S 1452 117th Congress Senate Education Consumer affairs Financial literacy Government information and archives Government lending and loan guarantees Government studies and investigations Higher education Student aid and college costs

Understanding the True Cost of College Act of 2021

Introduced: April 29, 2021 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 29, 2021

Introduced in Senate

Apr 29, 2021

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Plain-English summary Congressional Research Service

Understanding the True Cost of College Act of 2021

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.

What's happening now April 29, 2021

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Committees of jurisdiction 1