Requires colleges that take federal student aid to use a standard, plain-language format for financial aid offers, with required cost, loan, and grant information, and directs the Education Department to set those rules after consumer testing.

• Directs the Secretary of Education to develop formatting and content requirements for financial aid offers, with consumer testing that includes students, families, counselors, and states, to be completed within set deadlines.
• Requires each offer to list estimated costs, grants and scholarships, loan terms, work-study limits, and next steps, under a heading titled Financial Aid Offer, with loans clearly distinguished from grants.
• Requires the Secretary to publish the requirements by July 1, 2028, and to review a random sample of offers every other year beginning July 1, 2029.
• Adds compliance with the new section to institutions' program participation agreements and revises cost-of-attendance definitions to apply to each program of study.

• Education and Workforce Committee (House)

Education