,,ii  #aai? ,,congress  #b;d ,session   
,s4 #ddce  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #bi1 #bjbf,mr4  
,cassidy 7= himself & ,mr4 ,grassley7   
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to e/abli% requirem5ts =    
f9ancial aid (f]s made by in/itutions ( 
high] education1 & = o!r purposes4  #a4 
,%ort title ,?is ,act may be cit$ z !   
,improv+ ,f9ancial ,aid ,(f]s = ,/ud5ts 
,act4  #b4 ,f9ancial aid (f] requirem5ts
 ,section #dhd ( ! ,high] ,education    
,opportunity ,act 7#bj ,u4,s4,c4 #ajib  
note7 is am5d$ to read z foll[s3  #dhd4 
,f9ancial aid (f] requirem5ts  7a7      
,f9ancial aid (f] ,9 ?is section1 ! t]m 
f9ancial aid (f] means a docum5t or     
electronic notification t is provid$ or 
made available by a po/second>y         
educational in/itution to a /ud5t 7or   
prospective /ud5t7 t outl9es ! am\nts & 
details ( ! f9ancial aid be+ (f]$ to !  
/ud5t 7or prospective /ud5t71 :i* may   

include s*ol>%ips1 grants1 loans1       
employm5t1 or o!r =ms ( f9ancial        
assi/ance1 to pay = exp5ses relat$ to   
att5d+ ! in/itution4  7b7 ,/&>d         
t]m9ology & model =m ,! ,secret>y (     
,education1 9 consultation ) ! heads (  
relevant ,f$]al ag5cies & 9 accordance )
 subsections 7g7 & 7h71 %all develop    
/&>d t]m9ology & a model =m = f9ancial  
aid (f]s bas$ on recomm5dations f       
repres5tatives ( /ud5ts1 vet]ans1       
s]vicememb]s1 /ud5ts' families1         
in/itutions ( high] education 7includ+  
#b-ye> public in/itutions1 #b-ye>       
private nonpr(it in/itutions1 =-pr(it   
in/itutions1 #d-ye> public in/itutions1 
& #d-ye> private nonpr(it in/itutions71 
high] education associations1 f9ancial  
aid exp]ts1 f9ancial aid adm9i/rators1  
second>y s*ool & po/second>y c\nselors1 
college access pr(essionals1 nonpr(it   
organizations1 & consum] gr\ps4 ,su*    
model =m %all meet ! requirem5ts (      
subsections 7c7 & 7d7 & use ! /&>d      
t]m9ology develop$ pursuant to          

subsection 7g77#a74  7c7 ,key requir$   
cont5ts = aid (f] ,an in/itution ( high]
 education receiv+ ,f$]al f9ancial      
assi/ance "u ! ,high] ,education ,act ( 
#aife 7#bj ,u4,s4,c4 #ajja et seq47 %all
 use a f9ancial aid (f] t includes !    
foll[+ items 9 a consum]-fri5dly mann] t
 is simple & und]/&able1 ) co/s li/$    
fir/1 foll[$ by grants & s*ol>%ips1 & ) 
ea* ( ! foll[+ categories ( in=mation   
cle>ly sep>at$ f ea* o!r ) sep>ate      
head+s3 7#a7 ,co/ in=mation  7,a7 ,9    
g5]al ,in=mation on ! /ud5t's e/imat$   
co/ ( att5dance1 includ+ ! foll[+3 7i7  
,direct co/s ,! total co/ ( all items   
describ$ 9 section #dgb ( ! ,high]      
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhgll7 t are bill$ to ! /ud5t by !    
in/itution or o!rwise requir$ by !      
in/itution = enrollm5t1 includ+ su*     
total co/ disaggregat$ by ! co/ ( ea*   
su* item1 includ+1 z det]m9$ "u su*     
section-- 7,i7 tuition & fees 7& o!r    
requir$ exp5ses72 &  7,,ii7 h\s+ & food 
= a /ud5t p>ticipat+ 9 in/itutionally   

