To amend the Higher Education Opportunity Act to add disclosure requirements to the institution financial aid offer form and to amend the Higher Education Act of 1965 to make such form mandatory.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Understanding the True Cost of College Act of 2012''.
SEC. 2. INSTITUTION FINANCIAL AID OFFER FORM.
(a) Institution Financial Aid Offer Form.--Section 484 of the Higher Education Opportunity Act (20 U.S.C. 1092 note) is amended-- (1) by striking subsection (a) and inserting the following: ``(a) Standard Format.--The Secretary of Education, in consultation with the heads of relevant Federal agencies, shall develop a standard format for financial aid offer forms based on recommendations from representatives of students, students' families, institutions of higher education, secondary school and postsecondary counselors, and nonprofit consumer groups.''; (2) by striking subsection (b) and inserting the following: ``(b) Key Required Contents for Offer Form.--The standard format developed under subsection (a) shall include, in a consumer-friendly manner that is simple and understandable, the following items clearly separated from each other and listed on the first page of the financial aid offer form in either electronic or written format: ``(1) Information on the student's cost of attendance based on the most current costs for the academic period covered by the financial aid offer form, including the following: ``(A) Tuition and fees, as determined under section 472...