A proposed legislative fix aimed at standardizing college financial aid offers is being weakened in a way that student advocates say will continue to leave families unable to compare total costs. The initiative had sought a uniform offer letter and shared definitions for what families owe out of pocket. Under a revised bill, advocates say politicians removed requirements that would have allowed the Education Department to mandate a standard offer letter. The revised approach keeps uniform definitions for loans, grants, and total cost, but allows colleges to use links to supplemental website information rather than providing full details in the letter. Student advocates warn that colleges could respond by increasing use of private loans—products with fewer borrower protections—especially if families still cannot see comparable interest rate information and net costs in a consistent format.
Get the Daily Brief