Understanding the True Cost of College Act of 2021

Summary

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.

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Timeline

1. 29 April 2021

   Introduced

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

   Source: IntroReferral

2. 29 April 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 29 April 2021 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 29 April 2021

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 29 April 2021

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 29 April 2021

  Open at official source

Sponsors

• Chuck Grassley · R · Sponsor
• Tina Smith · D · Sponsor
• Joni Ernst · R · Sponsor
• Maggie Hassan · D · Cosponsor
• Amy Klobuchar · D · Cosponsor
• Sen. Rubio, Marco [R-FL] · R · Cosponsor
• Shelley Capito · R · Cosponsor
• Chris Van Hollen · D · Cosponsor
• Sen. Casey, Robert P., Jr. [D-PA] · D · Cosponsor
• · sshr00 · Standing

Related records

• related to → Understanding the True Cost of College Act of 2023
• related to ← Understanding the True Cost of College Act of 2021
• related to ← Understanding the True Cost of College Act of 2019