own$ or op]at$ food s]vices or          
in/itutionally own$ or op]at$ h\s+4     
7ii7 ,indirect co/s ,! total co/ ( all  
items describ$ 9 section #dgb ( ! ,high]
 ,education ,act ( #aife 7#bj ,u4,s4,c4 
#ajhgll7 t are n bill$ to ! /ud5t by !  
in/itution or o!rwise requir$ by !      
in/itution = enrollm5t1 includ+ su*     
total co/ disaggregat$ by ! co/ ( ea*   
su* item1 includ+1 z det]m9$ "u su*     
section-- 7,i7 ! compon5t totals ea* =  
h\s+ & food co/s = /ud5ts :o reside (f  
campus or (f campus ) family2  7,,ii7   
books1 supplies1 equipm5t1 c\rse        
mat]ials1 & r5tal or pur*ase ( a p]sonal
 comput] 7if su* exp5ses are n *>g$ )   
tuition & fees72 &  7,,iii7             
transportation4  7,b7 ,academic p]iod ,!
 academic p]iod cov]$ by ! f9ancial aid 
(f]1 & an explanation t ! am\nt (       
f9ancial aid (f]$ may *ange-- 7i7 =     
academic p]iods n cov]$ by ! f9ancial   
aid (f]2 or  7ii7 by program4  7,c7     
,enrollm5t /atus ,an indication ( :e!r  
co/ & aid e/imates are bas$ on full-"t  

or "p-"t enrollm5t4  7,d7 ,e/imat$ or   
set ,an indication1 z applicable1 ab\t  
:e!r ! tuition & fees are e/imat$ bas$  
on ! previ\s ye>1 or are set1 = !       
academic p]iod indicat$ 9 accordance )  
subp>agraph 7,b74  7#b7 ,grants &       
s*ol>%ips ,! aggregate am\nt ( grants & 
s*ol>%ips1 diff]5tiat$ by s\rce1 t !    
/ud5t does n h to repay1 su* z grant aid
 (f]$ "u title ,,iv ( ! ,high]          
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajgj et seq47 & grant aid (f]$ ?r\gh   
o!r ,f$]al programs1 grant & s*ol>%ip   
aid (f]$ by ! in/itution1 grant &       
s*ol>%ip aid (f]$ by ! ,/ate1 &1 if     
kn[n1 grant & s*ol>%ip aid f an outside 
s\rce to ! /ud5t = su* academic p]iod1  
includ+-- 7,a7 a disclosure t ! grants &
 s*ol>%ips d n h to be repaid2 &  7,b7  
if in/itutional aid is includ$-- 7i7 !  
conditions "u :i* ! /ud5t c expect to   
receive simil> am\nts ( su* f9ancial aid
 = ea* academic p]iod ! /ud5t is enroll$
 at ! in/itution2 &  7ii7 :e!r !        
in/itutional aid (f] may *ange if grants

 or s*ol>%ips f outside s\rces are      
appli$ aft] ! /ud5t receives ! f9ancial 
aid (f] &1 to ! ext5t practicable1 h[ t 
aid may *ange4  7#c7 ,net price  7,a7 ,9
 g5]al ,! net price t ! /ud5t1 or !     
/ud5t's family on behalf ( ! /ud5t1 is  
e/imat$ to h to pay = ! /ud5t to att5d !
 in/itution = su* academic p]iod1 equal 
to-- 7i7 ! co/ ( att5dance z describ$ 9 
p>agraph 7#a77;,a7 = ! /ud5t = ! p]iod  
indicat$ 9 p>agraph 7#a77;,b72 m9us     
7ii7 ! am\nt ( grant & s*ol>%ip aid     
describ$ 9 p>agraph 7#b7 t is includ$ 9 
! f9ancial aid (f]4  7,b7 ,disclosure ,a
 disclosure t ! net price is an e/imate 
( ! total exp5ses = ! ye> & n equival5t 
to ! am\nt ! /ud5t w owe directly to !  
in/itution4  7#d7 ,loans  7,a7 ,9 g5]al 
,in=mation on any loan "u "p ,d ( title 
,,iv ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;a et seq47 7except 
a ,f$]al ,direct ,,plus ,loan "u "p ,d (
 t ,act7 t ! in/itution recomm5ds = !   
/ud5t = ! academic p]iod cov]$ by !     
f9ancial aid (f]1 :i* %all be made-- 7i7

