MN SF2932

Commissioner of Higher Education must develop a standardized financial aid offer form with standard terminology, with stakeholder consultation beginning September 1, 2025, a draft published by September 1, 2026, and final form ready for the 2027-2028 academic year

Institutions receiving state grant aid must use the standard form for all financial aid offers (paper, electronic, or mobile) and use standardized terminology in all financial aid communications; University of Minnesota is requested to comply

Financial aid forms must list costs first (tuition, fees, housing, food, books, transportation, health insurance), followed by grants and scholarships itemized by source, then calculate estimated net price the student must pay

Loan information must clearly use the word "loan," distinguish between subsidized and unsubsidized loans, include repayment disclosures, and advise students to consider federal/state loans before private loans

State requirements become void if federal law establishes a uniform national financial aid offer form