Requires student financial aid award letters to include net costs and loan options.

This bill mandates that student financial aid award letters contain information on net costs, which are the estimated costs of attendance after financial aid that does not require repayment, and options for loans that do require repayment. The letters must also include the estimated cost of attendance, any expected student and/or family contribution, campus-specific graduation, median borrowing, and loan default rates. The superintendent of financial services, in consultation with the president of the higher education services corporation, will develop a standard financial aid award letter.

Requires student financial aid award letters to include net costs and loan options.

This bill mandates that student financial aid award letters contain information on net costs, which are the estimated costs of attendance after financial aid that does not require repayment, and options for loans that do require repayment. The letters must also include the estimated cost of attendance, any expected student and/or family contribution, campus-specific graduation, median borrowing, and loan default rates. The superintendent of financial services, in consultation with the president of the higher education services corporation, will develop a standard financial aid award letter.