 ) cle> use ( ! ^w loan to describe !   
recomm5d$ loan am\nts2 &  7ii7 ) cle>   
label+ ( subsidiz$ & unsubsidiz$ loans4 
7,b7 ,disclosure on repaym5t ,a         
disclosure t su* loans h to be repaid & 
a disclosure t ! /ud5t c borr[ a less]  
or1 if applicable1 great] am\nt ?an !   
recomm5d$ loan am\nt4  7,c7 ,disclosure 
on int]e/ rates & fees ,a disclosure t !
 int]e/ rates & fees on su* loans are   
set annually & affect total co/ ov] "t1 
& a l9k to a ,dep>tm5t ( ,education     
website t includes curr5t in=mation on  
int]e/ rates & fees4  7,d7 ,l9k to      
repaym5t calculator ,a l9k to !         
,dep>tm5t ( ,education's repaym5t       
calculator website = /ud5ts ) in/ruction
 t ?is website conta9s cu/omizable      
e/imates ( expect$ repaym5t co/s "u     
diff]5t loan repaym5t plans4  7#e7      
,process = accept+1 adju/+1 or decl9+   
aid & next /eps  7,a7 ,9 g5]al ,!       
deadl9es & a summ>y ( ! process 7includ+
 ! next /eps7 =-- 7i7 accept+ ! f9ancial
 aid (f]$2  7ii7 adju/+ ! am\nt (       

f9ancial aid (f]$2 &  7iii7 decl9+ !    
f9ancial aid (f]$4  7,b7 ,in=mation on  
pay+ co/s ,in=mation on :5 & h[ co/s    
describ$ 9 p>agraph 7#a77;,a77i7 mu/ be 
paid1 includ+ a cle> indication ( :e!r  
su* co/ is requir$ or optional = !      
/ud5t4  7,c7 ,disclosure on v]ification 
( in=mation ,a disclosure t v]ification 
( in=mation provid$ on ! ,free          
,application = ,f$]al ,/ud5t ,aid1 or   
o!r applicable f9ancial aid             
applications1 may require ! /ud5t to    
submit fur!r docum5tation4  7,d7        
,contact in=mation ,in=mation ab\t :]e a
 /ud5t or ! /ud5t's family c seek       
additional in=mation reg>d+ ! f9ancial  
aid (f]$1 includ+ contact in=mation = ! 
in/itution's f9ancial aid (fice & !     
,dep>tm5t ( ,education's website on     
f9ancial aid4  7d7 ,optional cont5ts =  
f9ancial aid (f] ,a f9ancial aid (f]    
made by an in/itution ( high] education 
receiv+ ,f$]al f9ancial assi/ance "u !  
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajja et seq47 may include1 at

 ! in/itution's discretion1 ! in=mation 
describ$ 9 p>agraphs 7#a71 7#b71 or     
7#c74 ,if an in/itution does include    
in=mation describ$ 9 p>agraph 7#a71     
7#b71 or 7#c71 su* in=mation %all meet !
 requirem5ts ( ! applicable p>agraphs4  
7#a7 ,additional options ,any ( !       
foll[+1 :i*1 if includ$1 %all comply ) !
 requirem5ts ( ?is p>agraph3 7,a7       
,additional options & pot5tial res\rces 
= pay+ = ! am\nt li/$ 9 subsection      
7c77#c71 su* z tuition paym5t plans & ! 
t]ms & conditions ( ^? plans4  7,b7 ,a  
disclosure t ,f$]al ,direct ,,plus      
,loans made "u "p ,d ( title ,,iv ( !   
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg;a et seq471 private     
education loans1 or o!r f9anc+ products 
may be available to cov] rema9+ ne$1    
except t-- 7i7 ! in/itution may n       
include an am\nt = su* ,f$]al ,direct   
,,plus ,loans1 private education loans1 
or o!r f9anc+ products1 except z "p ( a 
revis$ or updat$ (f] provid$ aft] su*   
loan or f9anc+ product has be5 reque/$  

