Summary

Requires the Secretary of Education to create a single, standard financial aid offer form and a set of standard terms so students and families can compare college aid offers more easily. Colleges and universities that participate in federal student aid programs must use the Secretary’s final standardized form and terms for all paper, mobile-optimized, or electronic aid offers beginning with the first award year after the form is finalized.

Key Points

• Requires the Secretary of Education to create a single standardized financial aid offer form and standard terms.
• Standard form must list costs first and separate grants/scholarships from loans with clear loan and repayment details.
• Department must draft, test with a representative pilot, and publish a final form plus a report on testing.
• Colleges and universities receiving federal student aid must use the final form and terms for all aid offers.
• Requirement applies to paper, mobile-optimized, and other electronic formats.
• Institutions get only limited flexibility to add or remove information; core items are mandatory.
• Becomes effective at the start of the first award year after the Secretary finalizes and publishes the form.
• Focuses on disclosure and comparability; it does not change loan program rules or create new funding.

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