,,ii  #aac? ,,congress  #a/ ,session    
,s4 #aaef  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #ac1 #bjac ,mr4  
,frank5 7= himself1 ,mr4 ,grassley1 ,mr4
 ,h>k91 ,mr4 ,rubio1 ,mrs4 ,gillibr&1   
,mrs4 ,murray1 ,mr4 ,c>d91 ,mr4 ,s*um]1 
,mr4 ,c>p]1 ,mr4 ,blum5?al1 ,mr4 ,wyd51 
,mr4 ,durb91 ,mr4 ,:iteh\se1 ,mr4       
,johnson ( ,s\? ,dakota1 ,mr4 ,coons1 & 
,ms4 ,mikulski7 introduc$ ! foll[+ bill2
 :i* 0 read twice & ref]r$ to !         
,committee on ,heal?1 ,education1       
,labor1 & ,p5sions  ,a ,,bill  ,to am5d 
! ,high] ,education ,opportunity ,act to
 add disclosure requirem5ts to !        
in/itution f9ancial aid (f] =m & to am5d
 ! ,high] ,education ,act ( #aife to    
make su* =m m&atory4  #a4 ,%ort title   
,?is ,act may be cit$ z ! ,und]/&+ !    
,true ,co/ ( ,college ,act ( #bjac4  #b4
 ,in/itution f9ancial aid (f] =m  7a7   
,in/itution f9ancial aid (f] =m ,section
 #dhd ( ! ,high] ,education ,opportunity
 ,act 7#bj ,u4,s4,c4 #ajib note7 is     
am5d$--  7#a7 by /rik+ subsection 7a7 & 

ins]t+ ! foll[+3  7a7 ,/&>d ,=mat ,!    
,secret>y ( ,education1 9 consultation )
 ! heads ( relevant ,f$]al ag5cies1 %all
 develop a /&>d =mat = f9ancial aid (f] 
=ms bas$ on recomm5dations f            
repres5tatives ( /ud5ts1 /ud5ts'        
families1 in/itutions ( high] education1
 second>y s*ool & po/second>y c\nselors1
 & nonpr(it consum] gr\ps4  2  7#b7 by  
/rik+ subsection 7b7 & ins]t+ ! foll[+3 
7b7 ,key requir$ cont5ts = (f] =m ,!    
/&>d =mat develop$ "u subsection 7a7    
%all include1 9 a consum]-fri5dly mann] 
t is simple & und]/&able1 ! foll[+ items
 cle>ly sep>at$ f ea* o!r & li/$ on !   
fir/ page ( ! f9ancial aid (f] =m 9 ei!r
 electronic or writt5 =mat3  7#a7       
,in=mation on ! /ud5t's co/ ( att5dance 
bas$ on ! mo/ curr5t co/s = ! academic  
p]iod cov]$ by ! f9ancial aid (f] =m1   
includ+ ! foll[+3  7,a7 ,tuition & fees1
 z det]m9$ "u section #dgb ( ! ,high]   
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhgll74  7,b7 ,room & bo>d co/s1 z    
det]m9$ "u section #dgb ( ! ,high]      

,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhgll74  7,c7 ,books & supplies1 z    
det]m9$ "u section #dgb ( ! ,high]      
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhgll74  7,d7 ,transportation1 z      
det]m9$ "u section #dgb ( ! ,high]      
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhgll74  7,e7 ,miscellane\s p]sonal   
exp5ses1 z det]m9$ "u section #dgb ( !  
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhgll74  7#b7 ,! am\nt (    
f9ancial aid t ! /ud5t does n h to      
repay1 su* z s*ol>%ips1 grant aid (f]$  
"u title ,,iv ( ! ,high] ,education ,act
 ( #aife 7#bj ,u4,s4,c4 #ajgj et seq471 
or grant aid (f]$ by ! in/itution1 a    
,/ate1 or an outside s\rce to ! /ud5t = 
su* academic p]iod1 includ+ a disclosure
 t ! f9ancial aid does n h to be repaid 
& :e!r ! /ud5t c expect to receive      
simil> am\nts ( su* f9ancial aid = ea*  
academic p]iod ! /ud5t is enroll$ at !  
in/itution4  7#c7 ,! net price t !      
/ud5t1 or ! /ud5t's family on behalf ( !
 /ud5t1 w h to pay = ! /ud5t to att5d ! 

