Legislative Tracker: Consumer Information & Transparency
On this page, you'll find proposals to increase student and family awareness of institutional policies or provide students and borrowers with additional information.
S.530/H.R.1216 — Know Before You Owe Federal Student Loan Act of 2023
Sponsors: Grassley [Sen.-R-IA] & Miller-Meeks [Rep.-R-IA]
Introduced: 02/27/2023
NASFAA Summary & Analysis: This bill would require entrance counseling, renamed “Pre-Loan Counseling,” to be administered before the disbursement of each new loan in each award year. This bill would also create periodic disclosures, which would be sent to every loan borrower on a quarterly basis, which contain updated information on how much they’ve borrowed, any interest capitalization that has occurred and their individual borrower information.
S.531/H.R.1214 — Net Price Calculator Improvement Act
Sponsors: Grassley [Sen.-R-IA] & Guthrie [Rep.-R-KY]
Introduced: 02/27/2023
NASFAA Summary & Analysis: This bill would allow the creation of a centralized website to allow students to compare estimates of their net price for individual institutions across multiple colleges at once. It would include the institution’s net price, as well as all components of the institution’s Cost of Attendance, as well as the estimated total need-based grant aid and merit-based grant aid, from Federal, State, and institutional sources, that may be available to the student.
S.528/H.R.1198 — Understanding the True Cost of College Act of 2023
Sponsors: Grassley [Sen.-R-IA] & Kim [Rep.-R-CA]
Introduced: 02/27/2023
NASFAA Summary & Analysis: This bill would mandate standard terminology and a standard format for financial aid aid offers. The standardized items—such as the cost of attendance (listed direct and indirect costs), tuition, and fees—would need to be included on the first page of the aid offer. The aid offer must also include housing, food, books, supplies, and transportation, among other items in the cost of attendance. Grants and scholarships would need to be grouped together in their own section with a disclosure that grant aid does not need to be repaid. Subsidized and unsubsidized loans would need to be clearly labeled and include a disclosure that loans have to be repaid. Additionally, this bill would not permit that Federal Work-Study (FWS) be included in the financial aid category and a disclosure would need to indicate to students that FWS positions are subject to the availability of qualified employment and that these funds are paid over time throughout their employment.
Legislative Tracker Overview | Archive: Consumer Information & Transparency
Publication Date: 3/21/2023