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Senate committee advances bill to standardize financial aid offers after GAO and advocates cite confusion
Summary
Senate File 2,932, introduced by Senator Uma Rabain, would require the Office of Higher Education to develop a standardized financial aid offer form to make net price and cost components comparable across institutions that accept state grant aid.
Senate File 2,932, introduced by Senator Uma Rabain, would require the Office of Higher Education (OHE) to work with a stakeholder group to develop a standardized financial aid offer form to make college costs and the net price easier for students and families to compare.
"Understanding financial aid is one of the biggest challenges for students and families navigating higher education," Sen. Rabain said, citing a 2022 Government Accountability Office report that found most colleges did not follow best practices for clear financial aid offers. The bill sets required contents for the form, including direct costs…
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