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Net Price Calculator Improvement Act
12/15/2023, 3:55 PM
Summary of Bill HR 1214
The Bill 118 hr 1214, also known as the Net Price Calculator Improvement Act, aims to improve the accuracy and accessibility of net price calculators on college and university websites. Net price calculators are tools that help prospective students estimate the actual cost of attending a particular institution after factoring in financial aid and scholarships.
The bill requires institutions of higher education that receive federal funding to provide a net price calculator on their website that meets certain standards for accuracy and transparency. These standards include providing clear information on the cost of attendance, the types and amounts of financial aid available, and the net price after aid is applied.
Additionally, the bill requires institutions to regularly update their net price calculators to reflect changes in tuition, fees, and financial aid policies. This will ensure that prospective students have access to the most up-to-date and accurate information when making decisions about where to attend college. Overall, the Net Price Calculator Improvement Act aims to empower students and families to make more informed decisions about college affordability and to increase transparency in the financial aid process. By improving the accuracy and accessibility of net price calculators, the bill seeks to help students better understand the true cost of attending college and make more informed choices about their higher education options.
The bill requires institutions of higher education that receive federal funding to provide a net price calculator on their website that meets certain standards for accuracy and transparency. These standards include providing clear information on the cost of attendance, the types and amounts of financial aid available, and the net price after aid is applied.
Additionally, the bill requires institutions to regularly update their net price calculators to reflect changes in tuition, fees, and financial aid policies. This will ensure that prospective students have access to the most up-to-date and accurate information when making decisions about where to attend college. Overall, the Net Price Calculator Improvement Act aims to empower students and families to make more informed decisions about college affordability and to increase transparency in the financial aid process. By improving the accuracy and accessibility of net price calculators, the bill seeks to help students better understand the true cost of attending college and make more informed choices about their higher education options.
Congressional Summary of HR 1214
Net Price Calculator Improvement Act
This bill establishes requirements concerning the information that must be provided to prospective students about the cost of attendance at an institution of higher education (IHE). Specifically, the bill establishes the minimum requirements for the net price calculator that an IHE must include on its website. An IHE's net price is the average yearly price actually charged to first-time, full-time undergraduate students receiving student aid at the IHE after deducting such aid.
The bill also authorizes the Department of Education to develop a universal net price calculator that enables users to answer one set of questions and receive net prices for several IHEs and compare those prices.
Read the Full Bill
Current Status of Bill HR 1214
Bill HR 1214 is currently in the status of Bill Introduced since February 27, 2023. Bill HR 1214 was introduced during Congress 118 and was introduced to the House on February 27, 2023. Bill HR 1214's most recent activity was Referred to the House Committee on Education and the Workforce. as of February 27, 2023
Bipartisan Support of Bill HR 1214
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1214
Primary Policy Focus
EducationAlternate Title(s) of Bill HR 1214
Net Price Calculator Improvement Act
Net Price Calculator Improvement Act
To amend the Higher Education Act of 1965 to make technical improvements to the Net Price Calculator system so that prospective students may have a more accurate understanding of the true cost of college.
Comments
Sponsors and Cosponsors of HR 1214
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