H.R. 6502 would require institutions that participate in federal student aid programs to provide financial aid offers to students in a standardized format. The bill would require the Department of Education to create the standards for those offers, which would need to include specific information related to the cost of attendance, the terms and conditions of each type of aid (for example, loans, grants, scholarships, and student employment), and the process for accepting or declining aid. The bill also would require the department to establish a process to assess students’ understanding of those offers.
H.R. 6502 would require the Department of Education to publish the new standards by July 2028 and require institutions to implement them beginning in July 2029.
Based on the costs of similar activities, CBO estimates that implementing H.R. 6502 would cost the department $4 million over the 2026-2031 period. Any related spending would be subject to the availability of appropriated funds.
The CBO staff contact for this estimate is Leah Koestner. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.
