Grassley, Cassidy Take Action to Make College More Affordable

Grassley, Cassidy Take Action to Make College More Affordable

Click HERE for audio

WASHINGTON?- Sens. Chuck Grassley (R-Iowa) and Bill Cassidy (R-La.), Chairman of the Senate Health, Education, Labor and Pensions (HELP) Committee, introduced the Improving Financial Aid Offers for Students Act to increase price transparency and make college more affordable.

The bill would equip students and families with better information as they consider their opportunities by requiring schools to use standard terminology and definitions in the communications they send to prospective students about financial aid offers. Under the bill, institutions would also be required to submit a template of their financial aid form to the Secretary of Education each year, which would become publicly available data.

This legislation is based off Grassley's Understanding the True Cost of College Act, which was advanced by the HELP Committee in 2023.

"When it comes to paying for college, students ought to have the information on the front-end, before they get in over their heads. By increasing transparency and creating a model form for schools, our bill helps potential borrowers see a clear financial picture. Once they can more easily compare financial aid packages between schools, they can make the best decision for themselves and their family," Grassley said.

"Right now, over 90% of colleges understate the total cost for students to attend. You wouldn't buy a car or a house without knowing its cost. Why should college, one of the biggest financial investments families make, be any different?" Cassidy said.

The legislation is supported by the American Council on Education, Association of Public Land Grant Universities, National Association of Financial Aid Administrators, American Association of Community Colleges and the Association of Community College Trustees.

Click HERE for text of the legislation.

Click HERE for audio of Grassley discussing the legislation.

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