by ! /ud5t or p>5t & approv$ or c]tifi$2
  7ii7 if a ,f$]al ,direct ,,plus ,loan1
 private education loan1 or o!r f9anc+  
product am\nt is includ$ 9 accordance ) 
clause 7i71 ! in/itution %all n repres5t
 ! am\nt ( su* a loan or f9anc+ product 
9 a mann] 9 :i* t am\nt is comm+l$ ) !  
am\nt ( o!r =ms ( f9ancial assi/ance1   
su* z ^? describ$ 9 p>agraphs 7#b7 &    
7#d7 ( subsection 7c72 &  7iii7 !       
in/itution %all include a disclosure t  
su* loans & agreem5ts-- 7,i7 are subject
 to an additional application process & 
h to be repaid by ! borr[]2 &  7,,ii7   
may n be eligible = all ! b5efits       
available = ,f$]al ,direct ,/af=d ,loans
 or ,f$]al ,direct ,unsubsidiz$ ,/af=d  
,loans4  7,c7 ,in=mation ab\t ! net     
bill1 :i*-- 7i7 is def9$ z ! am\nt !    
/ud5t1 or ! /ud5t's family on behalf ( !
 /ud5t1 is e/imat$ to h to pay directly 
to ! in/itution = ! academic p]iod1     
equal to-- 7,i7 ! direct co/s ( att5d+ !
 cov]$ in/itution z describ$ 9          
subsection 7c77#a77;,a77i72 m9us  7,,ii7

 ! am\nt ( grant & s*ol>%ip aid describ$
 9 subsection 7c77#b7 t is includ$ 9 !  
f9ancial aid (f]2 &  7ii7 %all include a
 cle> explanation ( h[ ?is net bill     
am\nt diff]s f ! net price am\nt        
describ$ 9 subsection 7c77#c74  7#b7    
,in=mation on private education loans & 
o!r f9anc+ products ,in=mation relat+ to
 private education loans & o!r f9anc+   
products1 :i*1 if includ$1 %all conta9 !
 foll[+3 7,a7 ,a disclosure t /ud5ts    
consid]+ borr[+ to cov] ! co/ (         
att5dance %\ld consid] available ,f$]al 
/ud5t loans & comp>e ! t]ms & repaym5t  
options prior to accept+ private        
education loans or o!r f9anc+ products1 
includ+ an explanation t ,f$]al /ud5t   
loans g5]ally (f] m flexible repaym5t & 
=giv5ess options ?an private education  
loans & o!r f9anc+ products4  7,b7 ,!   
impact ( a propos$ private education    
loan or o!r f9anc+ product 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 ,a /atem5t expla9+
 ! /ud5t's ability to select a private  
educational l5d] or o!r f9anc+ product  
provid] ( ! /ud5t's *oice4  7#c7 ,/ud5t 
employm5t ,in=mation on "w-/udy         
employm5t opportunities (f]$ 9          
accordance ) "p ,c ( title ,,iv ( !     
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg-ea et seq471            
in/itutional "w-/udy programs1 or ,/ate 
"w-/udy programs1 :i*1 if includ$ %all  
conta9 ! foll[+3 7,a7 ,! maximum annual 
am\nt ! /ud5t may e>n ?r\gh ! program4  
7,b7 ,a disclosure t any "w-/udy am\nt  
(f]$ may be-- 7i7 subject to !          
availability ( qualifi$ employm5t       
opportunities ^u ! /ud5t's enrollm5t2 & 
7ii7 disburs$ ov] "t z e>n$ by ! /ud5t4 
7e7 ,additional requirem5ts = f9ancial  
aid (f]s ,ea* f9ancial aid (f] made by  
an in/itution ( high] education receiv+ 
,f$]al f9ancial assi/ance "u ! ,high]   
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajja et seq47 %all meet ! foll[+       

requirem5ts3 7#a7 ,! f9ancial aid (f]   
%all include1 9 addition to !           
requirem5ts describ$ 9 subsection 7c71 a
 concise summ>y1 9 pla9 language1 (--   
7,a7 ! t]ms & conditions ( f9ancial aid 
recomm5d$ "u p>agraphs 7#b7 & 7#d7 (    
subsection 7c7 7& subsection 7d77#c71 if
 includ$71 & a me?od to provide /ud5ts )
 additional in=mation ab\t su* t]ms &   
conditions1 su* z l9ks to ! supplem5t>y 
in=mation2 &  7,b7 ,f$]al1 ,/ate1 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  7#b7 ,! f9ancial
 aid (f] %all cle>ly di/+ui% betwe5 !   
aid (f]$ "u subsection 7c77#b71         
subsection 7c77#d71 & subsection 7d77#c7
 7if includ$71 by includ+ a subtotal = !
 aid (f]$ 9 ea* ( su* p>agraphs & by    
refra9+ f comm+l+ ! diff]5t types ( aid 
describ$ 9 su* p>agraphs4  7#c7 ,!      
f9ancial aid (f] %all use /&>d t]m9ology
 & def9itions1 z describ$ 9 subsection  

