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Understanding the True Cost of College Act of 2023

3/12/2024, 4:12 PM

Congressional Summary of S 528

Understanding the True Cost of College Act of 2023

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.

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.

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Current Status of Bill S 528

Bill S 528 is currently in the status of Bill Introduced since February 27, 2023. Bill S 528 was introduced during Congress 118 and was introduced to the Senate on February 27, 2023.  Bill S 528's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of February 27, 2023

Bipartisan Support of Bill S 528

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
10
Democrat Cosponsors
5
Republican Cosponsors
4
Unaffiliated Cosponsors
1

Policy Area and Potential Impact of Bill S 528

Primary Policy Focus

Education

Alternate Title(s) of Bill S 528

Understanding the True Cost of College Act of 2023
Understanding the True Cost of College Act of 2023
A bill to require a standard financial aid offer form, and for other purposes.
A bill to require a standard financial aid offer form, and for other purposes.

Comments

Sponsors and Cosponsors of S 528

Chuck Grassley
Chuck Grassley
IowaRepublican
Chris Van Hollen
Chris Van Hollen
MarylandDemocrat
Tommy Tuberville
Tommy Tuberville
AlabamaRepublican
Tina Smith
Tina Smith
MinnesotaDemocrat
Marco Rubio
Marco Rubio
FloridaRepublican
Angus S. King Jr.
Angus S. King Jr.
MaineIndependent

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