3.0.0 2149 2023-01-11T13:29:32Z 2023-01-11T13:29:32Z Senate S 2015-10-07 114 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2015-10-07T16:01:00Z 2015-10-07 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2015-10-07 Introduced in Senate IntroReferral 10000 9 Library of Congress G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. N F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2015-10-07 True 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 2015-10-07 Introduced in Senate 2016-06-29T17:09:42Z Understanding the True Cost of College Act of 2015

This bill amends the Higher Education Opportunity Act and the Higher Education Act of 1965 to require institutions of higher education to use a standardized financial aid offer form that meets specified requirements.

The Department of Education (ED) must develop a standard format for financial aid offer forms based on recommendations from representatives of students, students' families, institutions of higher education, secondary school and postsecondary counselors, and nonprofit consumer groups.

The form must include specified details and disclosures regarding:

  • the cost of attendance;
  • aid that does not need to be repaid;
  • the net price that a student or family is estimated to pay;
  • work study assistance;
  • types and amounts of loans, including monthly repayment amounts;
  • sources for additional information;
  • deadlines and the process for accepting financial aid;
  • the academic period covered by the aid;
  • default rates;
  • private loans;
  • scholarships; and
  • the terms and conditions of federal financial aid.

ED must: (1) test the form with representatives of students, students' families, institutions of higher education, secondary school and postsecondary counselors, and nonprofit consumer groups; and (2) use the results to develop the final form.

Each institution of higher education that receives federal financial assistance under the Higher Education Act of 1965 must use the standard form when offering financial aid to students.

]]> Understanding the True Cost of College Act of 2015 Display Title Understanding the True Cost of College Act of 2015 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 IS Short Titles as Introduced Understanding the True Cost of College Act of 2015 Introduced in Senate 2015-10-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2149is/xml/BILLS-114s2149is.xml 2015-10-07 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.