NJ A352

Secretary of Higher Education must establish guidelines for colleges and proprietary institutions on providing clear, standardized student financial aid offers based on U.S. Government Accountability Office best practices

Financial aid offers must clearly differentiate between direct and indirect costs, provide total cost of attendance, estimate net price, and use standardized terms and definitions

Institutions must explain students' rights to accept or decline aid, include contact information for assistance, and are prohibited from using the term "award" in financial aid offers

Guidelines must comply with the U.S. Department of Education's "College Financing Plan" and existing New Jersey consumer information laws while avoiding duplication of federal requirements

Legislation responds to GAO findings that 91% of institutions don't include net price, 55% don't itemize costs, and 24% don't provide total cost of attendance in their aid offers