College Cost Transparency Receives Bipartisan Support in House Committee Vote 

The House Education and Workforce Committee marked up and passed two bills focused on college cost transparency with significant bipartisan support: The Student Financial Clarity Act (H.R. 6498); and the College Financial Clarity Act (H.R. 6502). 

The Student Financial Clarity Act would require the Department of Education to make changes to the information available on the College Scorecard website, with new or expanded definitions for items like cost of attendance, required costs, grant and scholarship aid, net price required for completion, and many others.  

The bill would also require the development of a universal net price calculator and the collection and dissemination of a substantial amount of information about federally-aided students at institutions that receive Title IV funds. 

Rep. Alma Adams (D-NC) offered an amendment to require the Secretary of Education to inform students that results from the bill’s net price calculator may differ from an individual college’s calculator.  

The bill passed 27-6, with eight Democrats joining the majority in support. 

If enacted, the bill would be effective as of July 1, 2027. 

The College Financial Clarity Act would require the Department of Education to establish standard formatting, language, disclosure, and information requirements for financial aid award letters. Institutions would be required to use certain terminology, including: titling the letter “Financial Aid Offer;” the conditions under which similar amounts of financial aid can be expected in future years; whether and how the aid offer may change if outside aid is applied later on; and certain details about the loans included, such as interest rates, fees, a disclosure that loans must be repaid, and information about how to accept, adjust, or decline the offered aid.  

The bill passed 23-10,with four Democrats joining the majority in support. 

If enacted, the bill would be effective as of July 1, 2029. 

The legislative pathway for both bills remains murky. A vote by the full House has not yet been scheduled nor has companion legislation been introduced in the Senate.