
‘‘(1) At the institution’s discretion— 10
‘‘(A) additional options and potential re-11
sources for paying for the amount listed in sub-12
section (b)(3), such as tuition payment plans; 13
and 14
‘‘(B) a disclosure that Federal Direct 15
PLUS Loans or private education loans may be 16
available to cover remaining need, except that 17
the institution may not include an amount for 18
Federal Direct PLUS Loans or private edu-19
cation loans and must include a disclosure for 20
Federal Direct PLUS Loans that such loans 21
are subject to an additional application process, 22
and a disclosure that both types of loans have 23
to be repaid by the borrower, and may not be 24
eligible for all the benefits available for Federal 25
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Direct Stafford Loans or Federal Direct Un-1
subsidized Stafford Loans. 2
‘‘(2) The following information relating to pri-3
vate student loans: 4
‘‘(A) A statement that students consid-5
ering borrowing to cover the cost of attendance 6
should consider available Federal student loans 7
prior to applying for private education loans, in-8
cluding an explanation that Federal student 9
loans offer generally more favorable terms and 10
beneficial repayment options than private loans. 11
‘‘(B) The impact of a proposed private 12
education loan on the student’s potential eligi-13
bility for other financial assistance, including 14
Federal financial assistance under title IV of 15
the Higher Education Act of 1965 (20 U.S.C. 16
1070 et seq.). 17
‘‘(C) A statement explaining the student’s 18
ability to select a private educational lender of 19
the student’s choice. 20
‘‘(3) Information on work-study employment 21
opportunities, offered in accordance with part C of 22
title IV of the Higher Education Act of 1965 (20 23
U.S.C. 1087–51 et seq.) including a disclosure that 24
the work-study aid offered is subject to the avail-25
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ability of qualified employment opportunities and is 1
disbursed over time as earned by the student. Work- 2
study employment opportunities (or a student’s po-3
tential income based on those opportunities) shall 4
not be included in the category of financial aid de-5
scribed under subsection (b)(2). 6
‘‘(d) A
DDITIONALREQUIREMENTS FOR FINANCIAL 7
A
IDOFFERFORM.—The financial aid offer form shall 8
meet the following requirements: 9
‘‘(1) Include, in addition to the requirements 10
described in subsections (b) and (c), a concise sum-11
mary, in plain language, of— 12
‘‘(A) the terms and conditions of financial 13
aid recommended under paragraphs (2) and (4) 14
of subsection (b) and subsection (c)(3), and a 15
method to provide students with additional in-16
formation about such terms and conditions, 17
such as links to the supplementary information; 18
and 19
‘‘(B) Federal, State, or institutional condi-20
tions required to receive and renew financial aid 21
and a method to provide students with addi-22
tional information about these conditions, such 23
as links to the supplementary information. 24
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‘‘(2) Clearly distinguish between the aid offered 1
under paragraphs (2) and (4) of subsection (b) and 2
subsection (c)(3), by including a subtotal for the aid 3
offered in each of such paragraphs and by refraining 4
from commingling the different types of aid de-5
scribed in such paragraphs. 6
‘‘(3) Use standard terminology and definitions, 7
as described in subsection (e)(1) and use plain lan-8
guage where possible. 9
‘‘(4) If an institution’s recommended Federal 10
student loan aid offered in subsection (b)(4) is less 11
than the Federal maximum available to the student, 12
the institution shall provide additional information 13
on Federal student loans, including the types and 14
amounts for which the student is eligible in an at-15
tached document or webpage. 16
‘‘(5) Use the standard offer form described in 17
subsection (e)(2). 18
‘‘(6) Include the standardized statement regard-19
ing the possible availability of Federal education 20
benefits, as established by the Secretary in accord-21
ance with subsection (e)(3). 22
‘‘(7) Include a delivery confirmation for elec-23
tronic financial aid offer forms, except that receipt 24
of the financial aid offer form shall not be consid-25
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ered an acceptance or rejection of aid by the stu-1
dent. 2
‘‘(8) With respect to dependent students, any 3
reference to private education loans shall be accom-4