7g77#a7 & use pla9 language :]e         
possible4  7#d7 ,if an in/itution's     
recomm5d$ ,f$]al /ud5t loan aid (f]$ 9  
subsection 7c77#d7 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 web     
page4  7#e7 ,! f9ancial aid (f] %all    
include ! /&>diz$ /atem5t reg>d+ !      
possible availability ( ,f$]al education
 b5efits1 z e/abli%$ by ! ,secret>y 9   
accordance ) subsection 7g77#b74  7#f7  
,) respect to dep5d5t /ud5ts1 any       
ref]5ce to private education loans 9 !  
f9ancial aid (f] %all be accompani$ by--
 7,a7 in=mation ab\t ! availability (1 &
 t]ms & conditions associat$ )1 ,f$]al  
,direct ,,plus ,loans "u "p ,d ( title  
,,iv ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajhg;a et seq47 = !     
/ud5t's p>5ts reg>dless ( family income2
 &  7,b7 a notification ( ! /ud5t's     
increas$ eligibility = ,f$]al /ud5t     

loans "u "p ,d ( su* title if ! /ud5t's 
p>5ts are n able to borr[ "u ! ,f$]al   
,direct ,,plus ,loan program "u "p ,d ( 
su* title4  7#g7 ,! f9ancial aid (f]    
%all include an explanation ( h[ !      
indirect co/s includ$ 9 ! f9ancial aid  
(f] pursuant to subsection              
7c77#a77;,a77ii7 are e/imat$1 & a       
disclosure t ! /ud5t's actual co/s = ^! 
items may diff] f ! e/imat$ co/s4  7#h7 
,! f9ancial aid (f] %all n include any  
net price in=mation except co/ (        
att5dance in=mation 9 accordance )      
subsection 7c77#a71 net price in=mation 
9 accordance ) subsection 7c77#c71 or 7z
 applicable7 net bill in=mation 9       
accordance ) subsection 7d77#a77;,c74   
7#i7 ,! f9ancial aid (f] %all n be titl$
 or o!rwise ref]r$ to z an aw>d4  7f7   
,supplem5tal in=mation2 removal (       
in=mation  7#a7 ,supplem5tal in=mation  
,no?+ 9 ?is section %all preclude an    
in/itution ( high] education receiv+    
,f$]al f9ancial assi/ance "u ! ,high]   
,education ,act ( #aife 7#bj ,u4,s4,c4  

#ajja et seq47 f supplem5t+ ! f9ancial  
aid (f] ) additional in=mation if su*   
additional in=mation utilizes ! same    
/&>d t]m9ology id5tifi$ 9 subsection    
7g77#a7 & does n misrepres5t co/s1      
f9ancial aid (f]$1 or net price4  7#b7  
,removal ( in=mation ,no?+ 9 ?is section
 %all preclude an in/itution f delet+ a 
requir$ item on a f9ancial aid (f] if-- 
7,a7 ! /ud5t is ineligible = su* item2  
7,b7 ! in/itution does n p>ticipate 9 ! 
program relat$ to su* item2 or  7,c7 !  
co/ ( att5dance item is n applicable to 
! /ud5t4  7g7 ,/&>d t]m9ology &         
def9itions2 additional b5efits  7#a7    
,/&>d t]m9ology & def9itions ,n lat] ?an
 #i mon?s aft] ! date ( enactm5t ( !    
,improv+ ,f9ancial ,aid ,(f]s = ,/ud5ts 
,act1 ! ,secret>y ( ,education1 9       
consultation ) ! heads ( relevant ,f$]al
 ag5cies1 includ+ ! ,secret>y ( !       
,treasury & ! ,director ( ! ,consum]    
,f9ancial ,protection ,bureau1 & !      
individuals & entities describ$ 9       
subsection 7b71 %all e/abli% /&>d       

