IB 
Union Calendar No. 395 
119TH CONGRESS 
2D SESSION 
H. R. 6498 
[Report No. 119–461] 
To amend the Higher Education Act of 1965 to increase transparency in 
college tuition for consumers, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 9, 2025 
Mr. GUTHRIE (for himself, Mr. ONDER, and Mrs. TRAHAN) introduced the fol-
lowing bill; which was referred to the Committee on Education and Work-
force 
JANUARY 21, 2026 
Additional sponsors: Mr. NORCROSS and Mr. VINDMAN 
JANUARY 21, 2026 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on December 9, 2025] 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Student Financial Clar-
ity Act of 2025’’. 
SEC. 2. TRANSPARENCY IN COLLEGE TUITION FOR CON-
SUMERS. 
(a) AMENDMENT.—Section 132 of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1015a) is amended by strik-
ing subsections (a) through (j) and inserting the following: 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) COLLEGE SCORECARD WEBSITE.—The term 
‘College Scorecard website’ means the College Score-
card website required under subsection (b) and in-
cludes any successor website. 
‘‘(2) COST OF ATTENDANCE.—The term ‘cost of 
attendance’ has the meaning given such term in sec-
tion 472(a). 
‘‘(3) REQUIRED
COSTS.—The term ‘required 
costs’ means the sum of all the items listed in section 
472(a) that are required by an institution of higher 
education for a program of study for the program 
length of a program of study, for the time to creden-
tial for a student, or for an award year of a program 
of study, as applicable, including— 
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‘‘(A) the tuition and fees normally assessed 
a student enrolled in such program of study car-
rying the same academic workload, as deter-
mined by the institution; and 
‘‘(B) in a case in which the institution re-
quires a student to reside in institutionally 
owned or operated housing or to use institution-
ally owned or operated food services, the applica-
ble standard allowance for such housing or food 
services determined by the institution in accord-
ance with section 472(a)(5). 
‘‘(4) AMOUNT
OF
GRANT
AND
SCHOLARSHIP 
AID.—The term ‘amount of grant and scholarship 
aid’ means the sum of all of the grant and scholarship 
aid that is available to the student for the program 
length of a program of study, for the time to creden-
tial for a student, or for an award year of a program 
of study, as applicable, that a student does not have 
to repay, including need-based, merit-based, or ath-
letic-based, or another type of grant and scholarship 
aid, that is— 
‘‘(A) offered under title IV; 
‘‘(B) offered through other Federal pro-
grams; 
‘‘(C) offered by the institution; 
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‘‘(D) offered by a State; or 
‘‘(E) offered by any other source. 
‘‘(5) NET PRICE REQUIRED FOR COMPLETION.— 
‘‘(A) TOTAL
NET
PRICE
REQUIRED
FOR 
COMPLETION.—The term ‘total net price required 
for completion’ means, with respect to a student 
in a program of study— 
‘‘(i) the required costs charged to such 
student for the program of study for the 
time to credential; minus 
‘‘(ii) the amount of grant and scholar-
ship aid that is available to the student for 
such program for the time to credential. 
‘‘(B) ANNUAL
NET
PRICE
REQUIRED
FOR 
COMPLETION.—The term ‘annual net price re-
quired for completion’ means, with respect to a 
student in a program of study— 
‘‘(i) the required costs charged to such 
student for the program of study for an 
award year; minus 
‘‘(ii) the amount of grant and scholar-
ship aid that is available to the student for 
such program for such award year. 
‘‘(6) NET PRICE OF ATTENDANCE.— 
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‘‘(A) TOTAL NET PRICE OF ATTENDANCE.— 
The term ‘total net price of attendance’ means, 
with respect to a student in a program of study, 
the sum of— 
‘‘(i) the total net price required for 
completion; and 
‘‘(ii) the sum, for the time to creden-
tial, of all the costs listed in section 472(a) 
that are not required costs. 
