I 
119TH CONGRESS 
1ST SESSION H. R. 6502 
To amend the Higher Education Act of 1965 to require the Secretary of 
Education to develop requirements for institutions of higher education 
on formatting financial aid offer forms, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
DECEMBER 9, 2025 
Mrs. MCCLAIN (for herself and Mrs. KIM) introduced the following bill; which 
was referred to the Committee on Education and Workforce 
A BILL 
To amend the Higher Education Act of 1965 to require 
the Secretary of Education to develop requirements for 
institutions of higher education on formatting financial 
aid offer forms, and for other purposes. 
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 ‘‘College Financial Aid 
Clarity Act of 2025’’. 
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SEC. 2. FINANCIAL AID OFFERS. 
(a) IN GENERAL.—Part B of title I of the Higher 
Education Act of 1965 (20 U.S.C. 1011 et seq.) is amend-
ed by adding at the end the following: 
‘‘SEC. 124. FINANCIAL AID OFFERS. 
‘‘(a) INSTITUTIONAL REQUIREMENTS.— 
‘‘(1) IN GENERAL.—Beginning on July 1, 2029, 
an institution of higher education that receives Fed-
eral financial assistance under this Act— 
‘‘(A) shall— 
‘‘(i) for all financial aid offers (includ-
ing paper, or mobile-optimized or other 
electronic offers), include the information 
(including terminology) listed in subsection 
(c), and meet the requirements of para-
graphs (1) and (2) of subsection (d), in 
compliance with the requirements pub-
lished pursuant to subsection (b)(2); 
‘‘(ii) provide the supplemental content 
and disclosures described in paragraph (2); 
and 
‘‘(iii) for all communications from the 
institution related to financial aid offers 
(including the supplemental content and 
disclosures described in paragraph (2)), 
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use the terminology referenced in sub-
section (c) in a consistent manner; and 
‘‘(B) in the case of an electronic financial 
aid offer that includes a requirement that a stu-
dent confirm receipt of such offer, may not con-
sider such confirmation an acceptance or rejec-
tion of such offer. 
‘‘(2) SUPPLEMENTAL
CONTENT
AND
DISCLO-
SURES.—Each institution of higher education de-
scribed in paragraph (1) shall provide, in supple-
mental documents or through easily accessible 
weblinks to the institution’s portal or a website, the 
following: 
‘‘(A) The renewability requirements and 
conditions under which the student can expect 
to receive similar amounts of financial aid that 
is included in the student’s financial aid offer 
for each award year the student is enrolled at 
the institution. 
‘‘(B) Whether the financial aid offer may 
change if aid from outside sources is applied 
after the student receives the initial financial 
aid offer, and, if applicable, how that financial 
aid offer will change. 
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‘‘(C) If loans made under part D of title 
IV or other education loans offered through 
Federal programs are included, a disclosure 
that the interest rates and fees on such loans 
are set annually and affect total cost over time, 
a link to any website that includes current in-
formation on interest rates and fees, and a dis-
closure that such loans have to be repaid and 
the student can borrow an amount less than the 
offered loan amount. 
‘‘(D) A link to the College Financing Plan 
website of the Department (or the successor 
website). 
‘‘(3) OMISSION OF INFORMATION.—An institu-
tion of higher education may omit information listed 
in subsection (c) or paragraph (2) of this subsection 
from a financial aid offer or supplemental document 
provided to a student, respectively, if the informa-
tion— 
‘‘(A) relates to aid— 
‘‘(i) for which the student is ineligible; 
or 
‘‘(ii) is provided through a program 
with which the institution does not partici-
pate; or 
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‘‘(B) is otherwise inapplicable to the stu-
dent. 