t]m9ology & def9itions = ! t]ms describ$
 9 subsections 7c7 & 7d74  7#b7         
,additional b5efits ,! ,secret>y (      
,education1 9 consultation ) ! heads (  
relevant ,f$]al ag5cies1 includ+ !      
,secret>y ( ! ,treasury1 ! ,secret>y (  
,vet]ans ,affairs1 ! ,secret>y (        
,def5se1 & ! ,director ( ! ,consum]     
,f9ancial ,protection ,bureau1 %all     
e/abli% /&>d language notify+ /ud5ts t  
!y may be eligible = education b5efits  
7& :]e /ud5ts c locate m in=mation ab\t 
su* b5efits7 includ+ b5efits 9          
accordance ) ea* ( ! foll[+3 7,a7 ,*apt]
 #cj1 #ca1 #cb1 #cc1 #cd1 or #ce ( title
 #ch1 ,unit$ ,/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  7#c7  
,au?ority to ,modify ,! ,secret>y (     
,education may modify ! /&>d t]m9ology &
 def9itions = ! t]ms describ$ 9         
subsections 7c7 & 7d7 if su*            
modifications are made aft] consultation

 ) ! individuals & entities describ$ 9  
subsection 7b7 & are issu$ n less ?an   
#ab mon?s be=e ! ,free ,application =   
,f$]al ,/ud5t ,aid = ! affect$ aw>d ye> 
fir/ becomes available4  7h7 ,developm5t
 ( model f9ancial aid (f] =m  7#a7      
,model =m  7,a7 ,9 g5]al ,! ,secret>y ( 
,education %all develop multiple draft  
f9ancial aid (f] =ms = consum] te/+1    
c>ry out consum] te/+ = su* =ms1 &      
e/abli% a f9aliz$ model f9ancial aid (f]
 =m1 9 accordance ) ! process e/abli%$  
"u ?is subsection & ! requirem5ts ( ?is 
section4  7,b7 ,sep>ate f9ancial aid (f]
 =ms ,! ,secret>y may develop sep>ate   
model f9ancial aid (f] =ms =-- 7i7      
und]graduate /ud5ts & graduate /ud5ts2 &
  7ii7 fir/-"t /ud5ts & return+ /ud5ts4 
7#b7 ,draft model =m ,n lat] ?an #a ye> 
aft] ! date ( enactm5t ( ! ,improv+     
,f9ancial ,aid ,(f]s = ,/ud5ts ,act1 !  
,secret>y ( ,education1 9 consultation )
 ! heads ( relevant ,f$]al ag5cies1     
includ+ ! ,secret>y ( ! ,treasury & !   
,director ( ! ,consum] ,f9ancial        

,protection ,bureau1 & ! individuals &  
entities describ$ 9 subsection 7b71 %all
 design & produce multiple draft        
f9ancial aid (f] =ms = consum] te/+ )   
po/second>y /ud5ts or prospective       
/ud5ts4 ,9 develop+ ^? =ms1 ! ,secret>y 
%all ensure-- 7,a7 t ! head+s describ$ 9
 p>agraphs 7#a7 ?r\gh 7#d7 ( subsection 
7c7 are 9 ! same font1 appe> 9 ! same   
ord]1 & are display$ prom95tly on !     
f9ancial aid (f] =m1 su* t none ( t     
in=mation is inappropriately omitt$ or  
de-emphasiz$2  7,b7 t ! o!r in=mation   
requir$ 9 subsection 7c7 appe>s 9 a /&>d
 =mat & design on ! f9ancial aid (f]2 & 
7,c7 t ! in/itution may include a logo  
or br& alongside ! title ( ! f9ancial   
aid (f]4  7#c7 ,consum] te/+  7,a7 ,9   
g5]al ,n lat] ?an #a ye> aft] ! date (  
enactm5t ( ! ,improv+ ,f9ancial ,aid    
,(f]s = ,/ud5ts ,act1 ! ,secret>y (     
,education1 9 consultation ) ! heads (  
relevant ,f$]al ag5cies1 %all e/abli% a 
process = consum] te/+ ( ! draft model  
=ms develop$ "u p>agraph 7#b7 among     

