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This bill establishes federal requirements for how colleges and universities must present financial aid offers to students. It directs the Secretary of Education to develop standard terminology and a model form for aid offers that must include clear information about costs, grants and scholarships, net price, loans, and the process for accepting or declining aid. Institutions receiving federal financial assistance would be required to use consumer-friendly aid offer documents that separate cost information, grants/scholarships, and loan information with distinct headings and plain language.
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