‘‘(b) SECRETARIAL REQUIREMENTS.— 
‘‘(1) REQUIREMENTS
FOR
INSTITUTIONS
OF 
HIGHER EDUCATION.— 
‘‘(A) CONSUMER TESTING.—The Secretary 
shall— 
‘‘(i) in consultation with the heads of 
relevant Federal agencies, not later than 9 
months after the date of enactment of the 
College Financial Aid Clarity Act of 2025, 
establish a process for consumer testing, 
with the representatives described in sub-
paragraph (B), requirements for institu-
tions of higher education on formatting fi-
nancial aid offers to include the informa-
tion (including terminology) listed in sub-
section (c), and to meet the requirements 
of paragraphs (1) and (2) of subsection 
(d), in a manner that is simple and under-
standable for students and the students’ 
families; and 
‘‘(ii) not later than 8 months after the 
process for consumer testing is established 
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pursuant to clause (i), conduct and con-
clude such consumer testing. 
‘‘(B) REPRESENTATIVES.—The representa-
tives described in this subparagraph are rep-
resentatives of students (including low-income 
students, first generation college students, adult 
students, veterans, servicemembers, and pro-
spective students), students’ families (including 
low-income families, families with first genera-
tion college students, and families with prospec-
tive students), institutions of higher education, 
secondary school and postsecondary counselors, 
nonprofit organizations (including scholarship- 
granting organizations), private lenders, and 
States. 
‘‘(C) NONAPPLICATION
OF
PAPERWORK 
REDUCTION ACT.—Subchapter I of chapter 35 
of title 44, United States Code, shall not apply 
to the consumer testing process under this sub-
section. 
‘‘(2) PUBLICATION
AND
NOTICE.—Not later 
than July 1, 2028, the Secretary shall— 
‘‘(A) publish the requirements developed 
pursuant to paragraph (1)(A) on a publicly 
available website; and 
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‘‘(B) notify each institution of higher edu-
cation that receives Federal financial assistance 
under this Act of such best practices and the 
requirements of subsection (a). 
‘‘(c) INFORMATION REQUIRED.—To comply with sub-
section (a), an institution of higher education shall include 
the following information in any financial aid offer that 
is made by the institution: 
‘‘(1) INFORMATION FOR THE AWARD YEAR COV-
ERED BY THE OFFER.— 
‘‘(A) AWARD
YEAR
INFORMATION.—The 
award year covered by the financial aid offer, 
and an explanation that the amount of financial 
aid offered may differ— 
‘‘(i) for academic periods not covered 
by the financial aid offer, such as a sum-
mer term or future award year; and 
‘‘(ii) by program of study. 
‘‘(B) ANNUAL COST INFORMATION.—Infor-
mation on the student’s estimated cost of at-
tendance for the award year covered by the fi-
nancial aid offer, including the following: 
‘‘(i) The required costs for such award 
year, including the academic workload used 
to determined such required costs. 
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‘‘(ii) The cost of attendance for such 
award year. 
‘‘(iii) An indication, as applicable, 
about whether any of the items used to 
calculate the required costs included in 
clause (i) which are subject to change 
are— 
‘‘(I) estimated based on the pre-
vious year; or 
‘‘(II) set for the award year cov-
ered by the financial aid offer. 
‘‘(C) ANNUAL
GRANTS
AND
SCHOLAR-
SHIPS.—The amount of grant and scholarship 
aid for the award year covered by the financial 
aid offer. 
‘‘(D) ANNUAL
NET
PRICE
OF
ATTEND-
ANCE.— 
‘‘(i) ANNUAL NET PRICE OF ATTEND-
ANCE.—The annual net price of attendance 
for the award year covered by the financial 
aid offer. 
‘‘(ii) DISCLOSURE.—A disclosure that 
the total and annual net price of attend-
ance of the student includes costs that are 
not required costs and is an estimate. 
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‘‘(E) LOANS.—Information on each loan 
for which the student is eligible for the award 
year covered by the offer (including any loan 
disbursed by the institution, and any other loan 
(such as a Federal, State, or private loan)), in-
cluding— 
‘‘(i) the total amount of each type of 
loan offered to the student; 
‘‘(ii) for each loan, any applicable in-
terest rate, including any capitalization of 
interest on the loan, and fees (including 
origination fees and additional costs); 
‘‘(iii) if applicable, information on any 
loan repayment plan offered by the institu-
tion; and 
‘‘(iv) a disclosure that the interest 
rates and fees on such loans can affect 
total cost over time, and a disclosure that 
such loans have to be repaid and the stu-
dent can borrow an amount less than the 
recommended loan amount. 