in/itution = su* academic p]iod1 equal  
to--  7,a7 ! co/ ( att5dance z describ$ 
9 p>agraph 7#a7 = ! /ud5t = su* academic
 p]iod1 m9us  7,b7 ! am\nt ( f9ancial   
aid describ$ 9 p>agraph 7#b7 t is       
includ$ 9 ! f9ancial aid (f] =m4  7#d7  
,"w /udy assi/ance1 includ+ a disclosure
 t ! aid mu/ be e>n$ by ! /ud5t & a     
disclosure t ! assi/ance (f]$ is subject
 to ! availability ( employm5t          
opportunities4  7#e7 ,! types & am\nts (
 loans "u "p ,d or ,e ( title ,,iv ( !  
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg;a et seq41 #ajhg;aa et  
seq47 t ! in/itution recomm5ds = ! /ud5t
 = su* academic p]iod1 a disclosure t   
su* loans h to be repaid1 a disclosure t
 ! /ud5t c borr[ a less] am\nt ?an !    
recomm5d$ loan am\nt1 a cle> use ( ! ^w 
loan to describe ! recomm5d$ loan       
am\nts1 ! int]e/ rates1 fees1 ! expect$ 
mon?ly repaym5t am\nts 7assum+ a #aj-ye>
 repaym5t plan71 ! total am\nt ! /ud5t w
 pay ov] ! life ( ! loans 7assum+ a     
#aj-ye> repaym5t plan71 & a disclosure t

 ! /ud5t may be eligible = long]        
repaym5t t]ms1 su* z ext5d$ or          
income-bas$ plans1 & t long] repaym5t   
t]ms may result 9 ! /ud5t pay+ m money  
ov] ! life ( ! loans4  7#f7 ,:]e a /ud5t
 or ! /ud5t's family c seek additional  
in=mation reg>d+ ! f9ancial aid (f]$1   
includ+ contact in=mation = !           
in/itution's f9ancial aid (fice & !     
,dep>tm5t ( ,education's website on     
f9ancial aid4  7#g7 ,a disclosure t     
,f$]al /ud5t loans (f] g5]ally m        
favorable t]ms & b5eficial repaym5t     
options ?an private education loans s   
/ud5ts %\ld exam9e available ,f$]al     
/ud5t loan options be=e apply+ = private
 education loans1 & an explanation to be
 writt5 by ! ,secret>y ( ,education1 9  
consultation ) ! heads ( relevant ,f$]al
 ag5cies1 ( ! b5efits unique to ,f$]al  
/ud5t loans1 includ+ v>i\s repaym5t     
plans1 loan =giv5ess1 & loan def]m5t1 & 
! t]ms to exam9e c>efully if consid]+ a 
private education loan4  7#h7 ,! deadl9e
 & summ>y ( ! process1 if any1 = accept+

 ! f9ancial aid (f]$ 9 ! f9ancial aid   
(f] =m4  7#i7 ,! academic p]iod cov]$ by
 ! f9ancial aid (f] =m & a cle>         
indication :e!r ! aid (f]$ is bas$ on   
full-"t or "p-"t enrollm5t4  7#aj7 ,)   
respect to in/itutions :]e m ?an #cj    
p]c5t ( enroll$ /ud5ts borr[ loans to   
pay = _! education1 ! in/itution's mo/  
rec5t cohort default rate1 z def9$ 9    
section #dce7m7 ( ! ,high] ,education   
,act ( #aife 7#bj ,u4,s4,c4 #ajhe7m771  
comp>$ to ! national av]age cohort      
default rate4  7#aa7 ,any o!r in=mation 
! ,secret>y ( ,education1 9 consultation
 ) ! heads ( relevant ,f$]al ag5cies1   
det]m9es necess>y s t /ud5ts & p>5ts c  
make in=m$ loan borr[+ decisions1       
includ+ quality metrics su* z p]c5tage (
 /ud5ts at ! in/itution :o take out     
/ud5t loans & av]age debt at graduation 
= /ud5ts at ! in/itution4  2 &  7#c7 by 
add+ at ! end ! foll[+3  7c7 ,o!r       
requir$ cont5ts = ! (f] =m ,! /&>d =mat 
develop$ "u subsection 7a7 %all also    
include ! foll[+ in=mation to be includ$

