Senator Introduces Bill For Standard College-Aid Letters
"U.S. Senator Al Franken and eight co- sponsors introduced a bill that would require colleges to use a standard format for financial-aid award letters so students and parents can more easily compare packages from different schools," Bloomberg writes. "The legislation, 'Understanding the True Cost of College Act,' introduced today, will help families compare financial aid offerings and differentiate between grant aid and student loans, Franken, a Democrat from Minnesota, said in a statement. Colleges send letters to students they’ve accepted outlining costs, scholarships as well as loan information. ...[Wednesday], a group of financial-aid administrators released recommendations to make award letters less confusing. The National Association of Student Financial Aid Administrators is opposed to the standardized letter and prefers to give colleges the flexibility to design their own correspondence."
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