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S4435119th CongressWALLET

Improving Financial Aid Offers for Students Act

Sponsored By: Senator Cassidy, Bill [R-LA]

Introduced

Summary

This bill would create a federal framework to _standardize financial aid offers_. It sets model forms, plain‑language rules, and deadlines so students can see clear, comparable cost and loan information from colleges that receive federal aid.

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  • Students and families would get a uniform, plain‑language offer that breaks out tuition, room and board, course materials, grants by source, net price, loan types with estimated monthly payments, and Federal Work‑Study details so offers are easier to compare.
  • Colleges that get Federal financial assistance would have to use the Education Department’s model form or an approved template that follows the rules. Each institution must submit a template annually starting the July 1 after the law takes effect and comply by the first FAFSA release date occurring more than one year after the model and terminology are finalized.
  • The Department must publish standard terminology within 9 months and finish model form design and consumer testing within 1 year. The Government Accountability Office must produce an initial study within 1 year after templates are submitted and a final study 3 years later.

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 3 benefits, 0 costs, 1 mixed.

Clear required content on aid offers

This bill would require every financial aid offer from institutions that get federal funds to use the Secretary's standard terms and follow strict presentation rules. Offers would list direct costs (tuition and fees) and itemized indirect costs (housing, books, transportation) first, then grants and scholarships by source. Net price would be shown as cost of attendance minus grant and scholarship aid included in the offer and labeled an estimate. Recommended federal loans (except PLUS) must be labeled, show subsidized vs. unsubsidized status, include repayment and rate information, and link to the Department's repayment calculator. The rule would take effect on the first FAFSA release date for an award year that is more than one year after the Secretary finalizes the terminology and model form.

Colleges must submit offer templates

If enacted, each college that gets federal student aid would send a blank copy of its financial aid form to the Education Department every year. Submissions start the July 1 after the terminology rule becomes effective and must not include student data. The Department would publish the templates so people and counselors can compare forms. The Government Accountability Office would study the posted templates and report to Congress: an initial study within 1 year after templates are submitted and a final study 3 years after the first report, with recommendations.

Standard terms and tested aid forms

This bill would require the Education Department to write standard words and definitions for financial aid offers within 9 months of enactment. The Department would make draft model forms and a consumer‑testing plan within 1 year of enactment. Consumer testing must include diverse students, families, counselors, schools, and consumer groups and last no more than 1 year. The Secretary could run voluntary pilots and make separate forms for undergrad vs. grad and new vs. returning students.

Limits on Education Secretary powers

If enacted, the Secretary could change the standard terms only after consulting stakeholders and must publish any change at least 12 months before the FAFSA for the affected award year. The bill would also say the Department cannot force colleges to get Department approval for their aid offers and cannot require a single mandatory form. Rules made under the mandatory terminology section would be exempt from Section 492 procedures, which affects how those rules are issued.

Sponsors & CoSponsors

Sponsor

Cassidy, Bill [R-LA]

LA • R

Cosponsors

  • Sen. Grassley, Chuck [R-IA]

    IA • R

    Sponsored 4/29/2026

Roll Call Votes

No roll call votes available for this bill.

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