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Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Understanding the True Cost of College Act of 2017

Official Titles

Official Titles - Senate

Official Titles 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.


Actions Overview (1)

Date
04/07/2017Introduced in Senate

All Actions (1)

Date
04/07/2017Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Action By: Senate

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Health, Education, Labor, and Pensions04/07/2017 Referred to

As of 07/16/2018 no related bill information has been received for S.888 - Understanding the True Cost of College Act of 2017.


Subjects (8)


Latest Summary (1)

There is one summary for S.888. View summaries

Shown Here:
Introduced in Senate (04/07/2017)

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.