panied by— 5
‘‘(A) information about the availability of, 6
and terms and conditions associated with, Fed-7
eral Direct PLUS Loans under section 455 of 8
the Higher Education Act of 1965 (20 U.S.C. 9
1087e) for the student’s parents regardless of 10
family income; and 11
‘‘(B) a notification of the student’s in-12
creased eligibility for Federal student loans 13
under title IV of the Higher Education Act of 14
1965 (20 U.S.C. 1070 et seq.) if the student’s 15
parents are not able to borrow under the Fed-16
eral Direct PLUS Loan program. 17
‘‘(e) S
TANDARDINFORMATION ESTABLISHED BY 18
THESECRETARY.— 19
‘‘(1) S
TANDARD TERMINOLOGY .—Not later 20
than 3 months after the date of enactment of the 21
Understanding the True Cost of College Act of 22
2023, the Secretary of Education, in consultation 23
with the heads of relevant Federal agencies, includ-24
ing the Secretary of the Treasury and the Director 25
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of the Consumer Financial Protection Bureau, rep-1
resentatives of institutions of higher education, non-2
profit consumer groups, students, and secondary 3
school and higher education guidance counselors, 4
shall establish standard terminology and definitions 5
for the terms described in subsection (b). 6
‘‘(2) S
TANDARD FORM.— 7
‘‘(A) I
N GENERAL.—The Secretary of Edu-8
cation shall develop multiple draft financial aid 9
offer forms for consumer testing, carry out con-10
sumer testing for such forms, and establish a fi-11
nalized standard financial aid offer form, in ac-12
cordance with the process established in sub-13
section (g) and the requirements of this section. 14
‘‘(B) S
EPARATE FINANCIAL AID OFFER 15
FORMS.—The Secretary may develop separate 16
financial aid offer forms for— 17
‘‘(i) undergraduate students and grad-18
uate students; and 19
‘‘(ii) first-time students and returning 20
students. 21
‘‘(3) A
DDITIONAL BENEFITS.—The Secretary of 22
Education, in consultation with the heads of relevant 23
Federal agencies, including the Secretary of the 24
Treasury, the Secretary of Veterans Affairs, the Sec-25
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retary of Defense, and the Director of the Consumer 1
Financial Protection Bureau, shall establish stand-2
ard language notifying students that they may be el-3
igible for education benefits (and where students can 4
locate more information about such benefits,) includ-5
ing benefits in accordance with each of the following: 6
‘‘(A) Chapter 30, 31, 32, 33, 34, or 35 of 7
title 38, United States Code. 8
‘‘(B) Chapter 101, 105, 106A, 1606, 1607, 9
or 1608 of title 10, United States Code. 10
‘‘(C) Section 1784a, 2005, or 2007 of title 11
10, United States Code. 12
‘‘(f) S
UPPLEMENTAL INFORMATION; REMOVAL OF 13
I
NFORMATION.— 14
‘‘(1) Nothing in this section shall preclude an 15
institution from supplementing the financial aid 16
offer form with additional information if such addi-17
tional information supplements the financial aid 18
offer form and is not located on the financial aid 19
offer form, and provided such information utilizes 20
the same standard terminology identified in sub-21
section (e)(1). 22
‘‘(2) Nothing in this section shall preclude an 23
institution from deleting a required item if the stu-24
dent is ineligible for such aid. 25
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‘‘(g) DEVELOPMENT OF FINANCIALAIDOFFER 1
F
ORM.— 2
‘‘(1) D
RAFT FORM.—Not later than 9 months 3
after the date of enactment of the Understanding 4
the True Cost of College Act of 2023, the Secretary 5
of Education, in consultation with the heads of rel-6
evant Federal agencies, including the Secretary of 7
the Treasury and the Director of the Consumer Fi-8
nancial Protection Bureau, representatives of insti-9
tutions of higher education, nonprofit consumer 10
groups, students, and secondary school and higher 11
education guidance counselors, shall design and 12
produce multiple draft financial aid offer forms for 13
consumer testing with postsecondary students or 14
prospective students. In developing that form, the 15
Secretary shall ensure— 16
‘‘(A) that the headings described in para-17
graphs (1) through (4) of subsection (b) is in 18
the same font, appears in the same order, and 19
is displayed prominently on the financial aid 20
offer form, such that none of that information 21
is inappropriately omitted or de-emphasized; 22
‘‘(B) that the other information required 23
in subsection (b) appears in a standard format 24