‘‘(B) ANNUAL
NET
PRICE
OF
ATTEND-
ANCE.—The term ‘annual net price of attend-
ance’ means, with respect to a student in a pro-
gram of study, the net price of attendance for a 
specific year of the program of study, determined 
by disaggregating the total net price of attend-
ance for the student by each year of the student’s 
time to credential. 
‘‘(7) PROGRAM
LENGTH.—The term ‘program 
length’ means the minimum amount of time in weeks, 
months, or years that is specified in the catalog, mar-
keting materials, or other official publications of an 
institution of higher education for a full-time student 
to complete the requirements to obtain the degree or 
credential awarded for a specific program of study. 
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‘‘(8) TIME TO CREDENTIAL.—The term ‘time to 
credential’ means, with respect to a student, the ac-
tual amount of time in weeks, months, or years it 
takes the student to complete the requirements to ob-
tain the degree or credential awarded for a specific 
program of study. 
‘‘(b) CONSUMER INFORMATION.— 
‘‘(1) AVAILABILITY OF INFORMATION FOR TITLE 
IV INSTITUTIONS AND PROGRAMS.—Not later than 18 
months after the effective date of this subsection, the 
Secretary shall make publicly available on the College 
Scorecard website the following information with re-
spect to students of the institution who have received 
Federal financial assistance described in paragraph 
(2)(I), for the most recent award year for which such 
information is available: 
‘‘(A) INSTITUTIONS.—With respect to each 
institution of higher education that participates 
in a program under title IV, the following: 
‘‘(i) A link to the website of the institu-
tion. 
‘‘(ii) A link to the Universal Net Price 
calculator described in subsection (c) and, if 
applicable, a link to any net price calcu-
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lator developed by the institution in accord-
ance with paragraph (7) of such subsection. 
‘‘(iii) Information on the type of insti-
tution, including predominant and highest 
credential awarded, research intensity, and 
programs of study offered. 
‘‘(iv) In the case of an institution that 
requires scores for a college entrance exam-
ination (such as the SAT or ACT) to be 
submitted, data on such submitted scores. 
‘‘(v) The acceptance rate, determined 
by calculating the percentage of individuals 
who submitted a completed application to 
the institution who were accepted for enroll-
ment. 
‘‘(vi) The institution’s cohort default 
rate, as defined under section 435(m). 
‘‘(vii) A link to the website of the insti-
tution containing the information on cam-
pus safety required to be collected under sec-
tion 485(i). 
‘‘(B) INSTITUTIONS
AND
PROGRAMS
OF 
STUDY.—With respect to each such institution 
and to each program of study at each such insti-
tution, the following: 
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‘‘(i) The geographic location. 
‘‘(ii) Information on student enroll-
ment, including the number and percentage 
of students enrolled full-time, less than full- 
time, and enrolled in distance education. 
‘‘(iii) Information on the number of 
degree- or certificate-seeking undergraduate 
students who have transferred from another 
institution. 
‘‘(iv) Information on student progres-
sion and completion, including time to cre-
dential and rates of withdrawal, retention, 
transfer, or completion. 
