Senators Reintroduce Bill to Standardize Student-Aid Award Letter
U.S. Senators Tom Harkin (D-IOWA) and Al Franken (D-MN) reintroduced legislation Friday that would require all American colleges and universities to issue a standardized student finanacial-aid award letter to students and their parents applying for such aid. The Understanding the True Cost of College Act (S. 1156) would require institutions to use a standardized letter that would specify financial factors like the cost of attendance, grant aid, eligible amounts of federal student loans, expected monthly loan-repayment amounts, and disclosures related to loans and other aid.
'This bill will remove some of the mystery and guesswork for students and families as they navigate the higher-education marketplace and empower them to make fully informed decisions about where to attend,' said Harkin in a written statement. In addition to Senator Harkin and the bill's lead sponsor, Sen. Al Franken, the co-sponsors include two Republican senators: Marco Rubio of Florida, also a co-sponsor of the 2012 version of the bill, and Charles E. Grassley of Iowa.
To learn more about S. 1156, click here.