 on ! f9ancial aid (f] =m 9 a concise   
=mat det]m9$ by ! ,secret>y (           
,education1 9 consultation ) ! heads (  
relevant ,f$]al ag5cies3  7#a7 ,a       
concise summ>y ( ! t]ms & conditions (  
f9ancial aid recomm5d$ "u p>agraphs     
7#b71 7#d71 & 7#e7 ( subsection 7b71 & a
 me?od to provide /ud5ts ) additional   
in=mation ab\t su* t]ms & conditions1   
su* z l9ks to ! supplem5t>y in=mation4  
7#b7 ,at ! in/itution's discretion1     
additional options = pay+ = ! net am\nt 
li/$ 9 subsection 7b77#c71 su* z ! am\nt
 recomm5d$ to be paid by ! /ud5t or     
/ud5t's family1 ,f$]al ,direct ,,plus   
,loans "u section #dee ( ! ,high]       
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;e71 or private education loans4   
,if ! in/itution recomm5ds private      
education loans1 z def9$ 9 section #adj 
( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4   
#afej71 ! f9ancial aid (f] =m %all      
conta9 ! additional foll[+ disclosures  
on ! (f] =m3  7,a7 ,! availability (1 & 
! /ud5t's pot5tial eligibility =1 ,f$]al

 f9ancial assi/ance "u title ,,iv ( !   
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajgj et seq474  7,b7 ,!      
impact ( a propos$ private education    
loan on ! /ud5t's pot5tial eligibility =
 o!r f9ancial assi/ance1 includ+ ,f$]al 
f9ancial assi/ance "u title ,,iv ( !    
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajgj et seq474  7,c7 ,!      
/ud5t's ability to select a private     
educational l5d] ( ! /ud5t's *oice4     
7,d7 ,! /ud5t's "r to accept or reject a
 private education loan )9 ! #cj-;day   
p]iod foll[+ a private educational      
l5d]'s approval ( a /ud5t's application 
& a /ud5t's #c-;day "r-to-cancel p]iod4 
7,e7 ,) respect to dep5d5t /ud5ts1 any  
ref]5ce to private education loans %all 
be accompani$ by in=mation ab\t !       
recomm5d$ family contribution & !       
availability (1 & t]ms & conditions     
associat$ )1 ,f$]al ,direct ,,plus      
,loans "u section #dee ( ! ,high]       
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;e7 = ! /ud5t's p>5ts reg>dless (  

family income1 & ( ! /ud5t's increas$   
eligibility = ,f$]al /ud5t loans "u     
title ,,iv ( ! ,high] ,education ,act ( 
#aife 7#bj ,u4,s4,c4 #ajgj et seq47 if !
 /ud5t's p>5ts are n able to borr[ "u ! 
,f$]al ,direct ,,plus ,loan program4    
7#c7 ,! foll[+ disclosures3  7,a7 ,t !  
f9ancial aid (f] =m only conta9s        
in=mation = #a academic p]iod & !       
f9ancial aid (f]$ 9 foll[+ academic     
p]iods may *ange1 unless ! in/itution is
 (f]+ aid t cov]s multiple academic     
p]iods4  7,b7 ,h[ non-in/itutional      
s*ol>%ips aw>d$ to ! /ud5t affect !     
f9ancial aid package (f]$ to ! /ud5t4   
7,c7 ,a concise summ>y ( any ,f$]al or  
in/itutional conditions requir$ to      
receive & r5ew f9ancial aid & a me?od to
 provide /ud5ts ) additional in=mation  
ab\t ^! conditions1 su* z l9ks to !     
supplem5t>y in=mation4  7d7 ,additional 
requirem5ts = f9ancial aid (f] =m ,9    
addition to ! requirem5ts li/$ "u       
subsections 7b7 & 7c71 ! f9ancial aid   
(f] =m %all meet ! foll[+ requirem5ts3  