‘‘(2) GRANTS
AND
SCHOLARSHIPS
FOR
THE 
PROGRAM
LENGTH.—The amount of grant and 
scholarship aid for the program length of the stu-
dent’s program of study. 
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‘‘(3) STUDENT EMPLOYMENT.—Information on 
work-study employment opportunities (including 
work-study programs under part C of title IV, insti-
tutional work-study programs, or State work-study 
programs), including— 
‘‘(A) the maximum annual amount the stu-
dent may earn through such an employment op-
portunity; and 
‘‘(B) a disclosure that any amounts re-
ceived pursuant to such an employment oppor-
tunity may be— 
‘‘(i) subject to the availability of quali-
fied employment opportunities upon enroll-
ment; and 
‘‘(ii) disbursed over time as earned by 
the student. 
‘‘(4) NET PRICE CALCULATOR.—A link to the 
universal net price calculator website described in 
section 132(c)(4). 
‘‘(5) COST INFORMATION FOR THE MOST RE-
CENT AWARD YEAR.— 
‘‘(A) AVERAGE
ANNUAL
NET
PRICE
RE-
QUIRED
FOR
COMPLETION.—Average annual 
net price required for completion for the most 
recent award year for the program of study. 
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‘‘(B) TOTAL
AVERAGE
NET
PRICE
RE-
QUIRED FOR COMPLETION.—The average total 
net price required for completion based on the 
time to credential for the program of study (as 
determined based on the most recent award 
year). 
‘‘(C) AVERAGE ANNUAL PRICE OF ATTEND-
ANCE.—Average annual price of attendance for 
the most recent award year for the program of 
study. 
‘‘(D) TOTAL AVERAGE ANNUAL NET PRICE 
OF
ATTENDANCE.—The average annual net 
price of attendance based on the time to cre-
dential for the program of study (as determined 
based on the most recent award year) 
‘‘(E) DISCLOSURE.—A disclosure that the 
information provided in this paragraph is based 
on required costs and amounts of grant and 
scholarship aid for the most recent award year, 
and such information may not be applicable to 
the student receiving the financial aid offer. 
‘‘(6) PROCESS FOR ACCEPTING, ADJUSTING, OR 
DECLINING AID AND NEXT STEPS.— 
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‘‘(A) DEADLINES.—The deadlines and a 
summary of the process (including the next 
steps) for— 
‘‘(i) accepting the financial aid of-
fered; 
‘‘(ii) adjusting the amount of aid of-
fered; and 
‘‘(iii) declining the aid offered. 
‘‘(B) PAYMENT.—Information on when 
and how costs described in paragraph (1)(A) 
must be paid. 
‘‘(C) 
DISCLOSURE.—A 
disclosure 
that 
verification of information provided on the Free 
Application for Federal Student Aid may re-
quire the student to submit further documenta-
tion. 
‘‘(D) FINANCIAL AID INFORMATION.—In-
formation about where a student or the stu-
dent’s family can seek additional information 
regarding the financial aid offered, including 
contact information for the institution’s finan-
cial aid office and the Department of Edu-
cation’s website on financial aid. 
‘‘(E) COLLEGE COSTS AND STUDENT OUT-
COME INFORMATION.—Information about where 
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a student or a student’s family can seek addi-
tional information on college costs and student 
outcomes, including a link to the Department of 
Education’s College Scorecard website (or suc-
cessor website) and how to use such website to 
compare information from institutions of higher 
education regarding such costs and outcomes. 
