Understanding the True Cost of College Act of 2023

HR 1198, the Understanding the True Cost of College Act of 2023, requires colleges and universities receiving federal financial aid to provide standardized financial aid offer forms to all students applying for aid. These forms must clearly break down total college costs (including tuition, housing, food, books, and transportation) and show the net price after subtracting non-repayable grants and scholarships. The bill mandates that loan information be clearly labeled as repayable, with details about interest rates, repayment options, and the distinction between subsidized and unsubsidized loans. This standardization aims to make financial aid offers more transparent and easier for students and families to understand when making college affordability decisions.