628 
whose Federal Pell Grant amount as deter-
mined using data provided in the FAFSA 
was greater than the Federal Pell Grant 
amount as determined using data provided 
in the verification process; and 
‘‘(v) the number and share of such 
applicants who were determined using the 
data provided in the verification process to 
be ineligible for a Federal Pell Grant; 
‘‘(H) the number and share of applicants 
described in subparagraph (C) who received a 
Federal Pell Grant for such award year; and 
‘‘(I) the number and share of applicants 
described in subparagraph (C) who did not re-
ceive a Federal Pell Grant for such award year. 
‘‘(2) DISAGGREGATION.—The data provided in 
a 
report 
under 
paragraph 
(1) 
shall 
be 
disaggregated— 
‘‘(A) by applicants who were pathway one 
applicants for such year; 
‘‘(B) by applicants who were pathway two 
applicants for such year; 
‘‘(C) by applicants who were pathway three 
applicants for such year; and 
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629 
‘‘(D) with respect to applicants described 
in subparagraphs (C) and (E), the verification 
tracking groups of such applicants. 
‘‘(3) DEFINITIONS.—In this subsection: 
‘‘(A) EXPECTED
FAMILY
CONTRIBUTION 
DIFFERENCE.—The term ‘expected family con-
tribution difference’ means, with respect to an 
applicant who completed a verification process 
with respect to the FAFSA, the difference be-
tween— 
‘‘(i) the expected family contribution 
of such applicant as determined using data 
provided in the FAFSA; and 
‘‘(ii) the expected family contribution 
of such applicant as determined using data 
provided in the verification process. 
‘‘(B) 
FEDERAL
PELL
GRANT
DIF-
FERENCE.—The term ‘Federal Pell Grant dif-
ference’ means, with respect to an applicant 
who completed a verification process with re-
spect to the FAFSA, the difference between— 
‘‘(i) the amount of the Federal Pell 
Grant of such applicant as determined 
using data provided in the FAFSA; and 
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630 
‘‘(ii) the amount of the Federal Pell 
Grant of such applicant as determined 
using data provided in the verification 
process. 
‘‘(k) FINANCIAL AID OFFERS.— 
‘‘(1) REQUIREMENTS FOR OFFERS.— 
‘‘(A) SECRETARIAL REQUIREMENTS.—Not 
later than 18 months after the date of enact-
ment of the College Affordability Act, the Sec-
retary shall, based on the consumer testing con-
ducted under subparagraph (E), publish re-
quirements for financial aid offers that shall— 
‘‘(i) include a requirement that finan-
cial aid offers shall serve as the primary 
source for Federal, State, and institutional 
financial aid information provided by an 
institution of higher education partici-
pating in any program under this title to 
each prospective student accepted for ad-
mission and each enrolled student at such 
institution; 
‘‘(ii) include a requirement that such 
offers include a standardized quick ref-
erence box described in subparagraph (D); 
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631 
‘‘(iii) establish standardized terms and 
definitions, including for the elements list-
ed in subparagraph (C), that shall be in-
cluded in each such offer; 
‘‘(iv) establish formatting require-
ments with respect to the organization of 
the elements listed in subparagraph (C), 
which shall include a requirement that pro-
hibits such offers from displaying loans in 
a manner that indicates or implies that 
such loans reduce the amount owed to the 
institution or reduce the net price; and 
‘‘(v) specify the simple, plain-lan-
guage, and consumer-friendly information 
to be included in each such offer with re-
spect to the financial aid being offered to 
a student, which shall include— 
‘‘(I) an explanation of differences 
among each such type of financial aid, 
including clear explanations that— 
‘‘(aa) grants and scholar-
ships do not have to be repaid; 
‘‘(bb) loans (including loans 
made under part D and private 
education loans (as defined in 
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section 140 of the Truth in 
Lending Act)) must be repaid 
with interest; and 
‘‘(cc) payments under Fed-
eral-work study programs under 
part C are contingent on finding 
qualified employment and are 
typically disbursed incrementally 
in paychecks; 
‘‘(II) 
information 
encouraging 
students to consider loans made under 
part D before such private education 
loans; 
‘‘(III) information clarifying that 
students may— 
‘‘(aa) decline to accept a 
loan made under part D; or 
‘‘(bb) accept an amount of 
such loan that is less than the 
amount of such loan included in 
the financial aid offer; and 
‘‘(IV) in a case in which the in-
stitution offers a student such a loan 
in an amount that is less than the 
maximum amount for which the stu-
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‘‘(i) The cost of attendance, which 
shall include separately calculated sub-
totals of— 
‘‘(I) an itemized list of estimated 
direct costs owed to the institution; 
and 
‘‘(II) an itemized list of antici-
pated student expenses not covered 
under subclause (I). 
