WASHINGTON – Today, Senators Tommy Tuberville (R-AL) and Chuck Grassley (R-IA) reintroduced a bill to help students and families make informed decisions when choosing a college and taking out loans. From the initial college search, to the acceptance of financial aid, to counseling once in college, the bill would help students avoid sticker shock, find the best school for their budget and avoid taking out ill-advised and oversized loans. Senator Tuberville, a member of the Senate Health, Education, Labor, and Pensions (HELP) Committee and the Chairman of the Education and the American Family Subcommittee, emphasized the importance of transparency in the college decision-making process:
“More and more of our young people are finding themselves buried in student loan debt,” said Senator Tuberville. “Too many of our young people are falling behind on their life goals because they are carrying the burden of college loans for years after completing their degrees. This bill will help young people, who are considering pursuing higher education, understand if college is right fit for them and exactly what financial assistance they may need.”
BACKGROUND:
The Understanding the True Cost of College Act would create a universal financial aid offer form and standardize terms used to describe financial aid to allow students to more easily compare financial aid packages between schools. This move aims to prevent troubling findings by the Government Accountability Office (GAO) that over 90% of college financial aid offer letters currently understate the price students would pay. A summary of the Understanding the True Cost of College Act is available HERE.
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Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.
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