MN SF4667

Office of Higher Education must develop and implement a standardized financial aid award letter format for all colleges and universities eligible to receive state financial aid, with the format being consumer-friendly, simple, and easy to understand.

Award letter must include estimated cost of attendance (tuition, fees, room and board, books, supplies, transportation, and personal expenses), amount of grants and scholarships that do not require repayment, and estimated net cost of attendance after subtracting grant aid.

Award letter must disclose work-study assistance as earned aid subject to employment availability, and detail all loan types, amounts, interest rates, expected monthly payments over a ten-year repayment plan, and information about extended or income-driven repayment options.

Award letter must include contact information for the institution's financial aid office and the U.S. Department of Education's financial aid website, the deadline for accepting aid, the academic period covered, and whether aid is based on full-time or part-time enrollment.

Office of Higher Education must develop and implement the standardized award letter by the start of academic year 2025-2026.