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S. 888 · 115th Congress

Understanding the True Cost of College Act of 2017

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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

CGR GrassleySponsor
9 cosponsors · 9 D
AFD Franken CCD Coons KGD Gillibrand SWD Whitehouse EWD Warren BCD Cardin TSD Smith RDD Durbin DJD Jones

1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

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.

What it does: CRS summary · Introduced in Senate · Apr 7, 2017

Understanding the True Cost of College Act of 2017

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;
  • the percentage of students who have student loans and the median debt at graduation for students;
  • 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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Understanding the True Cost of College Act of 2017

Latest action (Apr 7, 2017): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Policy area: Education · Origin: Senate · Introduced: Apr 7, 2017

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.