and design on the financial aid offer form; and 25
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‘‘(C) that the institution may include a 1
logo or brand alongside the title of the financial 2
aid offer form. 3
‘‘(2) C
ONSUMER TESTING.— 4
‘‘(A) I
N GENERAL.—Not later than 9 5
months after the date of enactment of the Un-6
derstanding the True Cost of College Act of 7
2023, the Secretary of Education, in consulta-8
tion with the heads of relevant Federal agen-9
cies, shall establish a process to submit the fi-10
nancial aid offer form drafts developed under 11
paragraph (1) for consumer testing among rep-12
resentatives of students (including low-income 13
students, first generation college students, adult 14
students, veterans, servicemembers, and pro-15
spective students), students’ families (including 16
low-income families, families with first genera-17
tion college students, and families with prospec-18
tive students), institutions of higher education, 19
secondary school and postsecondary counselors, 20
and nonprofit consumer groups. 21
‘‘(B) P
ILOT.—During such consumer test-22
ing, the Secretary shall ensure that not less 23
than 16 and not more than 24 eligible institu-24
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tions use the draft forms developed under para-1
graph (1), including institutions— 2
‘‘(i) that reflect a proportionate rep-3
resentation (based on the total number of 4
students enrolled in postsecondary edu-5
cation) of community colleges, for-profit 6
institutions, four-year public institutions, 7
and four-year private nonprofit institu-8
tions; and 9
‘‘(ii) that reflect geographic diversity. 10
‘‘(C) L
ENGTH OF CONSUMER TESTING .— 11
The Secretary of Education shall ensure that 12
the consumer testing under this paragraph lasts 13
no longer than 8 months after the process for 14
consumer testing is developed under subpara-15
graph (A). 16
‘‘(3) F
INAL FORM.— 17
‘‘(A) I
N GENERAL.—The results of con-18
sumer testing under paragraph (2) shall be 19
used in the final development of the financial 20
aid offer form. 21
‘‘(B) R
EPORTING REQUIREMENT .—Not 22
later than 3 months after the date the con-23
sumer testing under paragraph (2) concludes, 24
the Secretary of Education shall submit to Con-25
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gress and publish on its website the final stand-1
ard financial aid offer form and a report detail-2
ing the results of such testing, including wheth-3
er the Secretary of Education added any addi-4
tional items to the standard financial aid offer 5
form pursuant to subsection (b)(6). 6
‘‘(4) A
UTHORITY TO MODIFY .—The Secretary 7
of Education may modify the definitions, terms, for-8
matting, and design of the financial aid offer form 9
based on the results of consumer testing required 10
under this subsection and before finalizing the form, 11
or in subsequent consumer testing. The Secretary 12
may also recommend additional changes to Con-13
gress.’’. 14
SEC. 3. MANDATORY FORM. 15
Part B of title I of the Higher Education Act of 1965 16
(20 U.S.C. 1011 et seq.) is amended by adding at the end 17
the following: 18
‘‘SEC. 124. USE OF MANDATORY FINANCIAL AID OFFER 19
FORM AND TERMS. 20
‘‘(a) I
NGENERAL.—Notwithstanding any other pro-21
vision of law, each institution of higher education that re-22
ceives Federal financial assistance under this Act shall— 23
‘‘(1) use the financial aid offer form developed 24
under section 484 of the Higher Education Oppor-25
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tunity Act (20 U.S.C. 1092 note) in providing 1
paper, mobile-optimized offers, or other electronic of-2
fers to all students who apply for aid and are accept-3
ed at the institution; and 4
‘‘(2) use the standard terminology and defini-5
tions developed by the Secretary of Education under 6
subsection (e)(1) of that Act for all communications 7
from the institution related to financial aid offers. 8
‘‘(b) E
FFECTIVEDATES.—The requirements under 9
this section shall take effect at the start of the first award 10
year after the Secretary of Education finalizes the stand-11
ard terminology and form developed in accordance with 12
section 484 of the Higher Education Opportunity Act (20 13
U.S.C. 1092 note). 14
‘‘(c) A
DMINISTRATIVEPROCEDURES.—Section 492 15
of the Higher Education Act (20 U.S.C. 1098a) shall not 16
apply with respect to regulations promulgated in accord-17
ance with this section.’’. 18
Æ
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