‘‘(d) FORMAT REQUIREMENTS.— 
‘‘(1) IN GENERAL.—To comply with subsection 
(a), any financial aid offer made by an institution of 
higher education shall be titled ‘Financial Aid Offer’, 
use plain language wherever possible, and format the 
information listed in subsection (c) in accordance 
with paragraph (2). 
‘‘(2) FORMAT OF REQUIRED INFORMATION.— 
The information listed in subsection (c) shall be for-
matted in a financial aid offer made by an institu-
tion of higher education as follows: 
‘‘(A) The information required in subpara-
graphs (A) through (E) of subsection (c)(1) is 
listed in such order, under separate headings, 
and in the same font. 
‘‘(B) There is a clear distinction between 
the required costs and any other costs of at-
tendance included in such financial aid offer. 
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‘‘(C) There is a clear distinction between 
the aid offered under subparagraphs (C) and 
(E) of subsection (c)(1), including— 
‘‘(i) by not combining the different 
types of aid described in such paragraphs; 
and 
‘‘(ii) in such subparagraph (E)— 
‘‘(I) by using the word ‘loan’ to 
clearly describe the recommended loan 
amounts; and 
‘‘(II) by clearly distinguishing be-
tween subsidized and unsubsidized 
loans. 
‘‘(D) The terminology referenced in sub-
section (c) is used in a consistent manner. 
‘‘(E) Such information is listed— 
‘‘(i) in a manner that ensures none of 
the information is inappropriately omitted 
or deemphasized; and 
‘‘(ii) in a consistent format for all fi-
nancial aid offers made by such institution. 
‘‘(e) DEFINITIONS.—In this section: 
‘‘(1) REQUIRED
COSTS.—The term ‘required 
costs’ means the sum of all the items listed in sec-
tion 472(a) that are required by an institution of 
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higher education for a program of study for the pro-
gram length of a program of study, for the time to 
credential for a student, or for an award year of a 
program of study, as applicable, including— 
‘‘(A) the tuition and fees normally assessed 
a student enrolled in such program of study 
carrying 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 appli-
cable standard allowance for such housing or 
food services determined by the institution in 
accordance with section 472(a)(5). 
‘‘(2) AMOUNT
OF
GRANT
AND
SCHOLARSHIP 
AID.—The term ‘amount of grant and scholarship 
aid’ means the sum of all of the grant and scholar-
ship aid that is available to the student for the pro-
gram length of a program of study, for the time to 
credential 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 athletic-based, or another type of grant 
and scholarship aid, that is— 
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‘‘(A) offered under title IV; 
‘‘(B) offered through other Federal pro-
grams; 
‘‘(C) offered by the institution; 
‘‘(D) offered by a State; or 
‘‘(E) offered by any other source. 
‘‘(3) NET
PRICE
REQUIRED
FOR
COMPLE-
TION.— 
‘‘(A) NET PRICE DETERMINATIONS.— 
‘‘(i) TOTAL NET PRICE REQUIRED FOR 
COMPLETION.—The term ‘total net price 
required for completion’ means, with re-
spect 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 
scholarship aid that is available to the 
student for such program for the time 
to credential. 
‘‘(ii) ANNUAL NET PRICE REQUIRED 
FOR COMPLETION.—The term ‘annual net 
price required for completion’ means, with 
respect to a student in a program of 
study— 
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‘‘(I) the required costs charged to 
such student for the program of study 
for an award year; minus 
‘‘(II) the amount of grant and 
scholarship aid that is available to the 
student for such program for such 
award year. 
‘‘(4) NET
PRICE
REQUIRED
FOR
COMPLE-
TION.— 
‘‘(A) NET PRICE DETERMINATIONS.— 
‘‘(i) TOTAL NET PRICE REQUIRED FOR 
COMPLETION.—The term ‘total net price 
required for completion’ means, with re-
spect 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 
scholarship aid that is available to the 
student for such program for the time 
to credential. 
‘‘(ii) ANNUAL NET PRICE REQUIRED 
FOR COMPLETION.—The term ‘annual net 
price required for completion’ means, with 
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mined by disaggregating the total net price of 
attendance for the student by each year of ex-
pected enrollment for the program length of the 
program of study. 