repres5tatives ( /ud5ts 7includ+        
l[-income /ud5ts1 fir/-g5]ation college 
/ud5ts1 adult /ud5ts1 vet]ans1          
s]vicememb]s1 & 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 ,pilot 
,dur+ su* consum] te/+1 ! ,secret>y may 
conduct a pilot 9 :i* eligible          
in/itutions1 on a volunt>y basis1 use ! 
draft =ms develop$ "u p>agraph 7#b74    
7,c7 ,l5g? ( consum] te/+ ,! ,secret>y (
 ,education %all ensure t ! consum] te/+
 "u ?is p>agraph la/s no long] ?an #a   
ye> aft] ! process = consum] te/+ is    
develop$ "u subp>agraph 7,a74  7#d7     
,f9al model =m  7,a7 ,9 g5]al ,! results
 ( consum] te/+ "u p>agraph 7#c7 %all be
 us$ 9 ! f9al developm5t ( ! model      
f9ancial aid (f] =m4  7,b7 ,report+     
requirem5t ,n lat] ?an #c mon?s aft] !  
date ! consum] te/+ "u p>agraph 7#c7    

concludes1 ! ,secret>y ( ,education %all
 submit to ,congress & publi% on its    
website ! f9al model f9ancial aid (f] =m
 & a report detail+ ! results ( su*     
te/+1 includ+ :e!r ! ,secret>y (        
,education add$ any additional items to 
! model f9ancial aid (f]4  7#e7         
,au?ority to modify ,! ,secret>y (      
,education may modify or remove !       
def9itions1 t]ms1 =matt+1 or design ( ! 
model f9ancial aid (f] =m bas$ on !     
results ( consum] te/+ requir$ "u ?is   
subsection & be=e f9aliz+ ! model =m1 or
 9 subsequ5t consum] te/+4 ,! ,secret>y 
may also recomm5d additional *anges to  
,congress4  4  #c4 ,m&atory use ( t]ms2 
f9ancial aid (f] =m requirem5ts  7a7 ,9 
,g5]al ,"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] t]ms  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 ! /&>d t]m9ology & def9itions  
develop$ by ! ,secret>y ( ,education "u 
subsection 7g77#a7 ( section #dhd ( !   
,high] ,education ,opportunity ,act 7#bj
 ,u4,s4,c4 #ajib note7 = all            
communications f ! in/itution relat$ to 
f9ancial aid (f]s 7z def9$ 9 subsection 
7a7 ( su* section71 reg>dless ( :e!r su*
 communications are electronic1 writt51 
or ?r\gh ano!r m$ium4  7b7 ,effective   
date ,! requirem5ts "u ?is section %all 
take effect on ! fir/ date on :i* !     
,secret>y releases ! ,free ,application 
= ,f$]al ,/ud5t ,aid = ! applicable aw>d
 ye> associat$ ) t application1 t occurs
 lat] ?an #a ye> aft] ! ,secret>y (     
,education f9alizes ! /&>d t]m9ology &  
model =m develop$ 9 accordance ) section
 #dhd ( ! ,high] ,education ,opportunity
 ,act 7#bj ,u4,s4,c4 #ajib note74  7c7  
,adm9i/rative proc$ures ,section #dib   
%all n apply ) respect to regulations   
promulgat$ 9 accordance ) ?is section4  
#abe4 ,requirem5ts = f9ancial aid (f]   
=ms  7a7 ,9 ,g5]al ,beg9n+ on ,july #a  

