3.0.0 3244 2020-02-10T17:06:01Z 2020-02-10T17:06:01Z Senate S S 2012-05-24 112 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2012-05-24T20:55:36Z Understanding the True Cost of College Act of 2012 112 6506 HR 2012-09-21 Referred to the House Committee on Education and the Workforce. Identical bill CRS 2012-05-24 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2012-05-24 Introduced in Senate IntroReferral 10000 9 Library of Congress F000457 Sen. Franken, Al [D-MN] Al Franken D MN N H000206 Sen. Harkin, Tom [D-IA] THOMAS HARKIN D IA RICHARD 2012-05-24 True G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. 2012-05-24 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2012-05-24 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2012-05-24 True M000702 Sen. Mikulski, Barbara A. [D-MD] BARBARA MIKULSKI D MD ANN 2012-05-24 True J000177 Sen. Johnson, Tim [D-SD] TIM JOHNSON D SD 2012-05-24 True W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR 2012-05-24 True C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2012-05-24 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2012-07-24 False D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2012-07-25 False W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2012-09-13 False R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL 2012-11-27 False Education Consumer affairs Education programs funding Government information and archives Government lending and loan guarantees Higher education School administration Student aid and college costs Education 00 2012-05-24 Introduced in Senate 2012-06-13T15:08:45Z Understanding the True Cost of College Act of 2012 - Amends the Higher Education Opportunity Act to refer to the Secretary of Education's model institution of higher eduction (IHE) financial aid offer form as the standard form.

Requires the standard form to include certain additional items, such as: (1) information concerning work study assistance, including its dependence on the availability of employment opportunities; (2) the disclosure that federal student loans offer generally more favorable terms and repayment options than private education loans; (3) the deadline for and a summary of the financial aid acceptance process; (4) the academic period covered by the offer and whether the aid is based on full-time or part-time enrollment; and (5) the IHE's most recent cohort default rate compared to the national average cohort default rate, if more than 30% of the school's students take out student loans.

Requires more detailed information to be included on the form.

Includes among those details, with respect to federal education loans, information: (1) identifying the type and amount of loan recommended for the applicable student; (2) clearly indicating that such loans need to be repaid; (3) disclosing the student's right to borrow less than the recommended amount; and (4) detailing the interest rates, fees, expected monthly repayment amounts, and sums to be paid over the life of such loans.

Requires that certain steps be taken to improve the clarity of the form and provide recipients with access to additional information.

Directs the Secretary, before finalizing the standard form, to submit it to consumer testing among students, their families, IHEs, secondary school and postsecondary counselors, and nonprofit consumer groups.

Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require each IHE receiving federal financial assistance under the Act to use the standard form in providing written or electronic financial aid offers to students enrolled in, or accepted for enrollment in, the IHE.

]]> Understanding the True Cost of College Act of 2012 Short Titles as Introduced Understanding the True Cost of College Act of 2012 Display Title Understanding the True Cost of College Act of 2012 Official Title as Introduced A bill to amend the Higher Education Opportunity Act to add disclosure requirements to the institution financial aid offer form and to amend the Higher Education Act of 1965 to make such form mandatory. Introduced in Senate 2012-05-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s3244is/xml/BILLS-112s3244is.xml 2012-05-24 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.