7#a7 ,cle>ly di/+ui% betwe5 ! aid (f]$ 9
 p>agraphs 7#b71 7#d71 & 7#e7 (         
subsection 7b71 by includ+ a subtotal = 
! aid (f]$ 9 ea* ( su* p>agraphs & by   
refra9+ f comm+l+ ! diff]5t types ( aid 
describ$ 9 su* p>agraphs4  7#b7 ,use    
/&>d def9itions & names = ! t]ms        
describ$ 9 subsection 7b7 t are develop$
 by ! ,secret>y ( ,education 9          
consultation ) ! heads ( relevant ,f$]al
 ag5cies1 repres5tatives ( in/itutions (
 high] education1 nonpr(it consum]      
gr\ps1 /ud5ts1 & second>y s*ool & high] 
education guidance c\nselors1 n lat] ?an
 #c mon?s aft] ! date ( enactm5t ( !    
,und]/&+ ! ,true ,co/ ( ,college ,act ( 
#bjac4  7#c7 ,if an in/itution's        
recomm5d$ ,f$]al /ud5t loan aid (f]$ 9  
subsection 7b77#e7 is less ?an ! ,f$]al 
maximum available to ! /ud5t1 !         
in/itution %all provide additional      
in=mation on ,f$]al /ud5t loans1 includ+
 ! types & am\nts = :i* ! /ud5t is      
eligible 9 an atta*$ docum5t or webpage4
  7#d7 ,use /&>d =matt+ & design t !    

,secret>y ( ,education1 9 consultation )
 ! heads ( relevant ,f$]al ag5cies1     
repres5tatives ( in/itutions ( high]    
education1 nonpr(it consum] gr\ps1      
/ud5ts1 & second>y s*ool & high]        
education guidance c\nselors det]m9e is 
appropriate to produce multiple draft   
f9ancial aid (f] designs = consum] te/+ 
n lat] ?an #c mon?s aft] ! date (       
enactm5t ( ! ,und]/&+ ! ,true ,co/ (    
,college ,act ( #bjac to ensure--  7,a7 
t figures describ$ 9 p>agraphs 7#a7     
?r\gh 7#e7 ( subsection 7b7 are 9 ! same
 font1 appe> 9 ! same ord]1 & are       
display$ prom95tly on ! fir/ page ( !   
f9ancial aid (f] =m :e!r produc$ 9      
writt5 or electronic =mat2 &  7,b7 t !  
o!r in=mation requir$ 9 7b7 & 7c7 appe>s
 9 a /&>d =mat & design on ! f9ancial   
aid (f] =m4  7#e7 ,include an atte/ation
 t ! /ud5t has access$ & read ! f9ancial
 aid (f] =m1 if provid$ to ! /ud5t 9    
electronic =mat4  7#f7 ,include language
 develop$ by ! ,secret>y ( ,education1 9
 consultation ) ! heads ( relevant      

