What does Preamble of Net Price Calculator Improvement Act do?

This bill, formally titled 'To amend the Higher Education Act of 1965 to make technical improvements to the Net Price Calculator system so that prospective students may have a more accurate understanding of the true cost of college,' aims to improve the Net Price Calculator system. The stated purpose is to provide prospective students with a more accurate understanding of the true cost of college.

What does SHORT TITLE. of Net Price Calculator Improvement Act do?

This bill is formally titled the Net Price Calculator Improvement Act.

What does MINIMUM STANDARDS FOR NET PRICE CALCULATORS. of Net Price Calculator Improvement Act do?

This section amends Section 132(h) of the Higher Education Act of 1965. It establishes minimum requirements for net price calculators used by institutions of higher education. These requirements include clear labeling and prominent placement of the calculator link on a website. The input screen must display a chart of net prices disaggregated by income categories. The results screen must specify individual net price, cost of attendance details, estimated grant aid, and percentage of students receiving aid. Institutions must populate the calculator with data from no earlier than two academic years prior to the most recent academic year. The section prohibits the sale or sharing of personally identifiable information collected by the calculator and requires clear indication of required questions.

What does UNIVERSAL NET PRICE CALCULATOR. of Net Price Calculator Improvement Act do?

This section amends the Higher Education Act of 1965 to authorize the Secretary of Education to develop a universal net price calculator. The calculator would allow users to input information once and receive net price estimates from any participating institution. The calculator must provide information required under existing law (subparagraphs (C) and (D) of paragraph (4)). Development of the calculator requires consultation with relevant Federal agencies. Consumer testing is mandated before the calculator's final release, involving representatives from students, families, institutions, counselors, and consumer groups. Consumer testing must last no longer than six months. The Secretary must use the results of consumer testing to finalize the calculator and report these results to Congress, including any modifications made. The Secretary is authorized to modify the calculator's design based on consumer testing results. Within one year of the Net Price Calculator Improvement Act's enactment, the Secretary must report to Congress on efforts to raise awareness of net price calculators, particularly among middle and high school students and low-income families.

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Net Price Calculator Improvement Act

Last updated: 5/1/2025 · Introduced: 5/1/2025

Author: Chuck Grassley (R-IA)

TL;DR (AI)

This bill establishes minimum standards for net price calculators used by colleges and universities, requiring clear labeling, prominent placement, and detailed cost breakdowns by income category.
It authorizes the Secretary of Education to develop a universal net price calculator allowing students to receive estimates from multiple institutions with a single input.
The bill mandates consumer testing of the universal net price calculator and requires the Secretary to report to Congress on efforts to increase awareness of these tools.

119th Congressin committeeOfficial page

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Includes provisions on preamble, short title., and 2 more.

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