foll[+ ! effective date ( section #abd1 
& annually !reaft]1 ea* in/itution (    
high] education t receives ,f$]al       
f9ancial assi/ance "u ?is ,act %all     
submit to ! ,secret>y a template ( ! =m 
7)\t any /ud5t data7 t ! in/itution uses
 = f9ancial aid (f]s 7z def9$ 9 section 
#dhd7;a7 ( ! ,high] ,education          
,opportunity ,act7 to enroll$ &         
prospective /ud5ts4 ,in/itutions t use  
electronic sy/ems to communicate        
f9ancial aid (f]s may submit digital    
repres5tations 7su* z scre5%ots7 ( ^?   
sy/ems4  7b7 ,=ms ,su* in/itutions      
%all-- 7#a7 use ! model f9ancial aid (f]
 =m develop$ pursuant to section        
#dhd7;h7 ( ! ,high] ,education          
,opportunity ,act 7#bj ,u4,s4,c4 #ajib  
note72 or  7#b7 use ! in/itution's own  
=m = f9ancial aid (f]s if t =m meets !  
requirem5ts ( subsections 7c71 7d71 &   
7e7 ( su* section & uses ! requir$      
t]m9ology & def9itions 9 accordance )   
section #abd4  7c7 ,public availability 
,! ,secret>y %all make ea* template     

receiv$ "u ?is section publicly         
available4  4  7b7 ,f9ancial aid (f]    
compliance ,section #dhe7;a7 ( ! ,high] 
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajib7;a77 is am5d$ by add+ at ! end !  
foll[+3  7#h7 ,ea* eligible in/itution  
p>ticipat+ 9 any program "u ?is title   
%all ensure t any f9ancial aid (f] 7z   
def9$ 9 section #dhd7;a7 ( ! ,high]     
,education ,opportunity ,act7           
communicat$ to a prospective or enroll$ 
/ud5t complies ) ! requirem5ts (        
sections #abd & #abe4  4  #d4 ,,gao /udy
 ,n lat] ?an #a ye> aft] ! date on :i* !
 f9ancial aid (f] =m templates (        
in/itutions ( high] education are       
submitt$ to ! ,secret>y ( ,education 9  
accordance ) section #abe ( ! ,high]    
,education ,act ( #aife1 z add$ by      
section #c ( ?is ,act1 ! ,comptroll]    
,g5]al ( ! ,unit$ ,/ates %all prep>e &  
submit to ,congress1 & make publicly    
available1 an initial /udy ( su*        
f9ancial aid (f] =m templates1 & #c ye>s
 aft] ! initial /udy is submitt$ to     

,congress1 ! ,comptroll] ,g5]al %all    
submit a f9al /udy exam9+ su* templates4
 ,bo? /udies %all include recomm5dations
 ab\t h[ to improve su* templates1 z    
appropriate4 ,additional /udies ( su*   
f9ancial aid (f] =m templates may be    
conduct$1 z det]m9$ necess>y by !       
,comptroll] ,g5]al or ! ,*air or ,rank+ 
,memb] ( ! ,committee on ,heal?1        
,education1 ,labor1 & ,p5sions ( !      
,s5ate or ! ,committee on ,education &  
,work=ce ( ! ,h\se ( ,repres5tatives4   
#e4 ,rules ( con/ruction  7a7 ,no       
au?orization = approval or m&at$ =ms    
,no?+ 9 ?is ,act1 or ! am5dm5ts made by 
?is ,act1 %all be con/ru$ to au?orize ! 
,secret>y ( ,education to-- 7#a7 require
 t a po/second>y educational in/itution 
receive approval f ! ,dep>tm5t (        
,education1 or any o!r ,f$]al ag5cy1 = !
 in/itution's f9ancial aid (f]2 or  7#b7
 regulate or require a m&at$ /&>d       
f9ancial aid (f]4  7b7 ,additional      
res\rces ,any requirem5ts 9 ?is ,act1 & 
! am5dm5ts made by ?is ,act1 = a        

f9ancial aid (f] to conta9 c]ta9        
in=mation may be satisfi$ ?r\gh !       
inclusion ( specific & relevant website 
l9ks or additional res\rces t conta9 su*
 in=mation1 provid$ t ! doll> am\nts (  
direct & indirect co/s 7z describ$ 9    
p>agraph 7#a7 ( subsection 7c7 ( section
 #dhd ( ! ,high] ,education ,opportunity
 ,act 7#bj ,u4,s4,c4 #ajib note771      
grants & s*ol>%ips 7z describ$ 9        
p>agraph 7#b7 ( su* subsection71 & net  
price 7z describ$ 9 p>agraph 7#c7 ( su* 
subsection7 are /at$ 9 ! f9ancial aid   
(f]4