‘‘(v) Information on college costs and 
financial aid, including— 
‘‘(I) the average, median, min-
imum, and maximum values of— 
‘‘(aa) the required costs for 
such award year (determined for 
an institution based on the re-
quired costs for all programs of 
study); 
‘‘(bb) the cost of attendance 
for such award year (determined 
for an institution based on the 
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cost of attendance for all pro-
grams of study); 
‘‘(cc) the amount of grant 
and scholarship aid received by 
students for such award year (de-
termined for an institution based 
on the amount of grant and schol-
arship aid received by students for 
all programs of study); 
‘‘(dd) the information de-
scribed in item (cc) and subclause 
(II)(cc), disaggregated— 
‘‘(AA) by the type of 
source described in subpara-
graphs (A) through (E) of 
subsection (a)(4); and 
‘‘(BB) by whether such 
aid is need-based, merit- 
based, or athletic-based, or is 
another type of aid; 
‘‘(II) with respect to students who 
completed a credential during the most 
recent award year, the average, me-
dian, minimum, and maximum values 
of— 
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‘‘(aa) the program length 
(determined for an institution 
based on the program length for 
all programs of study); 
‘‘(bb) the time to credential 
(determined for an institution 
based on the time to credential for 
all programs of study); 
‘‘(cc) the amount of grant 
and scholarship aid received for 
the time to credential (determined 
for an institution based on the 
amount of grant and scholarship 
aid received by students for all 
programs of study); 
‘‘(dd) the total net price re-
quired for completion (determined 
for an institution based on the 
total net price required for com-
pletion for all programs of study); 
and 
‘‘(ee) the total net price re-
quired for attendance (determined 
for an institution based on the 
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total net price required for attend-
ance for all programs of study); 
‘‘(III) the number and percentage 
of students receiving any amount of 
grant and scholarship aid for such 
award year, and with respect to stu-
dents who completed a credential dur-
ing the most recent award year, the 
number and percentage of such stu-
dents receiving any amount of grant 
and scholarship aid for the time to cre-
dential; 
‘‘(IV) the average annual percent-
age change and average annual dollar 
change in the required costs for each of 
the three most recent academic years 
for which data are available; and 
‘‘(V) the average annual percent-
age change and average annual dollar 
change in the total and annual net 
price required for completion for each 
of the three most recent academic years 
for which data are available. 
‘‘(vi) Information on student debt and 
repayment, including— 
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‘‘(I) the average, median, min-
imum, and maximum amounts bor-
rowed by students under title IV; 
‘‘(II) information with respect to 
repayment of loans made under title 
IV, including borrower-based repay-
ment rates, dollar-based repayment 
rates, and time spent in repayment; 
and 
‘‘(III) the number and percentage 
of students who— 
‘‘(aa) are borrowers of a loan 
made under title IV; 
‘‘(bb) are not borrowers of a 
loan made under title IV, but 
have at least one parent who is a 
borrower of a loan made under 
title IV on behalf of the student; 
and 
‘‘(cc) are borrowers of a loan 
made under title IV, and have at 
least one parent who is a bor-
rower of a loan made under title 
IV on behalf of the student. 
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‘‘(vii) Information on the earnings of 
students, including the average, median, 
minimum, and maximum values of— 
‘‘(I) with respect to students who 
complete a program of study in the 
most recent award year for which data 
are available— 
‘‘(aa) the annual earnings of 
such students; and 
‘‘(bb) the value-added earn-
ings 
(as 
defined 
in 
section 
481(b)(3)(A)(iv)) of such students; 
and 
‘‘(II) the annual earnings of stu-
dents who were enrolled in a program 
of study at the institution during the 
most recent award year for which data 
are available, and who at the time the 
information is reported— 
‘‘(aa) have not completed 
such program of study; and 
‘‘(bb) are not enrolled at the 
institution in any program of 
study. 
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‘‘(C) PROGRAMS OF STUDY.—With respect 
to each program of study at each such institu-
tion, the credential awarded for completion of the 
program of study. 
‘‘(2) DISAGGREGATED INFORMATION.—The Sec-
retary shall ensure the information described in para-
graph (1) is disaggregated, as applicable, by the fol-
lowing student characteristics: 
‘‘(A) Financial circumstances including— 
‘‘(i) household income categories, as de-
termined by students’ and families’ adjusted 
gross income; and 
‘‘(ii) student aid index categories, as 
determined by the Secretary. 
‘‘(B) Sex. 
‘‘(C) Race and ethnicity. 
‘‘(D) Classification as a student with a dis-
ability. 
‘‘(E) Enrollment status, including part- 
time or full-time enrollment, and status as a dis-
tance education student. 
‘‘(F) Status as a first year, second year, 
third year, or subsequent year student, based on 
the number of years a student has been enrolled 
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at the institution or in the program of study, as 
applicable. 
