Understanding the True Cost of College Act of 2023
Latest action · Feb 27, 2023 Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 27, 2023
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Understanding the True Cost of College Act of 2023
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.
Cosponsors 10
Members who signed on, in the order they did. Signatures ran from Feb 27, 2023 to Mar 11, 2024, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-IA | Joni Ernst | Original | Feb 27, 2023 |
| D-MN | Tina Smith | Original | Feb 27, 2023 |
| D-MN | Amy Klobuchar | Jul 25, 2023 | |
| D-MD | Chris Van Hollen | Jul 25, 2023 | |
| R-FL | Marco Rubio | Jul 25, 2023 | |
| D-NH | Margaret Wood Hassan | Jul 25, 2023 | |
| D-PA | Robert P. Casey Jr. | Jul 25, 2023 | |
| R-WV | Shelley Moore Capito | Jul 25, 2023 | |
| R-AL | Tommy Tuberville | Jul 25, 2023 | |
| I-ME | Angus S. King Jr. | Mar 11, 2024 |
Actions 2
Everything that happened, newest first.
- Feb 27, 2023Introduced in Senate
- Feb 27, 2023Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1198 | Understanding the True Cost of College Act of 2023 | Identical bill | Feb 27, 2023 |
| S 1972 | Lowering Education Costs and Debt Act | Related bill | Jun 14, 2023 |
Subjects
Assigned by the Library of Congress. Policy area: Education.
Text 1
Each version as it was printed, newest first.
- Feb 27, 2023Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.