SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Net Price Calculator Improvement 
Act''.

SEC. 2. MINIMUM STANDARDS FOR NET PRICE CALCULATORS.

    Section 132(h) of the Higher of Education Act of 1965 (20 U.S.C. 
1015a(h)) is amended--
            (1) by redesignating subsection (4) as subsection (6);
            (2) in paragraph (2), by inserting before the period the 
        following ``, and, not later than 1 year after the date of 
        enactment of the Net Price Calculator Improvement Act, shall 
        meet the requirements of paragraph (4)(B)'';
            (3) in paragraph (3), by inserting after the first sentence 
        the following: ``Not later than 1 year after the date of 
        enactment of the Net Price Calculator Improvement Act, such 
        calculator shall meet the requirements of paragraph (4).''
            (4) by inserting after paragraph (3) the following:
            ``(4) Minimum requirements for net price calculators.--Not 
        later than 1 year after the date of enactment of the Net Price 
        Calculator Improvement Act, a net price calculator for an 
        institution of higher education shall, at a minimum, meet the 
        following requirements:
                    ``(A) The link for the calculator--
                            ``(i) is clearly labeled as a `net price 
                        calculator' and prominently, clearly, and 
                        conspicuously (in such size and contrast (such 
                        as shade) that it is readily noticeable and 
                        readable) posted in locations on the 
                        institution's website where information on 
                        costs and aid is provided (such as financial 
                        aid, prospective students, or tuition and fees 
                        web pages);
                            ``(ii) matches in size and font to the 
                        other prominent links on the primary menu; and
                            ``(iii) may also be included on the 
                        institution's compliance web page, which 
                        contains information relating to compliance 
                        with Federal, State, and local laws.
                    ``(B) The results screen for the calculator 
                specifies the following information:
                            ``(i) Net price (as calculated under 
                        subsection (a)(3)) for the institution, which 
                        is the most visually prominent figure on the 
                        results screen.
                            ``(ii) Cost of attendance, including--
                                    ``(I) tuition and fees;
                                    ``(II) average annual cost of room 
                                and board for the institution for a 
                                first-time, full-time undergraduate 
                                student enrolled in the institution;
                                    ``(III) average annual cost of 
                                books and supplies for a first-time, 
                                full-time undergraduate student 
                                enrolled in the institution; and
                                    ``(IV) estimated cost of other 
                                expenses (including personal expenses 
                                and transportation) for a first-time, 
                                full-time undergraduate student 
                                enrolled in the institution.
                            ``(iii) Estimated total need-based grant 
                        aid and merit-based grant aid, from Federal, 
                        State, and institutional sources, that may be 
                        available to a first-time, full-time 
                        undergraduate student.
                            ``(iv) Percentage of the first-time, full-
                        time undergraduate students enrolled in the 
                        institution that received any type of grant aid 
                        described in clause (iii).
                            ``(v) The disclaimer described in paragraph 
                        (6).
                            ``(vi) In the case of a calculator that--
                                    ``(I) includes questions to 
                                estimate a student's (or prospective 
                                student's) eligibility for veterans' 
                                education benefits (as defined in 
                                section 480) or educational benefits 
                                for active duty service members, such 
                                benefits are displayed on the results 
                                screen in a manner that clearly 
                                distinguishes them from the grant aid 
                                described in clause (iii); or
                                    ``(II) does not include questions 
                                to estimate eligibility for the 
                                benefits described in subclause (I), 
                                the results screen indicates that 
                                certain students (or prospective 
                                students) may qualify for such benefits 
                                and includes a link to information 
                                about such benefits.
                    ``(C) The institution populates the calculator with 
                data from not later than 2 academic years prior to the 
                most recent academic year.
            ``(5) Prohibition on use of data collected by the net price 
        calculator.--A net price calculator for an institution of 
        higher education shall--
                    ``(A) clearly indicate which questions are required 
                to be completed for an estimate of the net price from 
                the calculator;
                    ``(B) in the case of a calculator that requests 
                contact information from users, clearly mark such 
                requests as `optional'; and
                    ``(C) prohibit any personally identifiable 
                information provided by users from being sold or made 
                available to third parties.''.

SEC. 3. UNIVERSAL NET PRICE CALCULATOR.

    Section 132(h) of the Higher of Education Act of 1965 (20 U.S.C. 
1015a(h)) is further amended by adding at the end the following:
            ``(7) Universal net price calculator.--The Secretary may 
        develop a universal net price calculator that--
                    ``(A) enables users to answer one set of questions 
                and receive net prices for any institution that is 
                required to have a net price calculator under this 
                subsection;
                    ``(B) provides the information required under 
                subparagraphs (B) and (C) of paragraph (4) for each 
                institution for which a net price is being sought; and
                    ``(C) is tested by students and families and 
                evaluated by financial aid administrators and others in 
                the field of postsecondary education before being 
                finalized and publicly released.''.
Net Price Calculator Improvement Act This bill amends the Higher Education Act of 1965 to establish the minimum requirements for the net price calculator that each institution of higher education (IHE) receiving federal funds under title IV (Student Assistance) of the Act must include on its website. (An IHE's "net price" is the average yearly price actually charged to first-time, full-time undergraduate students receiving student aid at the school after deducting such aid.) It requires the link for the calculator to be clearly labeled and conspicuously posted on an IHE's website. It requires each calculator's results page to include:  the net price of attending the IHE; the cost of attending the IHE; the estimated total need- and merit-based grant aid, from federal, state, and institutional sources, that may be available to first-time, full-time undergraduate students enrolled at the IHE; the percentage of such students enrolled at the school who receive any of that grant aid; and a notice that an estimate of an individual's net price is non-binding and subject to change.  It requires calculators that estimate a user's eligibility for veterans' education benefits or educational benefits for active duty service members to clearly distinguish those benefits from other grant-aid. Requires calculators that do not make such estimates to provide users with notice of, and a link to information concerning, those benefits. The bill directs IHEs to populate their calculators with data from not later than two academic years prior to the most recent academic year. Calculators must: (1) clearly indicate which questions need to be completed for a net price estimate, (2) clearly mark requests for contact information as optional, and (3) prohibit personally identifiable information from being sold or made available to third parties. It authorizes the Department of Education to develop a universal net price calculator that enables users to answer one set of questions and receive net prices for any IHE that is required to have a net price calculator.
Net Price Calculator Improvement Act