‘‘(G) Status as an in-district, in-State, or 
out-of-State student. 
‘‘(H) Status as an international student. 
‘‘(I) The type of Federal financial assist-
ance received, including— 
‘‘(i) a Pell Grant; 
‘‘(ii) a loan made under title IV; and 
‘‘(iii) assistance described in section 
131(f)(4) administered, sponsored, or sup-
ported by the Department of Defense or the 
Department of Veterans Affairs. 
‘‘(J) Status as a participant in a program 
described in section 116(b)(3)(A)(ii) of the Work-
force Innovation and Opportunity Act (29 
U.S.C. 3141(b)(3)(A)(ii)). 
‘‘(3) COMPARISONS; ACCESS; PRIVACY.—The Sec-
retary shall ensure that the College Scorecard 
website— 
‘‘(A) includes a method for users to easily 
compare institutions and programs, including in 
a manner that allows for such comparison based 
on— 
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‘‘(i) the institutional and program in-
formation described in paragraph (1); and 
‘‘(ii) the student characteristics de-
scribed in paragraph (2); 
‘‘(B) provides access to information in an 
electronic and downloadable format; and 
‘‘(C) complies with applicable Federal pri-
vacy statutes and uses appropriate statistical 
disclosure limitation techniques necessary to en-
sure that the data released to the public cannot 
be used to identify specific individuals, including 
with respect to disaggregated information under 
paragraph (2). 
‘‘(4) ANNUAL UPDATES; ADJUSTMENTS.— 
‘‘(A) ANNUAL DATA.—The Secretary shall 
annually update the data on the College Score-
card website required under this subsection. 
‘‘(B) ADJUSTMENTS.—The Secretary may 
adjust the data required under subclauses (IV) 
and (V) of paragraph (1)(B)(v) using the Con-
sumer Price Index if the Secretary determines 
such adjustment is necessary. 
‘‘(5) DATA COLLECTION.—The Commissioner for 
Education Statistics shall continue to update and im-
prove the Integrated Postsecondary Education Data 
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System (referred to in this section as ‘IPEDS’), in-
cluding the reporting of information by institutions 
and the timeliness of the data collected. 
‘‘(c) UNIVERSAL NET PRICE CALCULATOR.— 
‘‘(1) 
ESTABLISHMENT.—Not 
later 
than 
months after the effective date of this subsection, the 
Secretary shall establish, on a dedicated website of the 
Department, a Universal Net Price Calculator that— 
‘‘(A) allows an individual to select one or 
more institutions of higher education and one or 
more programs of study offered by each selected 
institution for which estimates shall be cal-
culated; 
‘‘(B) makes available to the individual, 
with respect to each selected institution and each 
selected program of study, the individual’s— 
‘‘(i) annual estimated net price re-
quired for completion for each year of ex-
pected enrollment based on the program 
length of a program of study, based on the 
average annual net price required for com-
pletion for similarly situated students 
(based on the individual’s information de-
scribed in subparagraph (C)(iv)) for such 
institution or program for the most recent 
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‘‘(i) determines an estimated annual 
percentage change for each year for which a 
net price calculation is made, based on the 
annual percentage change in an institu-
tion’s or program’s required costs and other 
costs under section 472(a), as applicable, for 
the most recent three-year period for which 
such data are reported; 
‘‘(ii) provides the individual with the 
option to replace the estimated annual per-
centage change described in clause (i) with 
an alternative annual percentage change 
specified by the individual; 
‘‘(iii) in the case of an institution that 
offers a multi-year tuition or net price 
guarantee program, allow the individual to 
have net price estimates calculated based on 
the provisions of such guarantee program; 
and 
‘‘(iv) uses the individual’s information, 
based on— 
‘‘(I) the single set of questions de-
veloped by the Secretary in accordance 
with paragraph (2); 
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‘‘(II) the student-level data ele-
ments reported by institutions in ac-
cordance with section 668.408 of title 
34, Code of Federal Regulations (or 
successor regulations); 
‘‘(III) in the case of an individual 
who submits a Free Application for 
Federal Student Aid described in sec-
tion 483, the contents of such applica-
tion; and 
‘‘(IV) any additional information 
provided by the individual with respect 
to the individual’s grant and scholar-
ship aid; 
‘‘(D) includes a method for users to easily 
compare institutions and programs; and 
‘‘(E) provides access to information in an 
electronic and downloadable format. 