‘‘(ii) Federal, State, and institutional 
financial aid available to the student, 
which shall include separately calculated 
subtotals of— 
‘‘(I) grants and scholarships; 
‘‘(II) loans made under part D 
(excluding 
Federal 
Direct 
Parent 
PLUS Loans) and part E; and 
‘‘(III) Federal-work study pro-
grams under part C and other on- 
campus employment. 
‘‘(iii) Other options that may be avail-
able to students to cover the cost of at-
tendance (including Federal Direct Parent 
PLUS Loans, tuition payment plans, sav-
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ings, and earnings from other employ-
ment). 
‘‘(iv) The net price, which shall be de-
termined by calculating the difference be-
tween— 
‘‘(I) the cost of attendance de-
scribed in clause (i); and 
‘‘(II) the grants and scholarships 
described in clause (ii)(I). 
‘‘(v) Next step instructions, includ-
ing— 
‘‘(I) the process and deadlines for 
accepting the financial aid; and 
‘‘(II) information about where to 
find additional information on the fi-
nancial aid offered. 
‘‘(vi) Any other information deter-
mined necessary by the Secretary based on 
the consumer testing conducted under sub-
paragraph (E), which may include the fol-
lowing: 
‘‘(I) An estimate of the net direct 
cost, which shall be determined by cal-
culating the difference between— 
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636 
‘‘(aa) the direct costs owed 
to the institution described in 
clause (i)(I); and 
‘‘(bb) the grants and schol-
arships described in clause (ii)(I). 
‘‘(II) Information on average stu-
dent debt, loan repayment and default 
rates, loan repayment options, and 
graduation rates. 
‘‘(III) In the case of a prospec-
tive student, the process and deadlines 
for enrolling at the institution. 
‘‘(IV) Information regarding the 
enrollment period covered by the aid 
offer, and whether the cost and aid 
estimates are based on full-time or 
part-time enrollment. 
‘‘(D) STANDARDIZED
QUICK
REFERENCE 
BOX.—A financial aid offer provided by an in-
stitution of higher education shall include a 
standardized quick reference box to enable stu-
dents to quickly and easily compare key infor-
mation on college costs and financial aid— 
‘‘(i) that shall be included in an iden-
tical fashion for each student receiving a 
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637 
financial aid offer from the institution on 
the first page of such offer; 
‘‘(ii) the contents and structure of 
which shall be developed through consumer 
testing conducted under paragraph (E); 
and 
‘‘(iii) that shall include not more than 
8 elements, which, at a minimum, shall in-
clude— 
‘‘(I) the cost of attendance; 
‘‘(II) grants and scholarships; 
and 
‘‘(III) net price (as calculated 
under subparagraph (C)(iv)). 
‘‘(E) CONSUMER TESTING.—The Secretary 
shall— 
‘‘(i) conduct consumer testing that 
shall serve as the basis in determining the 
requirements for financial aid offers pub-
lished under subparagraph (A), which shall 
include students (including low-income stu-
dents, English learners, first generation 
college students, veteran students, grad-
uate students, and undergraduate students 
(including prospective students and return-
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ing students)), students’ families (includ-
ing low-income families, families of English 
learners, and families with first generation 
college students), institutions of higher 
education (including representatives from 
two- and four-year institutions, public and 
private institutions, and minority-serving 
institutions), secondary school and postsec-
ondary counselors, financial aid adminis-
trators, nonprofit college access organiza-
tions, and nonprofit consumer groups; and 
‘‘(ii) not later than 60 days after the 
publication of the requirements under sub-
paragraph (A)— 
‘‘(I) issue a report on the find-
ings of the consumer testing under 
this subparagraph; and 
‘‘(II) specify ways in which the 
findings are reflected in such require-
ments. 
‘‘(2) DEFINITIONS.—In this subsection— 
‘‘(A) the term ‘English learner’ has the 
meaning given the term in section 8101(20) of 
the Elementary and Secondary Education Act 
of 1965 (20 U.S.C. 7801(20)), except that such 
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term does not include individuals described in 
subparagraph (B) of such section; 
‘‘(B) the term ‘first generation college stu-
dent’ has the meaning given the term in section 
402A(h); 
‘‘(C) the term ‘low-income student’ has the 
meaning given the term in section 419N(b)(7); 
and 
‘‘(D) the term ‘minority-serving institution’ 
means an institution of higher education de-
scribed in section 371(a).’’. 
SEC. 4604. STUDENT ELIGIBILITY. 
(a) IN GENERAL.—Section 484(a) of the Higher 
Education Act of 1965 (20 U.S.C. 1091(a)) is amended 
to read as follows: 
‘‘(a) IN GENERAL.— 
‘‘(1) GRANTS; LOANS; WORK ASSISTANCE.—In 
order to receive any grant, loan, or work assistance 
under this title, a student must— 
‘‘(A) be enrolled or accepted for enrollment 
in a degree, certificate, or other program (in-
cluding a program of study abroad approved for 
credit by the eligible institution at which such 
student is enrolled) leading to a recognized edu-
cational credential at an institution of higher 
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