This bill has advanced since we wrote our summary.
Current stage on Congress.gov: Reported in House.
Every year, colleges send financial aid award letters to students, but there's no standard format—some are clear, others are confusing. This bill requires the Department of Education to develop a standardized template that all colleges must use starting July 1, 2029. The offer form would have to clearly show annual costs, grants and scholarships, loans with interest rates and fees prominently displayed, and the actual net price the student pays after aid. Colleges would also need to explain how aid renewals work, whether outside scholarships reduce their aid package, and provide links to the College Scorecard so families can compare schools. The Department would test the format with students, families, counselors, and lenders before finalizing it. The goal is to help families understand the true cost of college and compare financial aid packages across schools without being confused or misled.
Congressional Summary
This bill requires the Department of Education (ED) to develop, and for institutions of higher education (IHEs) to use, a standardized, consumer-tested format for all financial aid offers.Any financial aid offer must include specified details and disclosures, including (1) cost information (e.g., cost of attendance and net price); (2) disclosures related to loans (e.g., applicable interest rates); (3) information on student employment opportunities; and (4) next steps for accepting, adjusting, or declining financial aid.Each IHE that participates in federal student aid programs must (1) include the required information for all financial aid offers (including paper, mobile, or electronic offers), (2) provide supplemental content and disclosures (e.g., requirements for renewing financial aid), and (3) use consistent terminology for all communications related to financial aid offers.
Legislative Subjects
Details
- Congress
- 119th
- Chamber
- House
- Status
- summarized
- Action
- Placed on the Union Calendar, Calendar No. 394.
- Action Date
- 2026-01-21
- Date Added
- 2026-04-10
- Source
- Congress.gov →
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