‘‘(6) PROGRAM OF STUDY.— 
‘‘(A) IN GENERAL.—The term ‘program of 
study’— 
‘‘(i) means an eligible program at an 
institution of higher education that is clas-
sified by a combination of— 
‘‘(I) one or more CIP codes; and 
‘‘(II) one credential level, deter-
mined by the credential awarded upon 
completion of the program; and 
‘‘(ii) does not include a program of 
study abroad. 
‘‘(B) CIP
CODE.—The term ‘CIP code’ 
means the six-digit taxonomic identification 
code assigned by an institution of higher edu-
cation to a specific program of study at the in-
stitution, determined by the institution of high-
er education in accordance with the Classifica-
tion of Instructional Programs published by the 
National Center for Education Statistics. 
‘‘(C) CREDENTIAL LEVEL.— 
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‘‘(i) IN GENERAL.—The term ‘creden-
tial level’ means the level of the degree or 
other credential awarded by an institution 
of higher education to students who com-
plete a program of study of the institution. 
Each degree or other credential awarded 
by an institution shall be categorized by 
the institution as either undergraduate cre-
dential level or graduate credential level. 
‘‘(ii) 
UNDERGRADUATE
CREDEN-
TIAL.—When used with respect to a cre-
dential or credential level, the term ‘under-
graduate credential’ includes credentials 
such as an undergraduate certificate, an 
associate degree, a bachelor’s degree, and a 
post-baccalaureate 
certificate 
(including 
the coursework specified in paragraphs 
(3)(B) and (4)(B) of section 484(b)). 
‘‘(iii) 
GRADUATE
CREDENTIAL.— 
When used with respect to a credential or 
credential level, the term ‘graduate creden-
tial’ includes credentials such as a master’s 
degree, a doctoral degree, a professional 
degree (as defined under section 668.2 of 
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title 34, Code of Federal Regulations), and 
a postgraduate certificate. 
‘‘(7) PROGRAM LENGTH.—The term ‘program 
length’ means the minimum amount of time in 
weeks, months, or years that is specified in the cata-
log, marketing materials, or other official publica-
tions 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 pro-
gram of study. 
‘‘(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 
obtain the degree or credential awarded for a spe-
cific program of study. 
‘‘(9) COST OF ATTENDANCE.—The term ‘cost of 
attendance’ has the meaning given such term in sec-
tion 472.’’. 
(b) PROGRAM PARTICIPATION AGREEMENT.—Section 
487 of the Higher Education Act of 1965 (20 U.S.C. 
1094(a)) is amended by adding at the end the following: 
‘‘(30) The institution will comply with the re-
quirements of section 124(a).’’. 
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(c) COST
OF ATTENDANCE
OF
A PROGRAM
OF 
STUDY.— 
(1) DETERMINATION OF COST OF ATTENDANCE 
OF A PROGRAM OF STUDY.— 
(A) IN GENERAL.—Section 472(a) of the 
Higher Education Act of 1965 (20 U.S.C. 
1087ll(a)) is amended— 
(i) in paragraph (1), by striking ‘‘car-
rying the same academic workload’’ and in-
serting ‘‘enrolled in the same program of 
study and carrying the same academic 
workload’’; 
(ii) in paragraph (2), by striking 
‘‘same course of study’’ and inserting 
‘‘same program of study’’; and 
(iii) in paragraph (14), by striking 
‘‘program’’ and inserting ‘‘program of 
study’’. 
(2) DISCLOSURE.—Section 472(c) of the High-
er Education Act of 1965 (20 U.S.C. 1087ll(c)) is 
amended— 
(A) by inserting ‘‘of each program of study 
at the institution’’ after ‘‘cost of attendance’’; 
and 
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(B) by striking ‘‘of the institution’’ and in-
serting ‘‘of such programs of study at the insti-
tution’’. 
Æ 
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