,f$]al ag5cies1 notify+ eligible /ud5ts 
t !y may be eligible = education        
b5efits1 & :]e !y c locate m in=mation  
ab\t su* b5efits1 describ$ 9 ! foll[+   
provisions3  7,a7 ,*apt] #cj1 #ca1 #cb1 
#cc1 #cd1 or #ce ( title #ch1 ,unit$    
,/ates ,code4  7,b7 ,*apt] #aja1 #aje1  
#ajf;,a1 #afjf1 #afjg1 or #afjh ( title 
#aj1 ,unit$ ,/ates ,code4  7,c7 ,section
 #aghd;a1 #bjje1 or #bjjg ( title #aj1  
,unit$ ,/ates ,code4  7e7 ,additional   
in=mation ,no?+ 9 ?is section %all      
preclude an in/itution f supplem5t+ !   
f9ancial aid (f] =m ) additional        
in=mation s long z su* additional       
in=mation supplem5ts ! f9ancial aid (f] 
=m & is n locat$ on ! f9ancial aid (f]  
=m4  7f7 ,consum] te/+  7#a7 ,9 g5]al ,n
 lat] ?an #c mon?s aft] ! date (        
enactm5t ( ! ,und]/&+ ! ,true ,co/ (    
,college ,act ( #bjac1 ! ,secret>y (    
,education1 9 consultation ) ! heads (  
relevant ,f$]al ag5cies1 %all e/abli% a 
process to submit ! f9ancial aid (f] =m 
develop$ "u ?is section = consum] te/+  

among repres5tatives ( /ud5ts 7includ+  
l[-income /ud5ts1 fir/ g5]ation college 
/ud5ts1 adult /ud5ts1 & prospective     
/ud5ts71 /ud5ts' families 7includ+      
l[-income families1 families ) fir/     
g5]ation college /ud5ts1 & families )   
prospective /ud5ts71 in/itutions ( high]
 education1 second>y s*ool & po/second>y
 c\nselors1 & nonpr(it consum] gr\ps4   
7#b7 ,l5g? ( ,consum] ,te/+ ,! ,secret>y
 ( ,education %all ensure t ! consum]   
te/+ la/s no long] ?an #f mon?s aft] !  
process = consum] te/+ is develop$ "u   
p>agraph 7#a74  7#c7 ,use ( results ,!  
results ( consum] te/+ "u p>agraph 7#a7 
%all be us$ 9 ! f9al developm5t ( !     
f9ancial aid (f] =m4  7#d7 ,report+     
requirem5t ,n lat] ?an #c mon?s aft] !  
date ! consum] te/+ "u p>agraph 7#a7    
concludes1 ! ,secret>y ( ,education %all
 submit to ,congress ! f9al /&>d        
f9ancial aid (f] =m & a report detail+ !
 results ( su* te/+1 includ+ :e!r !     
,secret>y add$ any additional items to !
 /&>d f9ancial aid (f] =m pursuant to   

subsection 7b77#aj74  7#e7 ,au?ority to 
modify ,! ,secret>y ( ,education may    
modify ! def9itions1 t]ms1 =matt+1 &    
design ( ! f9ancial aid (f] =m bas$ on !
 results ( consum] te/+ requir$ "u ?is  
subsection & be=e f9aliz+ ! =m4  4  7b7 
,m&atory =m ,"p ,b ( title ,i ( ! ,high]
 ,education ,act ( #aife 7#bj ,u4,s4,c4 
#ajaa et seq47 is am5d$ by add+ at ! end
 ! foll[+3  #abd4 ,use ( m&atory        
f9ancial aid (f] =m  7a7 ,9 g5]al       
,not)/&+ any o!r provision ( law1 ea*   
in/itution ( high] education t receives 
,f$]al f9ancial assi/ance "u ?is ,act   
%all use ! f9ancial aid (f] =m develop$ 
"u section #dhd ( ! ,high] ,education   
,opportunity ,act 7#bj ,u4,s4,c4 #ajib  
note7 9 provid+ writt5 or electronic    
f9ancial aid (f]s to /ud5ts enroll$ 91  
or accept$ = enrollm5t 91 ! in/itution4 
7b7 ,effective date ,! requirem5t "u    
subsection 7a7 %all take effect #h mon?s
 aft] ! ,secret>y ( ,education f9alizes 
! (f] =m develop$ "u section #dhd7;a7 ( 
! ,high] ,education ,opportunity ,act   

7#bj ,u4,s4,c4 #ajib note74  4