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S. 3244: Understanding the True Cost of College Act of 2012

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S. 3244: Understanding the True Cost of College Act of 2012

112th Congress · introduced 2012-05-24 · Education · Latest: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2012-05-24 · official record
  2. Who proposed it: Sen. Franken, Al [D-MN] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Understanding the True Cost of College Act of 2012

Plain summary

Understanding the True Cost of College Act of 2012 - Amends the Higher Education Opportunity Act to refer to the Secretary of Education's model institution of higher eduction (IHE) financial aid offer form as the standard form. Requires the standard form to include certain additional items, such as: (1) information concerning work study assistance, including its dependence on the availability of employment opportunities; (2) the disclosure that federal student loans offer generally more favorable terms and repayment options than private education loans; (3) the deadline for and a summary of the financial aid acceptance process; (4) the academic period covered by the offer and whether the aid is based on full-time or part-time enrollment; and (5) the IHE's most recent cohort default rate compared to the national average cohort default rate, if more than 30% of the school's students take out student loans. Requires more detailed information to be included on the form. Includes among those details, with respect to federal education loans, information: (1) identifying the type and amount of loan recommended for the applicable student; (2) clearly indicating that such loans need to be repaid; (3) disclosing the student's right to borrow less than the recommended amount; and (4) detailing the interest rates, fees, expected monthly repayment amounts, and sums to be paid over the life of such loans. Requires that certain steps be taken to improve the clarity of the form and provide recipients with access to additional information. Directs the Secretary, before finalizing the standard form, to submit it to consumer testing among students, their families, IHEs, secondary school and postsecondary counselors, and nonprofit consumer groups. Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require each IHE receiving federal financial assistance under the Act to use the standard form in providing written or electronic financial aid offers to students enrolled in, or accepted for enrollment in, the IHE.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Understanding the True Cost of College Act of 2012

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Franken, Al [D-MN] · 12 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Chuck Grassley (R-IA), Richard Blumenthal (D-CT), Charles E. Schumer (D-NY), Ron Wyden (D-OR), Kirsten E. Gillibrand (D-NY), Richard J. Durbin (D-IL), Sheldon Whitehouse (D-RI)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

Record fed-us-cong112-s3244 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112