‘‘(2) DEVELOPMENT OF INPUT QUESTIONS.—The 
Secretary shall develop a single set of questions for 
purposes of capturing the information specified in 
subsection (b)(2). 
‘‘(3) UPDATES.— 
‘‘(A) DATA.—The Secretary shall update the 
data on the Universal Net Price Calculator 
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Website, as required under this subsection, not 
less than annually. 
‘‘(B) TECHNOLOGY AND FORMAT.—The Sec-
retary shall regularly assess the format and tech-
nology of the Universal Net Price Calculator 
website and make any changes or updates that 
the Secretary considers appropriate. 
‘‘(4) INTEGRATION
WITH
OTHER
FEDERAL
FI-
NANCIAL AID RESOURCES.—In accordance with sub-
section (d)(5) of section 483, the Secretary shall en-
sure that a website link or other means of accessing 
the Universal Net Price Calculator is included on the 
FAFSA website (or similar successor website). 
‘‘(5) INTERAGENCY
COORDINATION.—The Sec-
retary, in consultation with each appropriate head of 
a department or agency of the Federal Government, 
shall ensure, to the greatest extent practicable, that 
any information related to higher education that is 
published by such department or agency is consistent 
with the information published on the Universal Net 
Price Calculator website. 
‘‘(6) CONSUMER
TESTING.—In developing and 
maintaining the College Scorecard website and the 
Universal Net Price Calculator website, the Secretary, 
in consultation with each appropriate head of each 
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appropriate department and agency of the Federal 
Government shall— 
‘‘(A) not later than 6 months after the date 
of the effective date of this subsection, and not 
less than once every 4 years thereafter, conduct 
consumer testing with appropriate persons, in-
cluding current and prospective college students, 
family members of such students, institutions of 
higher education, and experts, to— 
‘‘(i) improve the usefulness and rel-
evance of the College Scorecard website, with 
respect to the presentation of the consumer 
information collected pursuant to subsection 
(b); and 
‘‘(ii) ensure that the Universal Net 
Price Calculator website is usable and eas-
ily understandable and provides useful and 
relevant information to students and fami-
lies; and 
‘‘(B) display prominently on such websites 
in simple, understandable, and unbiased terms 
for the most recent academic year for which sat-
isfactory data is available, the categories of in-
formation described in paragraphs (1) and (2) of 
subsection (b) and paragraph (1)(B) of this sub-
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section that were determined to be useful and rel-
evant to students and families based on the con-
sumer testing described in subparagraph (A). 
‘‘(7) USE OF NET PRICE CALCULATOR BY INSTI-
TUTIONS.—Not later than two years after the date on 
which the Secretary makes the calculator developed 
under paragraph (1) available to institutions of high-
er education, each institution of higher education that 
receives Federal funds under title IV shall make pub-
licly available on the institution’s website a net price 
calculator to provide to current and prospective stu-
dents, families, and other consumers a student’s indi-
vidual net price estimates at such institution of high-
er education. Such calculator may be a net price cal-
culator developed— 
‘‘(A) by the Department pursuant to para-
graph (1); or 
‘‘(B) by the institution of higher education, 
if the institution’s calculator includes, at a min-
imum, the same data elements included in the 
calculator developed under paragraph (1). 
‘‘(8) NOTICE.—A net price estimate calculated 
for an individual using the Universal Net Price Cal-
culator under this subsection shall be accompanied by 
a clear and conspicuous notice— 
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