Amends the Higher Education Act of 1965 to direct the Secretary of Education to: (1) prepare a report for specified congressional committees on the adequacy of the financial aid offer forms issued by federally-assisted institutions of higher education (IHEs); and (2) develop model financial aid offer formats based on the report's findings.
Requires such formats to include, in a consumer-friendly manner, specified information regarding: (1) the student's total and net cost of attending the IHE; (2) available scholarships, loans, and work assistance; and (3) where to obtain additional information on the financial aid offered.
Directs each IHE to use one of the model formats as part of its financial aid offer form, and provide such form to current or prospective students and their parents in time for them to consider the format information before applying for or selecting an educational loan.